Imports of goods from abroad have increased by around Rs 4.3 billion compared to last year as traders prepare for the Dashain festival. According to the Department of Customs, goods worth Rs 3.05 trillion were imported during the first two months of the current fiscal year 2082/83, reflecting a 16.23% increase over the same period last year.
The last week of Bhadra saw slight disruptions in imports and exports due to the Jan-G movement. Traders imported goods in anticipation of higher demand during Dashain, particularly clothing, food items, and other essentials. Last year, imports in the same two-month period (Shrawan-Bhadra) totaled Rs 2.6254 trillion.
Key Imported Commodities
Nepal’s largest imported items remain petroleum products, including diesel, petrol, and LPG, as these are not produced domestically. Petroleum imports alone amounted to Rs 4.53985 billion during the two months.
Other significant imports included edible oils and raw materials. Imports of vegetable ghee, soybean oil, sunflower oil, and palm oil reached Rs 2.74121 billion, while steel and iron products totaled Rs 2.29753 billion.
Customs Revenue Growth
In line with the increase in imports, customs revenue also rose, reaching Rs 7.763 billion in two months compared to Rs 7.43149 billion last year.
Even domestically produced goods are being imported from abroad, and both imports and exports have grown compared to last year. Exports surged by 88%, totaling Rs 4.731 billion during the first two months of the fiscal year.
Exported items include oils, fiber, tea, and coffee. Specifically, vegetable ghee, soybean oil, sunflower oil, and palm oil exports amounted to Rs 2.3561 billion, fiber exports Rs 0.20122 billion, and coffee, tea, and spices Rs 0.18949 billion. This represents an increase of nearly Rs 2.2 billion compared to the same period last year.
Despite the growth, the country’s trade deficit reached Rs 2.57 trillion, an 8.5% increase over the previous year. Overall foreign trade rose by 22.5%, totaling Rs 3.5247 trillion in the first two months.
Customs Duty Concessions for Reconstruction
The Ministry of Finance has implemented a government decision to grant customs and internal duty concessions for goods imported to rebuild structures damaged during the Jan-G movement. Finance Minister Rameshwar Khanal said the move aims to boost private sector morale.
Affected industries, businesses, and commercial establishments importing reconstruction materials will receive a 50% waiver on customs and internal duties. A notice published by the Ministry on Monday stated that the waiver applies to goods identified in insurance survey reports that are essential for restoring damaged buildings, furniture, machinery, and equipment, in accordance with Section 18(1) of the Finance Act.
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