Kathmandu, August 2
Despite the government’s efforts to promote exports, last fiscal year’s data is not promising. During the fiscal year 2022-23, Nepal’s export rate saw a decline of 21.4 per cent.
According to the Ministry of Industry, Commerce and Supplies, Nepal’s total commodity exports amounted to Rs 157 billion during the last fiscal year.
In a meeting of the Industry, Commerce and Labour and Consumers’ Welfare Committee under the House of Representatives on Tuesday, commerce and supplies secretary Madhu Kumar Marasini said there was also a 16.1 per cent drop in total imports last fiscal year. Nepal imported commodities worth Rs 1.611 trillion during the period.
Nepal’s total foreign trade also witnessed a fall last year. The country recorded foreign trade equivalent to Rs 1.786 trillion which is a 16.6 per cent decrease compared to the previous year.
The assessment of primary data of the last fiscal year shows that in total trade the contribution of exports is 8.9 per cent followed by 91 per cent of imports. The trade review showed that Nepal’s exports dropped by 21.4 per cent.
In the fiscal year 2021/22, the export-import ratio stood at 1:9.6, but in 2022/23, it reached 1:10.
Marasini said discussions have been held with people concerned in view of the effective implementation of the National Plan of Action on Trade Deficit, 2022 and the Nepal Trade Integration Strategy, 2023 to bridge the burgeoning trade gap.
A meeting of the Board of Trade was held under the chair of the Industry Minister, making significant decisions to promote export trade.
