Latest trade statistics from Nepal Rastra Bank (NRB, the central bank) show that pulses have currently grown to become the largest foreign currency spinner among Nepalese exports. [break] Export of this commodity for the first four months of 2008/09 fetched over Rs 3 billion in foreign currency, a figure that exceeded woolen carpets by Rs 1 billion in terms of earnings and was nearly two-fold that of readymade garments.
Officials acknowledge that this is the first time a primary commodity has made such a remarkable comeback. Though long cited for their high export potential, Nepalese primary goods have been failing to make their mark in international trade.
"The recent global food crisis has helped the country benefit from the export potential," said officials, who noted that pulses export last fiscal year was just around Rs 1.45 billion.
Although woolen carpets, the country´s prime exportable commodity, slid back to second position in terms of value, exports of hand-knotted woolen carpets went up by well over 50 percent during the period, according to NRB data.
Woolen carpet exports during the period stood at Rs 2.19 billion, as against Rs 1.40 billion in the same period last year. Business so far shows that Nepal´s major exports have remained shielded from the global financial crisis.
The growth in exports of readymade garments by 12 percent for the period also indicates this immunity situation. Although readymade garments slid to third position in terms of export earning, the export figure for the period stood at Rs 1.77 billion.
Statistics further show that exports of pashmina also made a dramatic recovery. "Thanks to this rosy growth picture, Nepal´s exports expanded by 40 percent during the first four months of the current fiscal year," says a NRB report.
Because of robust overseas export growth, the gap between the country´s exports to , the largest trading partner, and exports to other countries has narrowed.
Nepal´s exports to stood at Rs 16.20 billion and those to other countries increased to Rs 11.11 billion. In the same period the previous year, the gap between exports to and exports to other countries used to stand at about Rs 8 billion.
"The share of exports to in total exports has dropped to 59 percent, whereas the share of exports to other countries increased to over 40 percent," says the latest NRB report.
Exporters, however, cautioned that the country´s export trade was still vulnerable to the effects of the global financial crisis. They have also urged the government to work out various remedy measures to keep the export trade afloat.
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