Export leaps by 44.4 percent as export of Soyabean Oil soars

Kathmandu / Aug. 27: The country’s export has witnessed a magnificent leap in the fiscal year 2020/21. Annual report on the “Current Macroeconomic and Financial Situation of Nepal” published by Nepal Rastra Bank (NRB) on August 26 revealed that exports in the fiscal year (FY) 2020/21 increased by 44.4 per cent.

The report showed that merchandise exports sprang by 44.4 per cent crossing Rs. 141.12 billion. Though lists of commodities that have been spotted in the green indicators are large, an outstanding leap in the export of soyabean caught the limelight.

The report presented that the export of soyabean oil recorded a whopping increase of 322.7 per cent in FY 2020/21 compared to FY 2019/20. The NRB data showed that the amount of soyabean oil export was Rs. 53.6 billion in the fiscal year 2020/21 up from Rs. 12.6 billion recorded in the FY 2019/20.

Along with these, export items like polyster yarn and thread, woolen carpet, cardamom, jute goods, juice, readymade garment, textiles, pashmina, oil cakes, herbs and herbal medicine, (Ayurvedic), noodles, rosin, toothpaste, shoes, sandles and silverware and jewelleries and handicraft goods gained the double digit growth in the FY 2020/21.

However, the export of zinc sheets and pulses went down in the FY 2020/21. The NRB data showed that zinc sheets fell by 32.7 per cent and pulses fell by 40.2 per cent.