Kathmandu, 23 Jul: Soybean oil trade has significantly boosted Nepal’s export performance. Within just one year, Nepal exported soybean oil worth Rs 106.79 billion to India and Australia. As a result, the country’s total exports rose by more than Rs 125 billion during the period.
According to data released by the Department of Customs on Tuesday, exports grew by nearly 82% in the fiscal year 2081/82 — the highest growth ever recorded. While Nepal exported goods worth Rs 152.38 billion in the previous fiscal year (2080/81), the figure jumped by Rs 124 billion to Rs 277.03 billion this past year.
Govinda Prasad Ghimire, president of the Federation of Export Entrepreneurs Nepal, credited this surge primarily to soybean oil, alongside policy reforms. “Post-COVID digital promotion and international expos have also helped boost exports,” said Ghimire. “There is now a renewed sense of hope in export trade.”
However, concerns remain about the sustainability of this growth. Nepal does not produce raw soybean domestically; the raw materials are imported, processed into oil, and then re-exported. According to the federation, diplomatic missions have coordinated with Nepal to invite buyers from international markets to promote exports.
The top export commodities included soybean and sunflower oil, large cardamom, carpets, fiber, tea, and churpi (traditional cheese). After soybean oil, sunflower oil was the second-highest export item, totaling Rs 12.32 billion. Large cardamom, mostly grown in eastern hill districts, ranked third with Rs 7.67 billion in exports.
Carpet exports reached Rs 11.92 billion, followed by tea at Rs 4.59 billion and churpi at Rs 3.93 billion.
Not only exports but imports also saw a rise. Imports increased by 13.25% in FY 2081/82, growing by Rs 211.13 billion. Nepal imported goods worth Rs 1.804 trillion last year, compared to Rs 1.593 trillion in the previous fiscal year. Petroleum products topped the list of imports, with Nepal purchasing fuel from the Indian Oil Corporation.
Last fiscal year, Nepal imported diesel worth Rs 128.76 billion and raw soybean oil worth Rs 108.95 billion. Other major imports included petrol (Rs 64.13 billion) and cooking gas (Rs 62.58 billion). Nepal also imports a large volume of agricultural and livestock-related products.
The total trade deficit reached Rs 1.525 trillion, up from Rs 1.440 trillion the previous year. Foreign trade grew by 19.24%, reaching Rs 2.081 trillion, up from Rs 1.745 trillion the year before.
Nepal’s largest trade deficit continues to be with India, totaling Rs 846.51 billion. Nepal exported goods worth Rs 224.68 billion to India, while importing Rs 1.071 trillion.
The second-largest trade deficit was with China, amounting to Rs 338.47 billion. Nepal imported goods worth Rs 341 billion from China but exported only Rs 2.63 billion in return.
