Nepal lost Rs 7 billion in exports of high-value products as virus strangles foreign trade

Nepal lost nearly Rs7 billion in exports of high-value products in the last fiscal year as trade restrictions triggered by the pandemic strangled international commerce

Aug 11, 2020
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Nepal lost nearly Rs7 billion in exports of high-value products in the last fiscal year as trade restrictions triggered by the pandemic strangled international commerce.

Shipments of listed or high-value products in fiscal 2019-20 that ended mid-July plunged 18.65 percent year-on-year to Rs30.11 billion, according to the statistics of the Trade and Export Promotion Centre.

“Orders from buyers in major international markets like India, the US and Europe fell sharply due to global trade and transport restrictions,” said Sharad Bikram Rana, executive director of the centre.

The world is still occupied with controlling the virus outbreak, and Nepal’s trade could suffer further, he said.

Trade analysts say that it may take some time for exports to bounce back as domestic production has also declined.

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