Global meltdown mars RMG exports

The ongoing financial meltdown has begun to take its toll on the exports of Nepali readymade garments (RMG).

According to the Garment Association of Nepal (GAN), the exports of Nepali RMG to the US during March have tumbled by 32 percent to US$ 678,694 compared to US$ 991,820 during the same period last year.

The country exported a total of 1,322 kilograms of readymade garments to the US during March.

The export of Nepali RMG, which recorded a 44 percent growth in October 2008, has been witnessing a downward spiral in the US market for the fifth consecutive month.

In December 2008, the export saw a fall of 21 percent, 73 percent in January 2009 and 55 percent in February.

However, the reports published by the Nepal Rastra Bank said that the export of RMG to the USA swelled by 5.4 percent compared to a decline of 12 percent during the same period last year. nepalnews.com Apr 20 09