Sri Lankan apparel & textile exports see dramatic rise, thanks to US

29 Jun '22

1 min read

Pic: 123rf.com

Sri Lankan merchandise exports, including apparel and textile exports, have shown dramatic improvement after the disruption of financial crisis and unrest. Apparel and textile export jumped over 30 per cent in May 2022 on year-on-year basis. The US alone accounted for 43.24 per cent of all apparel exports made by the island country in January-April 2022.

Sri Lanka’s exports crossed the $5-billion mark in the first five months of this year. Earnings from the merchandise exports increased by 9.9 per cent year-on-year to $980.2 million in May 2022. The earnings from export of Apparel & Textiles, Coconut based products and Electrical & Electronic Components increased significantly.

Textiles and apparel exports increased by 30.1 per cent y-o-y to $482.7 million in May 2022. The export to the US, Sri Lanka’s single largest export destination, increased by 25.02 per cent y-o-y to $266.42 million.

The cumulative textile and apparel exports during January-May 2022 increased by 16.3 per cent y-o-y to $2,400.6 million.

In 2021, 42.06 per cent of $4.973 billion apparel exported by Sri Lanka were destined to the US, according to Fibre2Fashion’s market insight tool TexPro.

Fibre2Fashion News Desk (KUL)