Iron and steel products country’s top export items

KATHMANDU, OCT 26 -

Iron and steel products have emerged as the country’s top export items. The annual trade statistics of Trade and Export Promotion Centre (TEPC) show that the country exported iron products worth Rs 9.7 billion in the last fiscal year.

According to the TEPC record, yarns, woollen carpets, readymade garment and textile products make up the top five export items. Nepal exported woollen carpets and readymade garment worth Rs 4.92 billion and Rs 4.08 billion, respectively, in 2010-11. The garment sector benefited from impressive export to EU, now the largest buyer of Nepali readymade garment.

The data shows there has been impressive growth in the export of two agriculture products—cardamom and tea. Their export jumped by 74.4 percent and 29.7 percent, respectively, in last fiscal year.

India, the US, Bangladesh, Germany and the UK are the top five export destinations. As per the TEPC statistics, export to India increased by 7.41 percent to reach Rs 42.86 billion. Many may find it surprising, but the US is Nepal’s second largest export partner with an export volume of Rs 4.39 billion. It is one of a few trading partners with which Nepal has a trade surplus.

Export to Turkey also rose significantly. It surged to Rs 865.69 billion in 2010-11 from Rs 276.97 billion in the previous year.

Nepal-Turkey Chamber of Commerce and Industry President Akhil Chapagain attributed the growth to increasing publicity of Nepali products. Exporters say goods like yarns, carpet and handicraft products are on high demand in Turkey.

Like last year, petroleum products topped the country’s import chart, followed by iron and steel products, machinery and parts, vehicles and electronic and electrical equipment. The TEPC figure shows that Nepal’s petroleum import more than doubled in the last three years. The country’s annual petroleum import bill reached Rs 75.75 billion in 2010-11.

Source: Kantipur