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Garment exports to US on a downslide |
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2004-7-8
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Reports indicated that Nepal''s exports of ready-made garments to the US, which constitute over 80 percent of its entire garment exports, had gone down by 30 percent in the first six months of this year.
Garment exports to the US in the six months stood at $52.71 million, against $75.27 million in the same period last year indicated the report.
For June alone, the exports declined by 46 percent and stood at a mere $5.16 million compared with $9.65 million for the same period last year.
The challenge and quota free market access enjoyed by sub-Saharan and Caribbean countries to the US markets had led to this situation, informed entrepreneurs.
It stated that the Nepal’s garment industry is entirely export-oriented and accounts for 40 percent of the foreign exchange earnings. The industry has further implications as it employs over 100,000 workers, with half of them being women, and providing additional livelihood to over 350,000 people. |
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