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Nepal's garment exports continue to maintain growth trend
16
Jul '14
The exports of readymade garments from Nepal continued to maintain growth momentum and increased by a sharp 46.3 percent to Np Rs. 4.441 billion (US$ 46.128 million) during the first ten months of the financial year 2013-14 that ended on July 15, 2014, compared to exports of Rs. 3.036 billion made during the corresponding period of the previous fiscal, according to the figures released by the Trade and Export Promotion Centre.
 
Woolen carpet exports fetched Rs. 6.07 billion during the first ten months of the last fiscal, showing a rise of 33.9 percent over Rs. 4.532 billion worth of exports made during the same period in financial year 2012-13, the data showed.
 
The exports of cotton, polyester and other yarns earned Rs. 5.227 billion for Nepal during the period under review, up 9.4 percent year-on-year, while fabric exports grew at 2.2 percent year-on-year to Rs. 4.531 billion.
 
Similarly, exports of woolen and Pashmina shawls from Nepal increased by 1.6 percent year-on-year to 1.697 billion during the ten-month period, as per the data.
 
Meanwhile, Nepal’s imports of articles of apparel and clothing accessories jumped by 20.55 percent year-on-year to Rs. 9.502 billion, whereas its imports of man-made staple fibres climbed 13.98 percent year-on-year to Rs. 8.086 billion. Imports of cotton yarn and fabrics increased by 4.37 percent to Rs. 3.954 billion during the period under review.
 
In fiscal year 2012-13 that ended on July 15, 2013, Nepal earned Rs. 5.66 billion from exports of woolen carpets, Rs. 3.824 billion from readymade garments, Rs. 5.835 billion from yarns, Rs. 5.399 billion from fabrics, and Rs. 2.179 billion from woolen and Pashmina shawls.
 
In comparison, Nepal spent Rs. 4.373 billion on import of cotton yarn and fabric, Rs. 8.711 billion on man-made staple fibres, and Rs. 8.99 billion on articles of apparel and clothing accessories.
 
In Budget 2014-15, Nepal’s Finance Minister Ram Sharan Mahat proposed special waiver of value-added tax (VAT) for readymade garment (RMG) industries to promote the country’s apparel industry as well as import-substitution. 
 

Fibre2fashion News Desk - India

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