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China and Nepal increase bilateral trade by 28%

China and Nepal increase bilateral trade by 28%

Trade between Nepal and China increased by more than 28% in the fiscal year 2020-21, which ended in mid-July, despite the raging COVID-19 pandemic, if data released by the Nepal Customs Department is to be believed, Xinhua news agency reported.

Bilateral trade increased to 23

4.93 billion Nepalese rupees ($1.96 billion) last fiscal year from 183.93 billion Nepalese rupees ($1.54 billion) in the previous fiscal year.

Nepal’s imports from China increased to NPR 233.92 billion ($1.95 billion) in 2020-21 from NPR 181.92 billion ($1.52 billion) in the previous year, according to the Nepal Department.

Meanwhile, Nepali exports to China fell to 1 billion Nepalese rupees ($8.37 million) from 1.19 billion Nepalese rupees ($9.97 million) in the previous year. The South Asian country has twice imposed lockdowns to curb the spread of the virus, although restrictive measures have been eased in recent weeks.

“Trade between Nepal and China increased in line with overall trade growth last fiscal year. Even during the lockdown, we continued to open customs offices for international trade,” said Shishir Ghimire, information officer at the Nepal Customs Department.
In fiscal year 2020-21, Nepal’s international trade increased about 29 percent to about $14 billion.