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RMG exports to US slide for 4 straight months

09
May '07
In April 2007 exports of readymade garments (RMG) to the US declined for the fourth consecutive month.

After a plunge of 54 percent in January, 64 in February and 47 in March, it can be said that exports were better in April, which saw a drop of only three percent. Garments worth $2.48 million were exported to the giant market during the month.

Apparel industry has been suffering ever since the elimination of quotas in 2005 and is having a hard time recovering.

Experts say that difficult times lie ahead for domestic garment manufacturers as most quota restrictions had been lifted and markets were now open for potential exporters.

Nepal would have to raise its quality as well as quantity standards to stay afloat in the global market and cope with the competitive pressures from other Asian countries like China, India, Bangladesh and Pakistan.

Garment sector accounts for 12 percent of the total industrial employment and grosses 40 percent of foreign exchange in form of export earnings.

Considering this sector as one of the most important, analysts suggest that garment enterprises should also focus on diversification of markets and products.


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