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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

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