Weekly economic updates (21st June 2024–27th June 2024)
3 min readJun 28, 2024
- Nepal’s Trade Deficit Reaches Over NPR 1.3 trillion- According to the Department of Customs, Nepal’s trade deficit has soared to NPR 1.3 trillion (USD 9.73 billion), with imports reaching 1.45 trillion (USD 10.86 billion) and exports reaching NPR 139.26 billion (USD 1.04 billion) in the last 11 months.
(Source: https://myrepublica.nagariknetwork.com/news/nepal-s-foreign-trade-declines-trade-deficit-reaches-over-rs-1-3-trillion/ ) - Only 47.8% Passed the Secondary Education Examination — The SEE results showed that out of 464,785 students, 222,472 (47.86%) qualified for further studies, while 242,313 (52.14%) were non-graded. Non-graded students can retake exams next month if they are non-graded in up to two subjects; others must wait until next year.
(Source: https://www.onlinekhabar.com/2024/06/1501150 ) - Nepal’s Paddy Production has Increased to 5.72 million tonnes — Nepal’s paddy production increased by 4.37% to over 5.72 million tons in the fiscal year 2023/24 due to improved seeds, fertilizers, and favorable rainfall. Productivity increased to 3.3 tons per hectare, but domestic yield remains below the 7.1 million tons needed, leading to imports.
(Source: https://myrepublica.nagariknetwork.com/news/nepal-s-paddy-production-increases-4-37-percent-to-over-5-72-million-tons-this-year/#:~:text=KATHMANDU%2C%20June%2027%3A%20Nepal's%20paddy,the%20main%20rice%20plantation%20season.) - Smartphone Imports Worth NPR 26 billion- From July 2023 to May 2024 of the current financial year, Nepal imported smartphones worth NPR 26.33 billion (USD 194.25 million). The customs department reported that 1,710,135 smartphones were imported, generating NPR 4.938 billion (USD 36.89 million) in government revenue.
(Source: https://ekantipur.com/business/2024/06/27/smartphone-imports-worth-26-billion-in-11-months-11-32.html ) - Kuwait to Recruit 200,000 More Workers From Nepal — Deputy Prime Minister and Foreign Minister Narayankaji Shrestha announced Kuwait’s plan to hire an additional 200,000 Nepali workers, bringing the total to 300,000. Kuwait will also open an embassy in Kathmandu this year.
(Source: https://myrepublica.nagariknetwork.com/news/kuwait-to-recruit-200-000-more-workers-from-nepal-foreign-minister/ ) - Investment Raised for Mid Kali Gandaki Hydropower Project — The Mid Kali Gandaki Hydropower Project, a 66.3 MW venture by IME Group’s Hydro Support Private Limited, has secured NPR 9.12 billion (USD 68.30 million) from six banks led by Nabil Bank Ltd. Located in Myagdi, the project is scheduled to be completed in four years.
(Source: https://risingnepaldaily.com/news/44848 ) - The Government Took NPR 43 Billion Public Debt in Jestha — According to the Office of Public Debt Management, the government took NPR 43 Billion (USD 320.65 Million) worth of loans from domestic and foreign sources, of which NPR 34 Billion (USD 253.54 Million) were from domestic sources, and NPR 9 Billion (USD 67.11 Million) were from foreign sources.
(Source: https://gorkhapatraonline.com/news/112867) - NRB to Implement Market Conduct Supervision — Nepal Rastra Bank (NRB) plans to implement market conduct supervision starting next fiscal year to protect consumers from financial risks. The NRB Governor announced that the central bank will track industry developments and market risks.
(Source: https://myrepublica.nagariknetwork.com/news/nrb-to-implement-market-conduct-supervision-to-protect-banks-customers-from-next-fy/ ) - 16th Nepal-China DCM Meeting — The Diplomatic Consultation Mechanism, held in Kathmandu, reviewed bilateral relations and economic cooperation; discussions focused on trade, investment, infrastructure, and tourism, including promoting 2025 as ‘Visit Nepal Year in China.’
(Source: https://www.newbusinessage.com/Articles/view/21362 ) - Government Seeks Worker Applications for Conflict-Torn Israel: The government has invited applications for Nepali workers to be sent to conflict-torn Israel. The Department of Foreign Employment (DoFE) under the Ministry of Labour is selecting Nepali assistant workers for long-term care centers in Israel.
(Source: https://myrepublica.nagariknetwork.com/news/govt-invites-applications-for-workers-to-conflict-torn-israel/?categoryId=blog )
