Kathmandu, July 23 -- Nepal's annual foreign trade volume crossed the Rs2 trillion mark for the first time, equalling the country's yearly budget. This record-breaking surge is primarily attributed to an exponential growth in edible oil exports-a product Nepal does not produce in significant quantities but whose exports have multiplied several-fold in just one year.

Exports of refined soybean oil, sunflower oil, and palm oil soared by 1,537 percent-more than 15 times-compared to the previous fiscal year.

This rise in edible oil exports has also reshaped Nepal's trade dynamics. Argentina has emerged as Nepal's third-largest trade partner, replacing the United States, primarily due to the spike in imports of crude edible oil.

The import ...