Import worth Rs 808 billion within 10 months: NRB Report

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Import worth Rs 808 billion within 10 months: NRB Report

June 9: Goods worth Rs 808.68 billion have been imported till May 14, in the first ten months of the current Fiscal Year 2016/17.

According to the Macro Economic Report unveiled by the Nepal Rastra bank (NRB) on June 8, the import which was decreased by 4.6 percent in the first 10 months of the previous FY has now increased by 34.9 in the same period.

However, the import in that period has been recorded amounting to Rs 61.2 billion. With this, the total trade deficit has reached Rs 747.65 billion.

The import of petroleum products, vehicles and its spare parts has increased the overall trade deficit. Though there is unexpected increase of import, the inflation is in control which until mid- May has increased by 3.4 percent only, as compared to the previous FY.

In the time period, the import from India increased by 43.7 percent, by 12.5 percent from China, and 26.9 percent from other countries.  Economists are expressing their concern on the alarming growth of import and slow rate of export as compared to export.

Dr Shankar Prasad Nepal, Professor at Tribhuvan University stated that the trade deficit will increase more due to expediting import and slowing down export. He said, “It will further destabilize the economy.”

According to the report, the import of petroleum products, vehicles, spare parts of aircrafts and machinery, MS billets, among others, has increased in the time period. However, the import of chemical fertilizers, medicines, cold roll, sit-in coil, dry cell battery, and betel nuts has come down.

Likewise, during the review period of the current FY, the export has increased by 9.8 percent reaching to Rs 61.02 billion whereas it had decreased by 21.7 percent in the same time period of the previous FY. The report shows that export has increased by 15 percent to India, 5.6 percent to China and 3.1 percent to other countries.  

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