Export earnings from goods identified by the Nepal Trade Integration Strategy (NTIS) swelled to Rs48.11 billion in fiscal 2022-23 from Rs38.41 billion in the previous fiscal 2021-22, according to the Department of Customs.
Nepal’s revenues from exports were up by Rs9.69 billion, but experts say the rise is more due to inflation, which made everything more expensive, than an increase in shipments.
Demand for Nepali products increased especially in the United States and Europe post-Covid. Exports of quality products and diversification in designs helped push up demand.
The shipments of most products recorded new highs. Yarn exports in the last fiscal year increased by 10.58 percent year-on-year to hit a record Rs12.19 billion.
India is the largest importer of Nepali yarns. The largest producers are Reliance Spinning, Triveni Spinning and Jagdamba Spinning.
The largest shipments went to the Indian states of Punjab and Assam. The cities of Siliguri, Gorakhpur and New Delhi were also major buyers of Nepali yarn.
Woollen carpets were the second largest export after yarns, recording a steep 20.86 percent year-on-year rise to Rs11.56 billion. Insiders say that the jump in carpet exports is a sign that the iconic industry is making a strong rebound.
