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

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

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

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search