What Types Of Services Make Up Nepal Gdp

Located between economic powerhouses China and India, the Federal Democratic Republic of Nepal shipped an estimated US$887.4 meg worth of goods around the world in 2020. That dollar amount reflects a 21.viii% increase since 2016 but a -7.v% decrease from 2019 to 2020.

Nepal's 5 biggest exports are soya-bean oil, textile floor coverings including carpets, synthetic staple cobweb yarn, nutmeg and cardamoms, palm oil and tea. Collectively, those 5 product categories generated 46.3% of the Asian nation's overall consign sales.

Nepal'due south Major Trading Partners

The latest available country-specific information from 2019 shows that 94.five% of products exported from Nepal were bought by importers in: India (68.vii% of the global total), United states (10.3%), Germany (3%), Turkey (2.5%), United kingdom of great britain and northern ireland (2.3%), China (1.9%), Bangladesh (1.3%), France (also 1.three%), Japan (1%), Italian republic (0.9%), Canada (0.8%) and Australia (0.7%).

From a continental perspective, customers in Asia bought 77.7% of Nepal's total exports. In second place was Due north America at 11.1% then importers in Europe at 10.two%.

Tinier percentages went to Oceania (0.8%) led by Australia, Africa (0.2%) and Latin America (0.05%) excluding United mexican states but including the Caribbean.

Given Nepal'south population of 28.8 million people, its total $887.4 million in 2020 exports translates to roughly $xxx for every resident in the South Asian land.

Nepal'due south Top ten Exports

Top 10

At the ii-digit Harmonized Tariff System code level, the following export product groups represent the highest dollar value in Nepalese global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Nepal.

Animal/vegetable fats, oils, waxes: U.s.a.$259 million (29.ii% of total exports)
Coffee, tea, spices: $89.four million (10.1%)
Textile floor coverings: $66.ii meg (7.5%)
Manmade staple fibers: $sixty.7 million (vi.eight%)
Miscellaneous textiles, worn wearable: $xl.vi meg (4.vi%)
Paper yarn, woven fabric: $34 million (3.eight%)
Plastics, plastic articles: $33.1 1000000 (iii.vii%)
Food manufacture waste material, animal fodder: $30.6 million (3.four%)
Beverages, spirits, vinegar: $28.9 one thousand thousand (3.3%)
Clothing, accessories (not knit or crochet): $27.6 meg (3.i%)

Nepal's top x exports accounted for 75.5% of the overall value of its global shipments.

Beverages, spirits and vinegar was the fastest grower among the pinnacle 10 export categories, up by three,099% from 2019 to 2020.

In second place for improving consign sales were plastics as a material plus articles fabricated from plastic via a 314.three% proceeds.

Nepal'due south shipments of coffee, tea and spices posted the third-fastest proceeds in value upwards by 19.1%.

The leading decliner among Nepal's elevation 10 export categories was unknitted and non-crocheted article of clothing or accessories cheers to a -44.9% drop year over year.

At the more granular iv-digit Harmonized Tariff Arrangement lawmaking level, soya-bean oil represents Nepal's most valuable exported product at 23.4% of the country's total. In second place was fabric floor coverings including carpets (six.1%) and yarn made from synthetic staple fibers (also six.1%) trailed by nutmeg and cardamoms (five.4%), palm oil (5.3%), tea (3.eight%), woven jute fabrics (3.4%), not-alcoholic drinks excluding h2o, juices or milk (three.2%), miscellaneous plastic items (ii.8%) and packing sacks or bags (ii.2%).

Advantages

The following types of Nepalese product shipments correspond positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country's total exports minus the value of its total imports.

In a nutshell, internet exports stand for the amount past which foreign spending on a home land's goods or services exceeds or lags the home country's spending on foreign goods or services.

