KATHMANDU: During the initial nine months of the fiscal year 2023/24, there has been a notable decline in the import of cereals, as indicated by the trade statistics of the Department of Customs. In terms of monetary value, food imports have seen a 15 percent reduction during this period compared to the corresponding timeframe of the previous fiscal year 2022/23. Similarly, the quantity of cereal imports has witnessed a decline of 19 percent during the same review period.

Approximately 789,962 tonnes of cereals valued at Rs. 37.14 billion have been imported during this period, marking a decrease from the 972,629 tonnes valued at Rs. 43.61 billion imported in the first nine months of the preceding fiscal year. The significant downturn in the import of paddy and rice has notably contributed to this overall decrease in cereal imports, with a staggering 40 percent drop observed during the review period compared to the same timeframe last year.

Specifically, around 334,279 tonnes of paddy and rice valued at Rs. 17.63 billion have been imported in the initial nine months of the current fiscal year, contrasting with the 636,252 tonnes valued at Rs. 29.19 billion imported during the same period last fiscal year. This reduction in rice and paddy imports can be attributed to the increase in domestic paddy production estimated by the Ministry of Agriculture and Livestock Development at approximately 5.724 million tonnes this year.

Conversely, there has been a notable increase in wheat imports during the review period compared to the same timeframe last fiscal year. The import of wheat surged by 360 percent, with 191,621 tonnes worth Rs. 7.8 billion imported in the first nine months of the current fiscal year, compared to 41,682 tonnes worth Rs. 1.83 million imported during the same period last fiscal year. Meanwhile, maize imports have experienced an 8 percent decrease, with 250,231 tonnes worth Rs. 10.88 billion imported during the review period compared to 280,106 tonnes worth Rs. 11.94 billion in the previous fiscal year. Additionally, smaller quantities of other cereals such as buckwheat, millet, and barley have also been imported during the review period.