Country exports cooking oil worth Rs 56 billion in eight months

KATHMANDU, MARCH 27: Nepal has exported cooking oil worth approximately Rs 56 billion in the first eight months of the current fiscal year. The country imports raw materials, processes them, and then exports the processed oil.

According to foreign trade data released by the Department of Customs up to mid-March of 2024/25,  the imports have increased by 11.20 percent, while the exports have surged by 57.20 percent compared to the same period last fiscal year. This indicates that edible oil now holds a larger share of Nepal’s total exports.

During the review period, Nepal’s total exports amounted to Rs 158 billion, with soybean oil alone accounting for Rs 47.94 billion. Additionally, the country exported sunflower oil worth Rs 7.98 billion, cardamom worth Rs 5.83 billion, and carpets worth Rs 4.32 billion.

Despite the rise in exports, Nepal incurred a foreign trade deficit of Rs 987.39 billion during the review period. The total foreign trade volume stood at Rs 1.303 trillion.  The country imported goods worth Rs 1.145 trillion, while exports totalled Rs 158.17 billion. The trade deficit with India reached Rs 563.67 billion, with imports from India at Rs 688.68 billion and exports at Rs 125 billion. The trade deficit with China stood at Rs 21.70 billion, with imports at Rs 219.18 billion and exports at only Rs 2.12 billion. Nepal also recorded high trade deficits with Argentina, Ukraine, the UAE, and Australia.

Petroleum product imports were substantially the first eight months of the current fiscal. Nepal imported diesel worth Rs 78.86 billion, petrol worth Rs 42.80 billion, and LPG worth Rs 41 billion. Other significant imports included electric vehicles worth Rs 9.69 billion, other vehicles worth Rs 2.11 billion, and 1.407 million smartphones worth Rs 21.91 billion.

Despite the overall trade deficit, Nepal maintained a trade surplus with 34 countries, including Afghanistan, Denmark, Russia, Austria, and the Maldives.