Beast/vegetable fats, oils, waxes: U.s.$212.1 million (Reversing a -$166.8 million deficit in 2019)
Textile flooring coverings: $62.seven million (Up by iii.viii% in 2019)
Coffee, tea, spices: $24.one 1000000 (Reversing a -$32.ane meg arrears)
Beverages, spirits, vinegar: $14.iv million (Reversing a -$52.6 million deficit)
Vegetable plaiting materials: $xiii.7 million (Upward by 10.4%)
Paper yarn, woven fabric: $12.9 million (Up by 426.3%)
Collector items, fine art, antiques: $eleven.ix meg (Upwardly past 52.eight%)
Miscellaneous textiles, worn article of clothing: $iii.2 million (Down by -79.vi%)
Musical instruments: $i.1 one thousand thousand (Down past -35.9%)
Pb: $969,000 (Down by -49.8%)

Nepal has highly positive net exports in the international trade of animate being or vegetable fats, oils and waxes too as carpets and other fabric floor coverings. In turn, these cashflows indicate Nepal's strong competitive advantages under both product categories.

Opportunities

Overall, Nepal incurred an estimated -$7.1 billion trade deficit for 2020, down by -37.i% from -$eleven.4 billion in cherry-red ink 1 year earlier.

Below are exports from Nepal that result in negative internet exports or product merchandise balance deficits. These negative net exports reveal product categories where foreign spending on home country Nepal's goods trail Nepalese importer spending on foreign products.

Mineral fuels including oil: -US$1.ii billion (Down past -42.9% since 2019)
Iron, steel: -$850.4 million (Down by -eighteen.7%)
Electrical machinery, equipment: -$683.7 one thousand thousand (Downwards by -24.5%)
Machinery including computers: -$632.six meg (Down past -39.5%)
Cereals: -$534.four meg (Up by 18.3%)
Vehicles: -$473.six meg (Down by -39.iii%)
Plastics, plastic articles: -$239.vii million (Down by -46.4%)
Vegetables: -$219.six one thousand thousand (Down past -13.ii%)
Pharmaceuticals: -$201.7 meg (Down past -xx.1%)
Optical, technical, medical apparatus: -$137.8 meg (Down by -20.2%)

Nepal has highly negative internet exports and therefore deep international merchandise deficits under the mineral fuels-related category. Notable loss leaders among these energy products are refined petroleum oils and petroleum gases.

Companies

Nepalese Export Companies

Not one Nepalese corporation ranks amid the Forbes Global 2000.

Wikipedia lists exports-related companies from Nepal. Selected examples are shown below.

Chaudhary Group (conglomerate)
Citizens Banking concern International (commercial banking concern)
Deurali-Janta Pharmaceuticals (drugs and medicines)
Giribandhu Tea Estate (beverages)
Hulas Motors (vehicles)
IME Group (conglomerate)
Krishna Pauroti (bakery)
Nepal Oil Corporation (oil, gas)

From a macroeconomic perspective, Nepal's exported goods in 2020 represent 0.eight% of the country's Gross Domestic Product on a Purchasing Power Parity basis. That pct shows that Nepal is much less dependent on international trade compared to other economic activities.

Some other fundamental indicator of a country'southward economic functioning is its unemployment rate. Nepal's average unemployment rate was 4.iv% for 2020 per the International monetary fund, up from 2.85% 1 year before.

Nepal's capital city is Kathmandu.

Run into likewise Nepal's Elevation 10 Imports, Acme Asian Export Countries and India'south Height ten Exports

Inquiry Sources:
Central Intelligence Agency, The World Factbook Land Profiles. Accessed on August 31, 2021

Forbes, Global 2000 rankings, The World's Biggest Public Companies. Accessed on August 31, 2021

International Monetary Fund, Globe Economical Outlook Databases (Gross domestic product based on Purchasing Power Parity)

. Accessed on August 31, 2021

International Trade Middle, Trade Map. Accessed on August 31, 2021

Investopedia, Cyberspace Exports Definition. Accessed on August 31, 2021

Wikipedia, List of Companies of Nepal. Accessed on August 31, 2021

Wikipedia, Nepal. Accessed on August 31, 2021

WorldOMeter, Nepal Population. Accessed on August 31, 2021