For a developing country like Nepal the balance of trade is deficit. The total expense from import is way higher than our receipt from export. Lets talk about the import and export status of Nepal in 2020. Imports in March 2020 reached all time high of 97851.50 million whereas export decreased to 5736.90 million in June from 6287.50 in may 2020. Lets talk about recent Nepal Export Import.
Nepal export import
The main import of goods in Nepal are oil (fuel), gold, iron and steels, clothes,medical supplies, electronic appliances and food items. Similarly the main exports include beverage products, carpets, textile, tea,handicrafts and pashmina.
Nepal’s main imports origin is India ( covering more than 50 percent of all imports) and other countries like China, Indonesia, Argentina, South Korea, Malaysia, Japan and Germany.
Whereas export destinations are India, the United States of America, Bangladesh and Germany. Fastest growing export industry from 2009 to 2020 is Beverage industry while the fastest declining industry is Iron and steel manufacturing industry. The development of footwear industry is also quite commendable with growth of 291.2 %. Nepal is the 150th exporter in world.
What Nepal Exports?
These are the list of top things Nepal exports.
- Beverages, spirits: It covers 13.7% of total exports.
- Textile floor coverings: It covers 12.8% of total export.
- Manmade staple fibers: It covers 8.3% of total export.
- Coffee, tea, spices: It covers 7.9%of total export.
- Clothing, accessories (not knit or crochet): It covers 7.3%of total export.
- Plastics, plastic articles: It covers 6.6% of total export.
- Knit or crochet clothing, accessories: It covers 5% of total export.
- Iron, steel: It covers a total of 3.8% of total export.
- Footwear: It covers 3.7% of total export.
- Food industry waste, animal fodder: It covers 3.3% of total export.
What Nepal imports?
Nepal is compelled to import goods due to low productivity and lack of manufacturing industries. The items that holds the leading position in top import of country is listed as:
- Fuel: In the two months from July of 2020 only, the total expenditure on import of fuels mounted to 20.18 billion.
- Iron and Steel: The demand of iron and steel is so high in Nepal specially because of reconstruction that in the two months the import was of 16 billion.
- Machinery and mechanical appliances: The import of these items amounted to 14.32 billion.
- Electrical machinery and equipment: Demand for equipment required by industries is fulfilled by import and total import for the two months was 14.32 billion.
- Vehicles: Import of vehicles is increasing everyday as demand for private cars and motorbikes is increasing. Import of 13 billion was done on those months.
The amount stated above includes import in the months July to September in 2017.