Category Archives: Trade News

Nepal’s trade up in 2 months of current fiscal year

Nepal’s international trade increased slightly in the first two months of the current 2024-25 fiscal year, though not as high as expected, according to the Department of Customs.

The total imports and exports from mid-July to mid-September stood at 287.63 billion Nepali rupees, up from 286.19 billion rupees over the same period in 2023-24.

The imports grew by 1.08 percent to 262.54 billion rupees, while exports declined by 5.12 percent to 25.09 billion rupees.

“The imports and exports are below our projection,” said Mukti Prasad Shrestha, director at the Department of Customs.

Nepal imported Chinese goods worth 52.1 billion rupees in the first two months of 2024-25, up from 46.54 billion rupees over the same period of last fiscal year.

According to the Department of Customs figures, exports to China were valued at 290.74 million rupees, down from last fiscal year’s 543.37 million rupees. (1 Nepal rupee equals 0.0075 U.S. dollars)

Source

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Trade and Investment Arrangement Signed with Australia

Nepal and Australia Flags

Nepal signed a trade and investment framework arrangement (TIFA) with Australia on 9 February 2024 to strengthen economic ties and promote trade. The Nepal-Australia TIFA is seen as likely to benefit certain sectors in Nepal, including tourism and hospitality; the country’s emerging information and communications technology activities; and agribusiness.

Australia is Nepal’s sixth‑biggest foreign investment partner, and Nepali students’ destination of choice for higher education and vocational training. Australia is also a big contributor to the recovery of Nepal’s tourism industry. In 2023, nearly 39,000 Australians entered Nepal, making the country Nepal’s fifth‑largest source of foreign visitors. In recent years, Nepal’s services exports to Australia have soared to AU$160 million (US$105 million) from only AUS78 million prior to the 2022‑2023 period, driven by growth in travel services.

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Nepal participated in Biofach Trade Fair 2022 in Nuremberg, Germany.

Nepal participated in Biofach Trade Fair 2022 in Nuremberg, Germany.

Mr. Rabindra Duwady, Deputy Director, and Mr. Govinda Acharya, Senior Officer of Trade and Export Promotion Centre (TEPC) coordinated and participated in the Nepal Pavilion in Biofach Trade Fair (26-29 July 2022) happened in Nuremberg, Germany.  The Nepali National Pavilion in the Biofach was facilitated by the Embassy of Nepal in Berlin in collaboration with the Ministry of Foreign Affairs. Here the promotion of Organic Products from the farms of Nepal was the main objective to participate in Biofach Trade Fair held on 26-29 July 2022 in Nuremberg, Germany:  The Nepali National Pavilion in the Biofach was facilitated by the Embassy of Nepal in collaboration with the Ministry of Foreign Affairs, Ministry of Industry, Commerce and Supplies, Trade and Export Promotion Centre (TEPC), Nepal Herbs and Herbal Products Association (NEHHPA), and Import Promotion Desk (IPD), Germany, to the 6 Nepali companies from Nepal. Furthermore, the pavilion was utilized to promote the Tourism Industry of Nepal by distributing the tourism brochures and screening the tourism promotional videos of Nepal. Some selected pictures of the event, including the inauguration of the Pavilion by H.E. Ambassador Ram Kaji Khadka.

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China agrees to open market for Nepalese tea

China has agreed to open tea produced in Nepal to its market. During the visit of Nepal’s Foreign Minister to China, according to the Ministry of External Affairs, China agreed to open its market for Nepal tea. China has said it will open its market for Nepalese tea. Beijing has also agreed on the modalities sent last November for the export of tea from Nepal to China. The board has also informed that the work that will be done by Nepal at a fast pace for the implementation of the agreement will be done with mutual coordination.

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