BIRATNAGAR, SEP 5: The Biratnagar Customs Office has reported a shortfall in revenue collection during the first month of the current fiscal year 2023/24. As per official statistics from the Biratnagar Customs Office, only 81.56 percent of the revenue target was achieved in the month of Shrawan (mid-July to mid-August).
In precise numbers, the office collected approximately Rs 2.85 billion out of the targeted Rs 3.49 billion for this period. This underperformance can be attributed to the ongoing global economic downturn, which has led to a decrease in both imports to and exports from Nepal.
Comparing this year's revenue collection to the previous fiscal year 2022/23, it is evident that the Biratnagar Customs Office has faced challenges. In the corresponding month of Shrawan last year, revenue collection amounted to Rs 2.95 billion. Furthermore, the statistics show that the revenue collected in July of the current financial year is Rs 100 million less than that in the previous year.
Acknowledging the gap between targets and actual collection, the Biratnagar Customs Office has lowered its revenue collection target for this fiscal year. The target for July last year was set at Rs 3.64 billion, while it has been reduced to Rs 3.49 billion for the current fiscal year.
Both imports and exports have seen a decline. In the month of Shrawan of the current fiscal year, goods worth Rs 15.36 billion were imported through the Biratnagar customs, compared to Rs 16.35 billion in the same period of the previous fiscal year. This represents a decrease of approximately Rs 1 billion.
On the export front, there has been a significant reduction. In Shrawan of the current fiscal year, goods worth Rs 2.69 billion were exported from the Biratnagar Customs, compared to Rs 4.80 billion during the same period in the previous fiscal year. This decrease in exports by more than Rs 2 billion has contributed to an overall decline in trade.
According to Biratnagar Customs Office statistics, the total trade through the Biratnagar checkpoint in the month of Shrawan last year amounted to Rs 21.15 billion, whereas in Shrawan this year, the total trade stood at only Rs 18.56 billion.
Notable imports in Shrawan included HR seats, polythene seeds, DAP fertilizer, crude sunflower oil, crude soybean oil, paddy, rice corn, palm oil, wheat, apple, pear, and various other goods. Exports included items such as synthetic yarn, jute woven fabric, refined palm oil, jute bags, sacks, plywood, and copper seats, among others.