Kathmandu: Nepal has set a new record in exports during the fiscal year 2024/25, with total outbound trade reaching an unprecedented high.
Official data reveals that the country exported goods worth Rs 277.03 billion to India and third countries, reflecting an 81.80 percent increase compared to the previous fiscal year. This growth marks the largest surge in exports over the past 11 years, eclipsing the previous record of Rs 200.03 billion set in FY 2021/22.
During the same period, Nepal’s total foreign trade amounted to Rs. 2.081 trillion, with imports rising by 13.25 percent to Rs 1.804 trillion. The widening trade imbalance resulted in a record trade deficit of Rs 1.527 trillion, underscoring the challenges in balancing export growth with import dependency.
Soybean oil emerged as the top export commodity, with shipments worth Rs 106.79 billion (502.36 million kg) sent primarily to India. Sunflower seeds and oil followed closely, contributing Rs 12.33 billion (53.24 million litres) in exports, also directed toward India.
Large cardamom, a premium spice, accounted for Rs. 7.67 billion (4.29 million kg) in exports, further strengthening Nepal’s position in the regional spice trade.
The carpet industry also demonstrated robust performance, with exports to the United States totaling Rs 6.60 billion (314,000 square metres). Fiber-based textiles added Rs 5.69 billion (118.94 million square metres) in exports to India, while Nepali tea contributed Rs 3.96 billion (14.98 million kg) to the export basket.
Another notable product, Dog Chew Chhurpi (dried yak cheese), saw exports worth Rs 3.93 billion (2.14 million kg) to the US, highlighting niche market opportunities for Nepali goods.
On the import front, diesel topped the list with purchases worth Rs. 128.76 billion, reflecting Nepal’s heavy reliance on fuel. Crude soybean oil imports reached Rs. 108.95 billion, while petrol accounted for Rs. 64.13 billion.
Cooking gas (LPG) imports stood at Rs 62.59 billion, and smartphone purchases totaled Rs 35.55 billion, indicating strong consumer demand for electronics. Other significant imports included crude sunflower oil (Rs 29.22 billion), paddy (Rs 20.36 billion), and electric vehicles (Rs 18.62 billion).
While the surge in exports signals positive momentum for Nepal’s trade sector, the persistent trade deficit remains a pressing concern. Economists emphasize the need for enhanced domestic production, export diversification, and import substitution strategies to achieve long-term trade sustainability.
The government’s focus on promoting agro-processing and high-value goods could play a pivotal role in narrowing the trade gap in the coming years.
Comment Here