Nepal’s exports surged 81.8% year-on-year in fiscal year 2024/25, which ended on July 16, largely driven by edible oil shipments, according to the latest data from the Department of Customs.

The country’s total exports reached Rs 277.03 billion, up from Rs 152.38 billion in FY 2023/24.

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Refined soybean oil and its fractions topped the export list, followed by sunflower seed and refined sunflower oil. Nepal exported refined soybean oil worth Rs 106.79 billion, capitalising on India’s duty hike on crude and edible oil imports in mid-September last year. However, the southern neighbour slashed the duty at the end of May, 2025 dealing a blow to Nepali refineries that benefit from the South Asian Free Trade Area (SAFTA) agreement, which allows duty-free exports to India.

[ Read: India’s Import Duty Cut on Crude Edible Oils Deals a Blow to Nepali Traders ]

Similarly, exports of refined sunflower oil and sunflower seed totalled Rs 12.32 billion.

Nepal’s edible oil industry, however, has already experienced a sharp downturn after India reduced customs duties on crude oil imports by 10 percentage points. The tariff cut severely undercut the price competitiveness of Nepali products in the Indian market, leading to a reported 50% drop in production across domestic oil refineries by last week.

Other notable exports included woollen carpets and textile floor coverings, worth Rs 10.77 billion, and large cardamom, neither crushed nor ground, valued at Rs 7.68 billion, the data show.

Imports also rose 13.25% to Rs 1,804.12 billion from Rs 1,592.99 billion in the previous fiscal year.

Diesel remained Nepal’s largest import at Rs 128.76 billion, followed by crude soybean oil (Rs 108.95 billion), petrol (Rs 64.12 billion), and liquefied petroleum gas (LPG) at Rs 62.58 billion.

The trade deficit widened by 6%, reaching Rs 1,527.09 billion—up from Rs 1,440.60 billion in the previous fiscal year.