Nepal | July 07, 2020

Petroleum, gold import bill drops by Rs 38.4 billion

Himalayan News Service
Share Now:


A significant drop in the import bill of petroleum products and gold has been witnessed in the first 11 months of this fiscal as compared to the corresponding period of the previous fiscal. This was possible due to the low import of gold and the slump in petroleum prices in the international market this year.

The import bill of petroleum products dropped by Rs 22.50 billion and gold by Rs 15.90 billion, according to data of the Trade and Export Promotion Centre (TEPC) that was unveiled today.

Import bill of gold dropped heavily by 66.3 per cent, followed by cement with 36.7 percent, crude soyabean oil by 19.6 per cent, and petroleum products by 18.4 per cent as compared to same period of the previous fiscal.

Likewise, the import bill of cement dropped along with the increased production by domestic cement manufacturers. Cement worth Rs 1.88 billion was imported in the first 11 months of this fiscal as against import worth Rs 2.96 billion in the same period of last fiscal. Meanwhile, import of crude soyabean oil dropped by Rs 2.66 billion.

Similarly, there was significant reduction in the import of polythene granules by Rs 2.01 billion this fiscal. The country had imported polythene granules worth Rs 14.55 billion last fiscal, which dropped by 13.8 per cent to Rs 12.54 billion, in review period.

Despite a considerable drop worth Rs 38.40 billion in the import of major items — petroleum products and gold — the gap between the import bill and export income further widened by 7.4 per cent to Rs 616 billion as compared to the same period of the previous fiscal.

Exports fell by 5.8 per cent to Rs 78.06 billion in the review period as compared to the previous fiscal, and imports surged by 5.8 per cent to Rs 694.06 billion.

Import of aircraft parts stood at a record high of Rs 14.82 billion, which is a 307 per cent growth as compared to the previous fiscal. Likewise, import of aluminium goods rose by 57 per cent in the review period to Rs 7.46 billion. Similarly, the import of low erucic acid rape or colza seeds increased by 42.4 per cent to Rs 2.25 billion.

The import of telecommunication equipment went up by 38.3 per cent to Rs 17.8 billion. The import of cement clinker and cereals also increased by 25.1 per cent and 22.2 per cent, respectively. The country imported cereals worth Rs 31.3 billion and cement clinker worth Rs 7.38 billion, according to TEPC.

Meanwhile, iron and steel products topped the export list as in the previous years. The country exported iron and steel products worth Rs 9.85 billion, followed by woollen carpets worth Rs 6.29 billion, and polyester and cotton yarn worth Rs 6.07 billion. Export of readymade garments stood at Rs 4.69 billion and textiles at Rs 4.68 billion. Export of all these major commodities declined except yarn, which increased by 3.8 per cent as compared to the corresponding period of the previous fiscal. Export of handicraft products, felt and meat products surged by over 20 per cent this fiscal compared to previous fiscal.

A version of this article appears in print on July 13, 2015 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Nepal Tourism Board reveals top five photos from 'Nepal From Your Window' contest

KATHMANDU: Nepal Tourism Board (NTB) on Sunday revealed five photos that made it to the top-five of the 'Nepal From Your Window' photo contest. The five photos will be awarded with cash prize of Rs 10,000 each. Among the 500 approved photos listed in the contest, Samde Sherpa's Kathmandu V Read More...

Barca outclass Villarreal after recent disappointments

VILA-REAL: Barcelona responded to a trying week by producing a scintillating display to thrash Villarreal 4-1 away on Sunday and stay alive in the Liga title race. The Catalans had drawn their last two matches to hand more momentum to league leaders Real Madrid but Sunday's win took them to Read More...

Messi will finish career at Barca says club president

VILA-REAL: Barcelona president Josep Maria Bartomeu has said that captain Lionel Messi will end his career at the Catalan club, dismissing a report saying the Argentine no longer wishes to renew his current contract when it expires next year. "Messi has said he will end his working and footb Read More...

Oli, Dahal’s bid to save party unity continues

KATHMANDU, JULY 5 Co-chairs of the ruling Nepal Communist Party (NCP) Pushpa Kamal Dahal and Prime Minister KP Sharma Oli held talks today but failed to end the current deadlock in the party. NCP is deeply divided with the PM refusing to quit prime minister or party co-chair’s post, and the Read More...

Subas Chandra Nembang meets Nepali Congress President Sher Bahadur Deuba

KATHMANDU: Deputy parliamentary party leader of the NCP Subas Chandra Nembang met Nepali Congress President Sher Bahadur Deuba at the latter’s residence in Budhanilkantha. NC leader Minendra Rijal was also present in the meeting. Nembang told THT that he met Deuba at the behest of Oli ‘to Read More...

Poultry farm

Chicken price up as farmers stop hatching chicks

KATHMANDU, JULY 5 Prices of chicken and eggs in the domestic market has surged after farmers stopped hatching chicks. Chicken cost has shot up to Rs 360 per kg from Rs 250 earlier, while eggs cost Rs 380 per crate of 30 eggs, a hike of Rs 100 in a few days. Krishna Shrestha, a chicken selle Read More...

Govt urged to guarantee citizens’ right to health

Kathmandu, July 5 The National Human Rights Commission has urged the Government of Nepal to guarantee the right to health to every citizen amid the spike in COVID-19 cases and fatalities in the country. Issuing a press release today, the rights body expressed grave concern regarding the findin Read More...

National Examinations Board (NEB) Nepal

Schools may get mandate to conduct Grade XI examination

KATHMANDU, JULY 5 As schools across the country have remained closed for months due to the lockdown, concerned officials are mulling over recommending the government to cancel the national level examination of Grade XI being held by the federal government. The National Curriculum Development a Read More...