Iron and steel products tops export list

KATHMANDU, June 17:

Iron and steel products was the country´s top export items in the first 10 months of the current fiscal year.

Out of country´s total export earning of Rs 75.2 billion during the period, export of iron and steel products fetched Rs 10.11 billion, according to the data unveiled by the Trade and Export Promotion Center (TEPC) on Tuesday.

Export of iron and steel products grew by 2.1 percent compared to corresponding period in 2012/13.

India is the largest market of iron and steel products, according to the exporters.

Carpet and readymade garment (RMG) exports grew by 33.9 and 46.3 percent, respectively, in the review period. Rise in earning from exports of carpet and RMG, two of Nepal´s niche export products, is also because of the appreciation of US dollar vis-à-vis Nepali currency.

Nepal exported carpets and RMG worth Rs 6.07 billion and Rs 4.44 billion, respectively, during the review months.

Uday Raj Pandey, president of Garment Association of Nepal (GAN), said Nepali garment industries were getting good demand from buyers in European countries.

Export of acrylic yarn increased by 9.4 percent to Rs 5.23 billion. Similarly, the country exported cardamom, tea and leather products worth Rs 3.92 billion, Rs 1.67 billion and Rs 1.16 billion, respectively, according to TEPC.

Petroleum product was the country´s top import during the review period. The country imported petroleum products of Rs 111 billion during the first 10 months of the current fiscal year, a rise of 20.9 percent compared to corresponding period of the previous fiscal year.

Iron and steel products, telecommunication equipments, automobile parts and gold were the country´s top imports in the 10-month period after petroleum products. The country imported MS blade worth Rs 52.43 billion, automobiles and auto parts worth Rs 33.11 billion, electronics and telecommunication equipments worth Rs 22.92 billion and gold worth Rs 21.61 billion during the review period.

High import growth, meanwhile, raised country´s trade deficit to Rs 509 billion in the first ten months of 2013/14. Country´s import earning was 7.8 times higher than export earning in the review period, according to TEPC.

Source: Republica