Nepal | July 07, 2020

Petroleum, gold import bill drops by Rs 38.4 billion

Himalayan News Service
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KATHMANDU, July 12

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.


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