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The import of electric vehicles in Nepal saw a significant rise in the first quarter of fiscal year 2024/25, with Rs 6.11bn worth of electric cars, jeeps, and vans entering the country, according to data from the Department of Customs. A total of 2,518 electric four-wheelers were imported, marking an 18 percent increase in quantity compared to the same period last year.

In addition to four-wheelers, 2,635 three-wheeler electric vehicles, valued at Rs. 263 million, were also imported. The government collected Rs 3.83bn in customs revenue from these imports.

Most of the imported electric vehicles have capacities between 51 kW and 100 kW, with 1,582 vehicles falling in this range. Smaller vehicles with up to 50 kW capacity totaled 772 units, while those with higher capacities between 101 kW and 200 kW numbered 159, and only five vehicles had capacities above 201 kW.

The majority of electric vehicles—about 70 percent—were imported from China, accounting for 1,765 units. Imports also included 747 vehicles from India, five from Germany, and one from the United States.

Contributing factors to this surge include government customs subsidies, enhanced electricity supply, and favorable tariffs on EV charging by the Nepal Electricity Authority. Over the past few years, the import of electric vehicles has shown a steady increase, with 11,701 units imported in the previous fiscal year 2023/24.

Singapore’s Aditya Birla Global Trading Pvt Ltd has been awarded a contract by Krishi Samagri Company Limited to supply 25,000 tonnes of DAP fertilizer to Nepal. The contract is valued at approximately Rs 2.56bn. Aditya Birla Global Trading Pvt Ltd will deliver the fertilizer to the locations of Birgunj, Biratnagar, and Bhairahawa.

As of Oct 15, 155,689 tons of fertilizer have been imported, according to the Ministry of Agriculture. For the current financial year, the government has allocated a budget of around Rs 28bn to import 500,000 tons of chemical fertilizers.

Gold prices dropped by Rs 4,000 per tola on Thursday. The Nepal Gold and Silver Traders Federation set the price of gold at Rs 164,500 per tola, down from Rs 168,500 the previous day. Silver prices also saw a decrease, dropping by Rs 55 per tola from Rs 2,015 on Wednesday to Rs 1,960 on Thursday.

Globally, gold prices fell sharply by 3.2 percent in just one day. Gold, which was trading at $2,745 per ounce on Wednesday, dropped to $2,657 per ounce by Thursday morning.

This significant decrease is linked to the strengthening of the US dollar following Donald Trump’s election as President.

The strengthening US dollar has also contributed to the drop in gold prices. Historically, gold and crude oil prices tend to move inversely to the value of the dollar.

Over 124,000 foreign tourists visited Nepal in Oct 2024.

According to the Nepal Tourism Board (NTB), a total of 124,393 tourists arrived in Nepal in October, marking a 6.04 percent increase compared to the same month in 2023, when 117,306 tourists visited. However, this figure is still 92.76 percent of the arrivals in October 2019, when 134,096 tourists visited.

In the first 10 months of 2024, around 941,000 tourists arrived in Nepal. The highest monthly arrival was recorded in March with 128,167 tourists.

Monthly tourist arrivals this year were: 79,100 in January, 97,426 in February, 111,376 in April, 90,211 in May, 76,736 in June, 64,600 in July, 72,719 in August, and 96,305 in September.

Top 10 Tourist Markets

India led the tourist arrivals in October with 16,313 visitors, followed by the United States with 16,023, and the United Kingdom with 8,019. Other key markets included China (7,750), Australia (6,929), Germany (6,018), France (5,485), Bangladesh (4,476), Sri Lanka (3,125), and Italy (2,635).

In October, India accounted for 13.11 percent of total arrivals, followed by the USA at 12.88 percent, the UK at 6.45 percent, China at 6.23 percent, and Australia at 5.57 percent. Germany contributed 4.84 percent, France 4.41 percent, Bangladesh 3.60 percent, Sri Lanka 2.51 percent, and Italy 2.12 percent.