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Third country imports up in Nepal

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Nepal’s imports from third countries have soared in recently, with shipments from France, Ukraine, Argentina, Saudi Arabia and South Korea, in particular, rising sharply due to lower costs.

According to the Trade and Export Promotion Centre (TEPC), imports from these countries increased by 69 percent in the first 11 months of the last fiscal year.

The director of the TEPC, said increased demand for diversified products and changing lifestyles had led to the rise in imports from new sources.
Imports from Ukraine surged more than threefold to Rs6.62 billion, the largest percentage rise in imports. Tractors, other agricultural equipment and soybean oil are Nepal’s major imports from Ukraine.

Imports from France doubled to Rs13.21 billion, making it Nepal’s fourth largest import supplier. Nepal imported jewellery, cosmetics and wine from France.

Imports from South Korea jumped 82.5 percent to Rs8.22 billion; imports of readymade clothes, electronic appliances and vehicles from South Korea increased in recent days.