December 8, 2022, Thursday
Nepal 1:37:26 pm

Food import have decreased by almost 50%

The Nepal Weekly
November 15, 2022

While the imports are increasing every year, in the first three months of the current financial year, the imports of food grains (rice, rice, corn, wheat, millet, barley) have decreased by almost 50 per cent. According to the data of the Customs Department, the import of food grains has decreased by 47.7 per cent during the same period of the current financial year compared to the first three months of the previous financial year. According to the statistics of the department, in the months of July, August and October (Shawan, Bhadra and Asoj) of the current financial year, 19 billion 81 million 10 thousand kg of food grains were imported worth 9 billion 26 million 17 million 83 thousand rupees. In the same period last year, 46 million 96 lakhs 6 thousand kg of food grains worth 17 billion 70 million 84 lakhs 52 thousand rupees were imported.

 During that period of the current financial year, the total import of goods has decreased by 16.20 per cent. Due to the current account deficit, current account deficit and pressure on foreign exchange reserves, the government has tightened the import of some goods, resulting in a decrease in the overall import. According to the statistics of the department, there has been a decrease in the import of rice, corn, wheat and paddy from July to October (Shrawan to Asoj) this year compared to the same period of the previous year. Wheat import has decreased by 96 per cent this year compared to last year, while corn has decreased by 40 per cent, rice by 87 per cent and rice by 32 per cent. According to the department, rice worth 4 billion 93 million 32 lakh 52 thousand rupees has been imported during those three months. In the same period last year, rice worth 7 billion 21 million 98 lakhs rupees was imported. Similarly, wheat worth 4 million 85 lakhs 21 thousand rupees has been imported in three months. During the same period last year, wheat worth 1 billion 31 million 16 lakhs rupees was imported.  India’s ban on exports has led to a decrease in wheat imports. Due to the war between Russia and Ukraine, India has tightened the export of wheat and there has been a significant decrease in the import.