Exports drop by over 21 percent in FY 2022-23

Kathmandu / Aug 1 : The data about Nepal’s exports in the last fiscal year was not encouraging despite the government efforts to promote the export trade.

During the fiscal year 2079-80 BS (2022-23), Nepal’s exports rate saw a decline of 21.4 percent.

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 today, commerce and supplies secretary Madhu Kumar Marasini said there was also a 16.1 percent drop in total imports last fiscal year. Nepal imported commodities worth Rs 1,611 billion during the period.

Nepal’s total foreign trade also witnessed a fall last year. The country recorded foreign trade equivalent to Rs 1,786 billion and this is less by 16.6 percent 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 percent followed by 91 percent imports. The trade review showed that Nepal’s exports dropped by 21.4 percent.

In the fiscal year 2078-79 BS (2021-22), the export-import ratio was 1: 9.6 and it reaches 1:10 last fiscal year.

He apprised the meeting that discussions have been held with people concerned in view of the effective implementation of the National Plan of Action on Trade Deficit, 2079 BS and the Nepal Trade Integration Strategy, 2080 BS to bridge the burgeoning trade gap.

A meeting of the Board of Trade was held under the chair of Industry Minister, making significant decisions to promote the export trade.