Submit your Article

The price of gold has dropped by Rs 800 per tola in the domestic market on Tuesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 109, 200 per tola today. The yellow metal was traded at Rs 110, 000 per tola on Monday. Meanwhile, tejabi gold is being traded at Rs 108, 700 per tola. It was traded at Rs 109, 500. Similarly, the silver is being traded at Rs 1,365 per tola today.

At a time when Nepal’s overall exports have declined as shown by the trade data of the current fiscal year, the exports of woolen carpets and large cardamom have surged significantly. While the country's overall exports declined by 24.49 percent in the 10 months of FY 2022/23, the exports of woolen carpet and cardamom have increased by 23.21 percent and 72.46 percent, respectively. The latest foreign trade data released by the Department of Customs (DoC) on Sunday shows Nepal exported woolen carpets worth Rs 9.49bn from mid-July, 2022 to mid-May, 2023. The carpet exports during the same period of the last fiscal year stood at Rs 7.70bn. The export of cardamom has hit an all-time high with the country exporting cardamom worth 7.28bn in the review period. According to DoC statistics, the United States is the largest market for Nepali woolen carpets. Nepal exported carpets worth Rs 5.87bn to the US in the current fiscal year. Germany and the United Kingdom are the second and third largest buyers of Nepali carpets. The carpet exports to Germany and the United Kingdom stood at Rs 739.4m and Rs 630m, respectively. However, Tenzing Sherpa, President of the Nepal Carpet Producers and Exporters Association said that the export of carpets has not increased as expected. “The government data shows the rise in carpet exports. It is due to the increased demand for Nepali carpets in the world market,” said Sherpa. According to Sherpa, there is a demand for branded and quality woolen carpets, especially for celebrities and high-profile people. "If the government supports the carpet manufacturers, the export of carpets can be increased by four times," he said. Carpet manufacturers say they are able to fulfill the increased demand in the international markets but the cost of production of carpets in Nepal is high which makes it difficult for Nepali carpets to compete with products of other countries. Currently, the government has exempted tax for wool that is imported from abroad. There is no such exemption for other raw materials. Also, carpets have to be woven by hand, which requires very good skills. However, such skilled workers are insufficient in the Nepali labor market. “If the government provides us custom exemptions to all the raw materials required for producing carpets, provides skills training for workers, and supports in market promotion, export of Nepali woolen carpets in the global market would rise significantly,” said Sherpa. High growth in cardamom exports The exports of cardamom have increased by a whopping 72.46 percent in FY 2022/23. Nepal has exported cardamom worth Rs 7.28 billion in the first 10 months of the current fiscal year compared to Rs 4.22bn during the same period of the last fiscal year. Cardamom, which is especially used in the production of spices, is mainly exported to India. In the current fiscal year, cardamom worth Rs 7.26bn was exported to the southern neighbor. According to Nirmal Bhattarai, Chairman of the Large Cardamom Entrepreneurs Association of Nepal, the exports of cardamom have increased due to the surge in production in the country. Cardamom is produced especially in Nepal, India, and Bhutan. While cardamom production in India and Bhutan has decreased this year, in Nepal, its production has increased by 50 percent this year. “This has helped us to export more cardamom this year,” said Bhattarai. According to Bhattarai, the price of cardamom decreased in May and June of last year. “Traders did not sell cardamom during that time,” said Bhattarai, “The price came back to normal from the beginning of the current year, following which traders sold their stocks of cardamom.” With the decline in production in India and Bhutan, the demand for Nepali cardamom has increased, resulting in the surge of its exports from Nepal. Cardamom is cultivated on 18,000 hectares of land in Nepal. Large cardamom is cultivated predominantly in four districts of eastern Nepal—Taplejung, Panchthar, Ilam, and Sankhuwasabha.

Around 500 people have successfully climbed the world’s highest peak. During this spring season, 500 mountaineers and guides have scaled Mt Everest, according to the Department of Tourism. Around 500 people have climbed Mt Everest as of today. A total of 478 mountaineers have obtained expedition permits to climb Mt Everest in this spring season. The 500 also includes the Sherpa guides of different expedition teams, Director General of the Department Hom Prasad Luintel. This year's spring climbing started on May 13. This is the first time in history that 478 permits were issued to climb Mt Everest in the spring season. This includes 103 women and 376 men from 47 mountaineering teams, the Department said.

The Nepal Stock Exchange (NEPSE) gained 8.10 points to close at 1,891.31 points on Monday. Similarly, the sensitive index surged by 0.54 points to close at 358. 88 points. A total of 3,495,752-unit shares of 272 companies were traded for Rs 1. 27 billion. Meanwhile, Aatmanirbhar Laghubitta Bittiya Sanstha Limited was the top gainer today, with its price surging by 10. 00 percent. Similarly, GreenLife Hydropower Limited was the top loser as its price fell by 10.00 percent. At the end of the day, total market capitalization stood at Rs 7. 37 trillion.