The nation shipped Rs 56 billion worth of cooking oil in just eight months

Over the past eight months, Nepal has exported cooking oil valued at almost Rs 56 billion. The amount of processed edible oil exported has grown dramatically. Before exporting, Nepal has been refining the raw resources it imports from overseas. According to the Department of Customs’ foreign trade statistics up to the middle of March of this fiscal year, imports have risen by 11.20% and exports by 57.20% this year over the same period last year. Carpets valued at Rs 4.32 billion, cardamom at Rs 5.83 billion, and sunflower oil at Rs 7.98 billion have all been exported.

Country’s foreign trade deficit reached Rs 987.39 billion in Q2 2021, with imports of Rs 1 trillion 145 billion and 56 million, and exports of Rs 158.17 billion. Nepal experienced a trade deficit of Rs 563.67 billion with India and Rs 21.70 billion with China in eight months, with imports and exports respectively. Nepal’s trade deficit with Argentina, Ukraine, UAE, and Australia is high, with high imports of petroleum products, including diesel, petrol, and LPG, in the last eight months. Nepal imported electric vehicles, vehicles, and smart phones worth Rs 9.69 billion and Rs 2.11 billion, resulting in profit in trade with 34 countries and foreign trade with Afghanistan, Denmark, Russia, Austria, and Maldives.