Nepal’s exports of readymade garments (RMG), hand-knotted woolen carpets, and Pashmina to countries other than India increased during the first five months of the current fiscal, which began on July 16, 2013.
The exports of these products have increased due to the hike in prices of some of these products as well as the depreciation in value of the Nepali rupee against the US dollar, reports The Himalayan Times.
The Nepali currency value on July 16 was Np Rs 95.012 for one US dollar, which was quoted on December 15, 2013, at Np Rs 99.32 for one US dollar.
Exports of RMG from Nepal to countries other than India, during the first five months of the current fiscal year shot up by 28.8 percent and amounted to Rs 1.65 billion, compared to the same period last fiscal, when exports of RMG from Nepal to other countries had declined by 44.9 percent to Rs. 1.28 billion.
Nepal’s exports of hand-knotted woolen carpets to other countries, during the five-month period of the current fiscal, jumped by 19.3 percent year-on-year, and touched Rs 3.12 billion. During the same period last fiscal exports of woolen carpets had dipped by 10.1 percent to Rs 2.61 billion.
Pashmina exports from Nepal during the same period increased by 35.8 percent to Rs 1.03 billion, owing to the rise in production cost. During the first-five month period of last fiscal, Nepal’s Pashmina exports had plunged by 44.6 percent to Rs 760.9 million.
Exports of Pashmina from the country increased immensely owing to the trademark registration of the Chyangra Pashmina produced in Nepal, in various countries.
The surge in exports of these three products from Nepal to countries other than India during the first five months is attributed to the hike in prices of these products as well as the depreciation of the Nepalese currency.
According to the NRB data, 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.