Sri Lanka's textile exports up 5.7% to $5.317 bn in 2018

20 Mar '19

1 min read

Sri Lanka’s earnings from textiles and garments exports increased by 5.7 per cent year-on-year to $5.317 billion in 2018, from $5.031 billion in 2017, according to the statistics released by the Central Bank of Sri Lanka. Imports of textiles and textile articles were up 4.9 per cent to $2.858 billion, while clothing and accessories imports fell 15.9 per cent to $310.3 million during the twelve-month period.

In December 2018, Sri Lanka’s earnings from textiles and garment exports remained positive and the island nation earned $493.4 million from textiles and clothing exports, registering an increase of 5 per cent over exports of $470 million during the same month of 2017. “Export earnings from industrial exports increased in December 2018, mainly due to higher exports of textiles and garments. The higher demand for garments from the US and the EU supported the increase in export earnings from this sub-sector,” the central bank said in its report ‘External Sector Performance – December 2018’.

Meanwhile, Sri Lanka’s expenditure on textiles and textile articles decreased in December 2018 by 3.9 per cent year-on-year to $241.5 million, whereas clothing and accessories imports were down 11.4 per cent to $26.9 million, according to the report. (PC)

Fibre2Fashion News Desk – India