Gold imports rocketed 233% to Rs. 4.7 billion

Kathmandu December 11- While imports of all commodities have dropped in the first four months of the current fiscal year, gold imports have risen beyond expectations, according to the Trade and Export Promotion Centre.

Nepal’s gold imports rocketed 233% to Rs4.7 billion between mid-July and mid-October. In the last fiscal year, the country had imported Rs8.49 billion worth of the yellow metal.

Traders attributed the sharp rise in gold shipments to increased demand during the festival season and reduced customs duty that came into effect at the beginning of the fiscal year. The government had decreased the customs duty by Rs1,000 per tola from Rs5,200 before through the budget statement.

Silver imports, however, plunged 71.3 percent in the first four months of the fiscal year. Nepal imported silver worth Rs3.08 billion during the review period, down from Rs10.73 billion year on year. In fiscal 2014-15, silver imports stood at Rs24.7 billion.