Indian safeguard duty slashes Nepal’s iron and steel exports by two-thirds
Summary
Nepal's iron and steel exports to India have declined by nearly 69 percent following India's safeguard duty imposition, causing significant export revenue losses and concerns over job impacts.
Key Points
- Nepal's iron and steel exports to India fell by 68.67% in the current fiscal year due to India's safeguard duty.
- Nepal lost Rs10.59 billion in export earnings within one year because of new Indian trade restrictions.
- India imposed a three-year safeguard duty on selected steel products from Nepal, China, and Vietnam starting December.
- Nepalese manufacturers and trade experts call for strong government engagement with India to address trade barriers and mitigate further export decline.
