Overall trade in first half squeezed by 30%

Kathmandu February 16- The country’s overall trade was squeezed by 30 % in the first half of this FY as compared to the corresponding period of previous FY, as import and export plunged by over Rs 110.75 billion and Rs 12.6 billion, respectively. The total import in the review period was Rs 272.39 billion, while export stood at Rs 31.44 billion.

The trade statistics of the first half this fiscal, which was unveiled by the Trade and Export Promotion Centre (TEPC) on Monday, showed that the overall trade volume dropped as import of top items sharply plummeted in the review period.

Import of top items — namely, petroleum products, iron ore, vehicles and machineries — dropped sharply in this fiscal because of disruptions in supply from India and third countries in the last four months.

As supply from India became regular from all the customs point, except Birgunj, in the last month of the review period, the overall trade volume increased in the period between mid-December to mid-January, according to TEPC. Import of majority of items declined this fiscal as compared to the corresponding period of last fiscal.

Similarly, majority of items listed as priority export items under Nepal Trade Integration Strategy posted negative growth. However, export of cardamom, ginger felt items, tea, Nepali paper and essential oil increased.

Among the country’s trading partners, trade with China plunged sharply in the review period as the trade route with China via land remained closed for long after the earthquakes of April and May. Rasuwagadhi-Jilong is the only land trade route with China that is in operation since October of last year after the quakes struck the country. Source : THT