Home / Knowledge / News / Textiles / RMG sector dooms as trade deficit widens uncontrollably
RMG sector dooms as trade deficit widens uncontrollably
27
May '08
Trade situation of Nepal has been on a rapid decline for nearly a decade now and reason for this is none other than widening trade deficit which has virtually collapsed some of the thriving sectors of the economy.

Although Government is heading for a structural revision, formulating strategic as well as pragmatic, liberalized and market-oriented trade and industrial policy, more is required in terms of practical measure. There is a dire need of reinforcing exports of both traditional and non-traditional products to some of the new markets for balancing trade inequality.

It is extremely unpleasant for a country to be in such a plight where its imports outweigh exports by nearly three times. Nepal is facing a huge trade gap to the tune of Rs138 billion, with export at Rs59.07 billion and imports at Rs197.67 billion in fiscal year 2006-07.

Production, infrastructure and marketing are some of the key areas which need to be given attention for strengthening the supply side of exportable products. One of the biggest trading partners of Nepal is India, with whom the country has an intensifying trade deficit which stood at Rs75.86 billion in 2006-07.

While exports from Nepal amounted to Rs41.87 billion, imports from India blew up to Rs117.74 billion. Besides, in the last eight months of the current fiscal year, exports to India further dropped by 7 percent to reach Rs26 billion whereas imports surged further to touch Rs12.5 percent to touch Rs150 billion.

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Eric Scholler
Groz-Beckert

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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:
May 2017

May 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