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Sri Lanka's textile & garment exports cross $4bn-mark
Dec '14
The value of textile and garment exports made by the island nation of Sri Lanka has crossed US$ 4 billion mark this year, according to the data from the Economics Research Department of the Central Bank of Sri Lanka.
Till October this year, Sri Lanka earned $4.058 billion through exports of textiles and garments, registering a growth of 13.9 per cent over exports of $3.563 billion made during the corresponding period of last year, the data showed.
The 13.9 per cent growth rate of textile and apparel exports was greater than 9.3 per cent and 9.7 per cent growth rates witnessed by Sri Lankan industrial exports and total exports during the ten-month period.
Textiles and clothing accounted for 59.6 per cent of Sri Lankan industrial exports and 44.17 per cent of all exports during January-October 2014 period.
However, in October 2014, Sri Lanka’s export earnings of textiles and garments declined by 8.7 per cent year-on-year, mainly due to the base effect as the highest level of export earnings in 2013 was recorded during the month of October. During the month, garment exports to the EU and the US fell by 10.1 per cent and 8.4 per cent, respectively.
On the other hand, the import of textiles and textile articles by Sri Lanka grew by 16.7 per cent to $217.3 million in October 2014, as against imports of $186.2 million made in the same month last year.
During January-October 2014, Sri Lanka’s imports of textiles and textile articles increased by 11.7 per cent to $1.886 billion over imports of $1.668 billion in the corresponding period of last year.
In 2013, Sri Lanka’s earnings from textile and garment exports grew by 13 percent year-on-year to $4.508 billion, while its value of imports declined by 9.7 percent year-on-year to $2.045 billion. (RKS)

Fibre2fashion News Desk - India

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