Tag Archives: Global Trade

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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