Home / Knowledge / News / Apparel/Garments / Nepal garment exports rise 17.8% on currency depreciation
Nepal garment exports rise 17.8% on currency depreciation
28
Oct '13
The value of exports of readymade garments from Nepal have risen by 17.8 percent year-on-year during the first two months of Nepali financial year that began on July 16, 2013, largely due to the depreciation of the Nepali currency, The Himalayan Times reported.
 
During July 16-September 15, 2013 period, Nepal exported garments worth Np Rs. 786.2 million, as compared to exports worth Rs. 667.4 million made during the corresponding period of last fiscal, as per the latest data from the Nepal Rastra Bank.
 
A major factor contributing the increase in exports was the depreciation of the Nepali currency vis-à-vis the US dollar. On July 16, 2013, the exchange rate for 1 US dollar was Np Rs. 95.01, which gradually rose to Rs. 101.47 on September 15, 2013.
 
During the two-month period, Nepal’s garment exports to India increased to Rs. 55.1 million, as against exports valued at Rs. 35.2 million made during the same period last year.
 
For Nepal, garments were the second-largest export item, after hand-knotted carpets, during 1990-2000 and fetched Rs. 13.12 billion at is peak. However, apparel exports declined to Rs. 11.89 billion in 2003-04, and then to around Rs. 4 billion in 2012-13.
 
In the past, the US was the biggest importer of Nepali apparel, however, the exports to the US started declining after the US stopped duty-free access for Nepali textile and clothing items.
 
Earlier this month, the Government of Nepal submitted a list of 100 new products, including garments, to the US, as proposed items for inclusion in the Generalized System of Preferences (GSP) facility.
 
The inclusion of garments in the revised GSP would help Nepali clothing to qualify for preferential access to the US market.
 
In addition, the Ministry of Commerce and Supplies (MoCS) is also considering the inclusion of garments in the Nepal Trade Integration Strategy 2010 priority product list, in order to boost the sector.
 

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: The White House

Textiles | On 21st May 2018

China, US put trade war on hold

Following weeks of uncertainty over imposition and counter-imposition ...

Equate posts best Q12018 results since inception

Textiles | On 21st May 2018

Equate posts best Q12018 results since inception

Equate Group's first quarter results for 2018 are the best since its...

Over 60% retailers already have IoT platforms: IDC

Apparel/Garments | On 21st May 2018

Over 60% retailers already have IoT platforms: IDC

Retail organisations are adopting IoT platforms and more than 60 per...

Interviews View All

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search