Woollen carpet exports, too, grew by 30.5 per cent to Rs 7.384 billion during the last fiscal, over Rs 5.660 billion worth of exports made in financial year 2012-13, the data showed.
The exports of cotton, polyester and other yarns earned Rs 6.434 billion for Nepal during the period under review, up 10.3 per cent year-on-year, while fabric exports grew at 4.7 per cent year-on-year to Rs 5.653 billion.
Similarly, exports of woollen and Pashmina shawls from Nepal increased by 29.4 per cent year-on-year to Rs 2.821 billion during the fiscal year, as per the data.
Meanwhile, Nepal’s imports of articles of apparel and clothing accessories jumped by 25.6 per cent year-on-year to Rs 11.288 billion, whereas its imports of man-made staple fibres climbed 18.9 per cent to Rs 10.356 billion. Imports of cotton yarn and fabrics increased by 12.6 per cent to Rs 4.923 billion during the period under review.
In fiscal year 2012-13 that ended on July 15, 2013, Nepal earned Rs 5.66 billion from exports of woollen carpets, Rs 3.824 billion from readymade garments, Rs 5.835 billion from yarns, Rs 5.399 billion from fabrics, and Rs 2.179 billion from woollen and Pashmina shawls.
In comparison, Nepal spent Rs 4.373 billion on import of cotton yarn and fabric, Rs 8.711 billion on man-made staple fibres, and Rs 8.99 billion on articles of apparel and clothing accessories.
To further boost the country’s apparel industry and promote import substitution, Nepal Government has waived value-added tax (VAT) for readymade garment industries for financial year 2014-15.