By A Staff Reporter
Kathmandu, Dec. 25: Export of soybean oil has been on the rise after that of palm oil dropped continuously for almost a year.
According to the trade statistics made available by the Department of Customs, soybean oil worth Rs. 13.50 billion was exported during the first five months of the current fiscal year.
The export increased by over 300 per cent during the review period compared to same period last fiscal year, when worth Rs. 3.28 billion was exported. India, which was the most important market for Nepal’s palm oil, banned its import, reducing Nepal’s export dramatically.
Nepal exported palm oil worth Rs. 4.4 million during the review period, while the figure was Rs. 11.54 billion in the period last fiscal year. Soybean oil has now become the biggest export from Nepal.
In the current review period, goods worth Rs. 50.05 billion were exported from various customs offices of Nepal.
The data made available by the Customs Department shows that the export has increased by 5.12 per cent.
During the same period, the country exported black tea worth Rs. 2.5 billion and cardamom worth Rs. 3.07 billion.
However, total import decreased by 9.59 per cent, to Rs. 525.49 billion.
The prolonged lockdown induced by the COVID-19 pandemic has affected the import of machinery and vehicle items, reducing total imports.
Likewise, crude soybean oil worth Rs. 14.4 billion has been imported during the review period. Likewise, the country imported petroleum products, including cooking gas, worth Rs. 45.9 billion and crude palm oil worth Rs. 1.94 billion.
With declining import and rising export, country’s trade deficit has narrowed by 10.91 per cent, to Rs. 475.44 billion.