Sri Lankan textile exports down 4.1% in May 2017

17 Aug '17

2 min read

After showing positive trend for two consecutive months, Sri Lankan export earnings from textiles and garments turned red in May 2017. During the month, the island nation exported textiles and garments worth $359.2 million, registering a decline of 4.1 per cent over export earnings of $374.7 million in May 2016, data released by the Central Bank of Sri Lanka showed.

The fall in export earnings during the month reflects “a decline in garment exports to the US and EU markets”, the central bank said in its report ‘External Sector Performance – May 2017’.

On a cumulative basis, too, export earnings continue to be negative. During January-May 2017, textiles and garment exports from Sri Lanka declined by 4.7 per cent to $1.985 billion compared to exports of $2.084 billion in the corresponding period of the previous year, as per the data. Of this, clothing exports alone accounted for $1.869 billion, down 5.1 per cent year-on-year.

Textiles and apparel constituted around 60 per cent of earnings received from all industrial exports made by the South Asian nation during the five-month period, the data showed.

Sri Lanka’s expenditure on imports of textiles and textile articles also decreased 3.8 per cent year-on-year to $1.087 billion in January-May 2017, as against imports valued at $1.131 billion in the corresponding period of the previous year, the report showed.

Sri Lanka earned $4.884 billion in textiles and apparel exports in 2016, registering a growth of mere 1.3 per cent year-on-year. Of this, clothing exports alone accounted for $4.602 billion, up 1 per cent over previous year’s earnings of $4.555 billion. (RKS)

Fibre2Fashion News Desk – India