My Republica, 9th May 2017, Kathmandu
Country's foreign trade increased by 35.9 percent to Rs 781.28 billion in the first nine months of Fiscal Year 2016/17 compared to the import data of the same period of the last fiscal year.
According to the Trade and Export Promotion Centre (TEPC), import had 92.9 percent share in the foreign trade in the review period.
Data shows the country exported goods worth only Rs 55.26 billion in the first nine months of the current fiscal year - a growth of mere 9.9 percent. Hand-knotted carpet, readymade garment, lentils, polyester, thread, textile, iron and steel, handicraft items, noodles, toothpaste, cardamom, tea and ginger, among others were the country's main exports in the review period.
India, the United States of America, Turkey, the United Kingdom, China, France, Italy, Japan, Canada, Bangladesh, Australia, the Netherlands and Vietnam are Nepal's major export markets.
The country's import jumped by 38.4 percent to Rs 726.02 billion year-on-year in the first nine months of the current fiscal year. Most of the country's imports come from India. Petroleum products, iron, and vehicles and machineries were the major products that came from India. Nepal also imported telecommunications equipment, electrical equipments, machineries, apples and chemical fertilizer among others from China. Likewise, the country imports gold, silver, plastic raw materials, lubricants and chocolate from United Arab Emirates (UAE).