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Indian markets buoy Nepali garment exports

05
Oct '10
Garment exporters in Nepal, persuaded by the upward trend in their exports to India, are now turning the spotlight on Indian markets, which is expected to turn into a major market for Nepali textiles, over the next five years.

The country exported around Rs. 600 million worth textile products to India, during 2009-10. However, with the Indian Government withdrawing the four percent countervailing duty (CVD) on textile imports, RMG exporters in Nepal are now eyeing at least 25 percent rise in their export volumes, this fiscal.

Imposition of four percent CVD caused the garment exports from Nepal to plummet by around 90 percent in 2009 as over 2005. In the initial five months of the 2009-10 fiscal, exports plummeted by around 83.9 percent. But then during the same period, the country's RMG exports to US recorded a 90 percent decline.

Industry experts here said that, in view of targeting more than one market at a time, they are now strategizing to widen their horizons in Europe and India, besides US. Previously, the exporters preferred to concentrate solely on the US markets, and were not very much into exploring other markets. It was this single sided focus, that lead the country's garment exports to plummet.

However, in spite of the discouraging export scenario, the country did export Rs. 4.6 billion worth of garments during the last financial year. Also, at one point in time when Nepali garments were in high demand in foreign countries, the country exports even went up to Rs 15 billion.

Fibre2fashion News Desk - India


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