Nepal's foreign trade hits US$14 billion, driven by edible oil re-export boom

Nepal's foreign trade hits US$14 billion, driven by edible oil re-export boom

Nepal's annual foreign trade volume crossed the Rs2 trillion mark for the second time, equalling the country's yearly budget. This record-breaking surge is primarily attributed to an exponential growth in edible oil exports—a product Nepal does not produce in significant quantities but whose exports have multiplied several-fold in just one year.

Exports of refined soybean oil, sunflower oil, and palm oil soared by 1,537 percent—more than 15 times—compared to the previous fiscal year.

In the last fiscal year, Nepal's imports totalled Rs1.80 trillion, a 13.25 percent increase year-on-year. Exports jumped by 81.8 percent to Rs277 billion in the same period.

A closer look at the data shows that edible oils accounted for nearly half of Nepal's total exports.

Of the Rs277.03 billion worth of exported goods, refined edible oils contributed Rs121.53 billion. The remaining Rs155.5 billion came from all other products combined.