Petroleum the largest import item
KAROBAR CORRESPONDENT
Tuesday, Jul 30, 2019
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Nepal has imported fuel worth around Rs 200 billion in the last fiscal year.
According to the customs data, of the total import worth Rs 1.42 trillion, the country imported Rs 193.33 billion worth petroleum products in a year. "The petroleum products import bill is 15 percent of the total import," the customs data revealed, adding that the petroleum products have always been one of the largest import.
Among the petroleum products too, diesel was the highest imported good, followed by petrol, jet fuel, kerosene, and LP gas in the last fiscal year.
Likewise, Nepal’s agricultural goods import bill has also ballooned to an all-time high of Rs 220 billion in the last fiscal year. The share of agro-products in the total import bill has increased to 15.51 percent, followed by petroleum products.
The trade deficit swelled by 13.55 percent to Rs 1,321 billion in the last fiscal year compared to a fiscal year ago, the customs data revealed, adding that the total trade deficit has jumped by 14.26 percent to Rs 1.32 trillion in the last fiscal year 2018-19.
The country imported commodities worth Rs 1.42 trillion whereas exported some Rs 97.11 billion worth commodities only in the last fiscal year. The Country's exports to imports ratio fell to 1:14.6 in the last fiscal year from 1:15.3 a fiscal year ago, which means Nepal imported Rs 14.6 worth of goods for every single rupee worth of export earnings in the last fiscal year.