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The price of cardamom has hit a decade-high in Nepal’s eastern hilly districts, surpassing Rs 100,000 per 40 kg.  

Cardamom is sold in three grades. Traders report that high-quality cardamom is priced at Rs 105,000, scissor-cut (tail-removed) cardamom at Rs 101,000, and regular cardamom at Rs 98,000 per 40 kg.  

“This year, cardamom has reached its highest price in the last decade,” said Deepak Nepal, a cardamom trader and central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). “Prices could rise even further.”  

The price last peaked at Rs 105,000 per 40 kg in 2014, followed by a steady decline. Recovery began last year, with prices around Rs 82,000 per 40 kg.  

Nirmal Bhattarai, central president of the Cardamom Traders’ Association, predicts a record-breaking year. “Prices are continuously increasing,” Bhattarai said. “This rise is likely due to reduced production, despite strong international demand.”  

The highest price on record was in 2010, when cardamom briefly sold for Rs 120,000 per 40 kg.  

According to the Mechi Customs Office, 783.75 metric tons of cardamom were exported in the first three months of the current fiscal year (2023-24), significantly lower than the previous year. Harvesting begins in July and concludes by early December.  

For farmers in Nepal’s hilly regions, cardamom is a vital income source. It is cultivated in 42 districts, with significant production in Panchthar, Taplejung, Ilam, Sankhuwasabha, Khotang, Bhojpur, and Tehrathum in Koshi Province.  

However, production has declined. In Koshi Province, output dropped from 7,763.87 metric tons in the 2022-23 fiscal year to 7,582.02 metric tons in 2023-24. The current year’s data is pending, but estimates suggest a 20 percent reduction.  

“Production has fallen sharply due to pests, diseases, and landslides,” said agricultural technician Keshar Bahadur Magar from Panchthar. “This year’s harvest will likely be much lower than in previous years.”

Although foreign investment commitments are on the rise, actual investment inflows have seen a slowdown in recent years.

According to Nepal Rastra Bank (NRB)—the central monetary authority, net foreign direct investment (FDI) inflow was Rs 19.48bn in 2019/20. Net FDI inflows improved slightly to Rs 19.51bn in 2020/21 when the Covid-19 pandemic was at its peak. However, FDI inflows started to decline in 2021/22. The declines were more severe in fiscal years 2022/23 and 2023/24.

Data provided by the central bank shows FDI inflows dropped to Rs 18.56bn in 2021/22. Such inflows marked a sharp decline to just Rs 6.17bn in 2022/23. Although FDI inflows recovered slightly to Rs 8.4bn 2023/24, it was still 56.87 percent lower compared to 2019/20.

The slowdown in FDI inflow is expected to continue in the current fiscal year as well, as Nepal has received net FDI inflow of Rs 2.71bn only in the first two months of the current fiscal year 2024/25.

While the central bank's FDI inflow figures paint a disappointing picture, investment commitments have been increasing in post-covid years. Nepal received foreign investment commitments of a whopping Rs 61.9bn 2023/24. However, the central bank says that only around 35 percent of investment commitments typically materialize as net investments.

Experts say the government’s loose monetary and fiscal policies created a favorable environment for domestic investment in the post-covid years. This encouraged foreign investors to commit funds to Nepal. However, investors are keeping their investment on hold due to tighter policies in successive years.

The Foreign Investment and Technology Transfer Act, 2019, has laid the ground for foreign individuals, firms, companies, non-resident Nepalis, foreign governments, international institutions, and organized institutions to bring capital, technology and other investments to Nepal.

In 2023/24, only 13.59 percent of foreign investment commitments materialized. According to the Department of Industry (DoI), foreign investment approvals during the year totaled Rs 61.78bn. However, data from the central bank reveals that net foreign direct investment (FDI) inflows stood at just Rs 8.4bn.

The trend of low FDI realization is not new. In 2022/23, net FDI inflows were Rs 6.17bn, representing only 16.06 percent of the Rs 38.4bn in approved foreign investments. Similarly, in 2021/22, Nepal received foreign investment commitments of Rs 54.15bn, but only 34.27 percent, or Rs 18.56bn, turned into actual inflows.

For the current fiscal year, the DoI has received foreign investment commitments worth Rs 18.66bn in the first four months alone. These commitments were made by 263 firms that secured investment approvals during the period.

The Mechi Customs Office has posted a rise of tea export by 69.22 percent in the first quarter of the current fiscal year.

The first four months (Saun-Kartik) witnessed the export of 8062.16 metric tonnes of tea.

Information Officer at the Office, Ganapati Kandel, informed that with the rise of outbound trade, the value of the produce also increased by 67.87 percent.

The export was worth Rs 2.20 billion. It was only Rs 1.31 billion in the corresponding period last year.

However, the Office posted a decline in the export of black cardamom, ginger, amriso, chhurpi, cauliflower, cabbage and broccoli.

Compared to the same period last year, export of black cardamom declined by 11.87 percent, amriso by 11.66 percent, chhurpi by 41.45 percent, and cauliflower, cabbage and broccoli each by 27.98 percent.

However, the plywood export increased by 29.63 percent. The Office collected Rs 4.72 in revenue in the first four months of the current fiscal year.

It is the achievement of 27.22 percent of the total annual revenue target.

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The author is event coordinator (Computer /IT) at Orbit Engineering Expo 2024