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Nepal export jute items to India resumes

Nepal: The export of jute products from Nepal to India has resumed after the Indian Customs Office agreed to release…

By gta_admin , in International News , at February 3, 2017 Tags:

Nepal: The export of jute products from Nepal to India has resumed after the Indian Customs Office agreed to release the consignments of Nepali jute traders to the Indian market keeping the 12.5 percent countervailing duty (CVD) as a guarantee.

The Indian government had imposed 12.5% CVD on Nepali jute products like jute sacks and hessian jute fabric from December 15, thereby completely halting export of jute products to India. India is Nepal’s largest jute importer. According to traders, more than 90 percent of jute products manufactured in Nepal is exported to India.

Nepal Jute Industries Association said that export of jute products, including jute sacks and hessian jute fabric, has resumed to India. However, they have to keep a guarantee worth the imposed CVD for their goods, which is refundable. The fund will be refunded once the Indian government revisits its decision on imposing CVD on Nepali jute products. Currently, four jute factories are operating in Nepal and traders claim that these factories employ more than 1,000 workers. Almost 200 tonnes of jute products are manufactured in the country every day of which only 10 percent is consumed in the domestic market. Similarly, domestic traders import more than 70 percent of raw materials for the jute industry from India itself and exports only finished products.

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