Nepal's import from China rise, export dive

Nepal's import from China increased by 15.5 percent in the last fiscal year 2015-16 that ended in mid-July while exports to China suffered a decline of 24.6 percent, Nepal's central bank has said.

Nepal imported goods worth 1.07 billion U.S. dollar (Nepalese Rupee 115.69 billion) from China while Nepal's export to its northern neighbour stood at just 15 million U.S. dollar (Nepalese rupee1.68 billion), according to Nepal Rastra Bank (NRB), the central bank.

China is the second largest trading partner of Nepal after India but trade balance is heavy skewed in favour of China as Nepal has a limited export basket.

Exporters said as the main inland trade route between the two countriesTatopani-Khasa (Zhangmu) has remained closed since the last year's deadly earthquake; Nepal's export to China has suffered.

As Nepal is heavily import-based country, traders continued to import from China through the sea route as well as newly opened second inland trade routeRasuwagadhi-Kerung (Geelong port) to some extent which kept imports of the Chinese goods rolling.

Handicraft, woolen carpet and tanned skin were top three export items of Nepal to China whose combined worth stood at 7.7 million U.S. dollar (Nepalese Rupee 832 million), according to NRB.

Source : XINHUA