Export of Nepalese Garment plunges by 43 percent in September

Export of Nepali readymade garments to the United States, the largest importer of Nepali garments continued to suffer a massive loss for the ninth consecutive month, as it plummeted by 43 percent in the month of September 2005, as compared to the same period last year.

According to the statistics of the Garment Association of Nepal (GAN), the export of readymade garment has declined by 38 percent in first nine months of the current fiscal year as compared to the same period of last year.

According to GAN, the export had amounted US$44.5 million in the nine months of this fiscal year compared to US$71.6 million of the same period last year.

The garment exports has been dwindling with the termination of multi-fiber arrangement (MFA) from January 1 this year, which put the quota system of exports to US out of circulation. nepalnews.com pb Oct 06 05