These figures were recorded although key exports such as iron rod, carpet and apparel recorded a double-digit jump. The Trade and Export Promotion Center (TEPC) has attributed this to a sharp rise in imports of petroleum products and raw iron. [break]
Latest trade data at TEPC shows that import of petroleum products jumped by a massive 38 percent and touched Rs 50.26 billion in mid-April. Import of raw iron and steel products also grew by 36 percent to Rs 33.62 billion.
“Petroleum products alone comprised 17.50 percent of total imports and exceeded total exports by well over Rs 2 billion,” reads a TEPC report.
Nepal´s total export was recorded at Rs 47.98 billion at the end of the third quarter. The figure is up by 7.4 percent compared to the same period last year.
Iron and steel products stood as the country´s largest export. According to TEPC, Nepal exported Rs 7.73 billion worth of iron and steel articles during the period.
Yarn and woolen carpet were recorded as the second and third largest exports. Their export during the period increased by 16.8 percent and 29.2 percent and touched Rs 4.30 billion and Rs 3.5 billion respectively.
Readymade garment, which has been struggling to recover after more than five years of slack, also reported a rise in export by 12.8 percent to Rs 2.99 billion during the period.
Exports of hides and skin, lentils, cardamom, tea, medicinal herbs, essential oils, dentifrices, jute bags, hats and headgear and Nepali paper also increased during the period.
However, exports of ginger and silver jewelries plunged by 53 percent and 64 percent to Rs 165 million and Rs 55 million respectively. Vegetable fats, noodles, textiles, pashmina, cotton sacks and handicraft also suffered a decline in export.
Nepal´s imports, on the other hand, grew by 5.8 percent and rose to Rs 287.13 billion during the period.
Petroleum products topped the list of imports with iron and steel products in second position. Import of vehicles and spare parts stood at Rs 19.32 billion, becoming the third largest import of the country.
TEPC data shows that imports of cooper products, aluminum articles, zinc goods, cotton, rubber goods, man-made staple fiber, crude palm and soybean oil, cement, clinker and fertilizer also increased substantially during the period.
However, imports of gold, electronics and electrical goods, telecommunications equipment, aircraft and parts, clothing, wool, betel nuts and pharmaceuticals tumbled over the period.
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