KATHMANDU: The government couldn´t meet the target of earning Rs 100 billion through exports in fiscal year 2013/14.
According to Current Macroeconomic Situation Report unveiled by the Nepal Rastra Bank (NRB) on Sunday, country´s total export earnings in 2013/14 stood at Rs 90.20 billon. Export to India increased by 16.5 percent to Rs 59.41 billion, while third country exports grew by 19.1 percent to Rs 30.87 billion in the review period.
Iron and steel products, carpet, readymade garment, textiles, yarns, big cardamom topped the export list in 2013/14, according to the report.
Nepal imported petroleum products worth Rs 131.33 billion, which is Rs 41.13 billion more than the total export income, in the review period. Likewise, iron and steel and products thereof, automobile and auto parts, gold and electronic equipment were on top of the import list in 2013/14.
Country´s total imports grew by 27.3 percent to Rs 708.76 billion. In the previous fiscal year, Nepal´s import had surged by 20.6 percent to Rs 556.74 billion.
Heavy rise in import means the country suffered trade deficit of Rs 618.47 billion which is more than the annual budget. Trade deficit increased by 23.9 percent in 2013/14 compared to a year earlier, according to the report.
“Trade deficit with India surged by 30.8 percent, while deficit with other countries grew by 25.3 percent,” the report states.
Deficit in trade in goods stood at Rs 595.41 billion. However, trade in services recorded surplus of Rs 20.88 billion.
Impressive rise in remittance flow and timely disbursement of foreign aid, however, put the country´s Balance of Payment (BOP) in a strong position. The overall BoP recorded a surplus of Rs 127.13 billion in the review year compared to a surplus of Rs 68.94 billion a year earlier, according to the report.
The report shows total consumption stood at 91.1 percent of the total Gross Domestic Product (GDP) in 2013/14. It was 89.9 percent of GDP in fiscal year 2012/13. Likewise, the ratio of gross investment to GDP remained at 37.1 percent in the review year compared to 36.9 percent in 2012/13. Gross National Saving to GDP stood at 46.4 percent in 2013/14, which was 40.3 percent in 2012/13, according to the report.
Budget deficit on cash basis stood at Rs 12.06 billion in the review period, compared to Rs 31.21 billion in 2012/13. “The ratio of budget deficit to GDP remained at 0.6 percent in the review year compared to 18 percent of 2012/13,” the report states.
According to the report, the government has cash balance of Rs 25.19 billion with the central bank. After adjusting the cash balance, the government is domestic debt of Rs 201.82 billion. At the end of 2012/13, domestic debt stood at Rs 176.63 billion.
Moreover, the government received cash loan of Rs 15.08 billion in 2013/14, compared to Rs 9.54 billion a year earlier.
Comment here !
KATHMANDU:- Prime Minister of India, Narendra Modi, is arriving on an official visit to Nepal on Monday, May 16. He
KATHMANDU:- All preparations for the May 13 local election have been completed, according to the Election Commission. The EC has
KATHMANDU:- The silence period for the local level election commences from midnight today. The country is going to the local
By Narayan Dhungana, KATHMANDU:- People residing temporarily in Kathmandu Valley due to various reasons are returning their home to cast