Country’s exports plunge to Rs 61.24bn

Kathmandu, June 22

The country’s export has plummeted by 21 per cent to Rs 61.24 billion in the first 11 months of this fiscal.

Though import started to surge in the recent months after the end of the four-month-long supply line disruptions at border points, export of goods has been hampered as production has been affected due to lack of raw materials from the last week of September to the first week of February. During this period, supply routes from India were blocked by agitating Madhes-based political parties.

It is almost certain that the government’s target to exceed Rs 100 billion worth of exports will not be realised in this fiscal. In the corresponding period of the previous fiscal, the country had exported goods worth Rs 77.80 billion.

The country’s flagging export sector is expected to recover to some extent in the next fiscal as the government has pledged to increase supply of energy, which will boost industrial production as many factories have been running below capacity due to lack of power supply.

Trade deficit has surged by 1.45 per cent to Rs 624.18 billion in the review period because imports surged after the supply situation from India eased.

The country has imported goods worth Rs 685.42 billion in the first 11 months of this fiscal, according to the data unveiled by the Department of Customs today. The country’s export-import ratio has been set at 1:11.2 as compared to 1:8.9 of the same period last year.