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

VITAS suggests ways to reduce Vietnam's fabric import rise

Textiles | On 18th Jun 2019

VITAS suggests ways to reduce Vietnam's fabric import rise

Quickly setting up industrial parks for textile and dyeing industry,...

Pic: University of Sheffield

Apparel/Garments | On 18th Jun 2019

RMG firms failing to deliver on living wage promise: study

Global garment companies are failing to meet living wage promises to...

Millennials will equal 40% of global luxury market by 2025

Fashion | On 18th Jun 2019

Millennials will equal 40% of global luxury market by 2025

Millennials will represent 40 per cent of the global personal luxury...

Interviews View All

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Madhu Sudhan Bhageria,

Madhu Sudhan Bhageria

Incorporated in August 1990, Filatex India Ltd manufactures manmade...

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

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

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

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

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

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

Leave your Comments


June 2019

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

news category


Related Categories:

Advanced Search