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 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Steve Cole
Xerium Technologies

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

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

Wendell Rodricks
Wendell Rodricks

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

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search