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| Kathmandu Wednesday March 27, 2002 Chaitra 14, 2058. |
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Both exports and imports slump
Post Report
KATHMANDU, March 26; With continued plunge in
exports accompanied by a negative growth rate in imports reflecting a dwindling domestic
consumption, recent trade statistics reveal that the hard times of the Nepali economy,
which began last year, is not over yet.
According to the trade figures of the first half
of the current fiscal year released by Nepal Rastra Bank (NRB), exports slipped by 6.1 per
cent and touched Rs 26.36 billion down from Rs 28.06 billion recorded during the like
period last year.
Similarly, imports too plunged by 8 per cent and
touched Rs 52.43 billion from Rs 56.98 billion, squeezing the trade deficit by almost 10
per cent to remain at Rs 26 billion against Rs 28.92 billion recorded a year ago.
Dragged by the slump in both exports and
imports, the total foreign trade, during the period, went down by 7.4 per cent touching Rs
78.79 billion. The total trade with India, the largest single trading partner of the
country, soared by almost 12 per cent while such trade with other countries recorded a
double-digit tumble of over 20 per cent.
While analysing the sectoral composition of the
total foreign trade of the past years, the participation of India has increased while the
participation of third countries has declined. During the first half of 1999/2000, Indian
participation was 39 per cent, which increased to 40.3 per cent during same period last
year and this year it went up to 48.5 per cent.
The total export to India reregistered an
impressive growth of over 33.1 per cent to reach Rs 16.51 billion. Among the goods
exported to India, with the robust growth of 175 per cent, the former heavyweight export
item vegetable ghee re-emerged to secure the first position. During the period, vegetable
ghee worth Rs 4.54 billion was exported to India against Rs 1.65 billion witnessed during
the same period last year.
Similarly, with the export value of Rs 1.88
billion, the export of copper wire secured the second position with a majestic growth of
over 187 percent despite a decline of over 16 percent, toothpaste with exports worth Rs
863 million continued to maintain the third position. Among the major traditional
exportable commodities, jute products captured the fourth position with the export value
of Rs 762 million, which is 22.2 per cent higher than the last year’s figure.
Along with a decline in the major overseas
exportable items, export to third countries also registered a whopping slump of 37.1 per
cent. Readymade garments continued to maintain the number one position with the export
volume of Rs 3.73 billion, which is a decline of over 37.8 percent as compared to the same
period last year.
Similarly with the decrease of over 20 percent,
woolen carpets remained in second position with Rs 3.57 billion. Similarly, with a
whopping decline of over 76 per cent, pashmina products maintained third position with an
export value of Rs 798 million.
In the import front, imports from India declined
marginally by 0.5 percent to touch Rs 21.79 billion from Rs 21.89 billion recorded during
same period last year. Among the major imports from India, despite a decline of almost 13
per cent, vehicles and spare parts topped the list with import value of Rs 2.27 billion.
Textiles secured the second position with a decline of over 26 per cent to touch Rs 1.77
billion. With an increase of almost 18 per cent, imports of medicine continued to rank in
third position with Rs 1.58 billion while with a slip of 4.4 per cent, cement maintained
fourth position with the import value of Rs 855 million.
During the period, petroleum products topped the
list of third country imports. Petroleum products worth of Rs 5.45 billion was imported
during the period, which is almost 17 percent more than the last year’s import. Crude
palm oil import, which is the principal raw material for the vegetable ghee industry,
registered an impressive surge of 566.6 per cent and touched Rs 3.19 billion.
Similarly, with the import value of Rs 1.47
billion, copper wire emerged as the third largest import from third country while chemical
fertilizers stood as the fourth largest import commodity from countries other than India.
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