Home / Knowledge / News / Apparel/Garments / Nepal's RMG, Pashmina exports swell on rupee depreciation
Nepal's RMG, Pashmina exports swell on rupee depreciation
03
Dec '13
The exports of Nepal’s readymade garments (RMG), woolen carpets and Pashmina recorded double-digit growths during the first quarter of the current fiscal year that began on July 16, owing to the depreciation of Nepali currency against US dollar.
 
The Nepali currency value on July 16 was Np Rs 95.012 for one US dollar, which was quoted on November 30, 2013 at Np Rs 100.044 for one US dollar.
 
According to statistics from Nepal Rastra Bank (NRB), exports of readymade garments surged 31.2 percent year-on-year to Rs 1.9 billion during the first three months of the current fiscal year, exports of woolen carpets rose 24.5 percent year-on-year to Rs 2.16 billion and exports of Pashmina jumped 47.1 percent to Rs 720.4 million during the same period, reports the Kathmandu Post.
 
The depreciation of the domestic currency against the US dollar has been attributed as the main reason for the increase in exports of these products, in addition to increasing orders from European countries and newly emerging destinations like China, UAE and Canada.
 
During the financial year that ended on July 15, 2013, Nepal exported garments worth around Rs 4 billion, carpets worth Rs 6.075 billion, and Pashmina products worth Rs. 2.07 billion, according to the NRB data.
 
In October 2013, the Government of Nepal submitted a list of 100 new products including garments and Pashmina, to the US, as proposed items for inclusion in the Generalized System of Preferences (GSP) facility. The inclusion of these products in the revised GSP would help them to qualify for preferential access to the US market, which until last fiscal year was the main export destination of these products.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Steve Cole
Xerium Technologies

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson
TissueGen

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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:
June 2017

June 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