Interviews
RMG sector dooms as trade deficit widens uncontrollably
27 May '08
2 min read
What is so alarming about this dramatic decline in exports, particularly readymade garments, woolen carpets and handicraft, is that they form half of the overseas exports of Nepal. Hence, if the trend is not checked soon enough, it will be too late for the country to recuperate from the damages of enlarging trade deficit.
On the whole, export sector of Nepal is facing an unceasing downtrend as even in the first eight months of 2007-08, total exports declined by 3 percent compared to the same period last year reaching Rs39 billion. Despite the fact that the country is a signatory to such profitable trade agreements like SAFTA and BISMSTEC, exports have showed no signs to ameliorate.
As of now, the only viable solution to bring even the slightest of improvement in the present trade situation is to have a public-private partnership approach and development of specialized projects for promoting domestic products.
On the whole, export sector of Nepal is facing an unceasing downtrend as even in the first eight months of 2007-08, total exports declined by 3 percent compared to the same period last year reaching Rs39 billion. Despite the fact that the country is a signatory to such profitable trade agreements like SAFTA and BISMSTEC, exports have showed no signs to ameliorate.
As of now, the only viable solution to bring even the slightest of improvement in the present trade situation is to have a public-private partnership approach and development of specialized projects for promoting domestic products.
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