Sri Lanka's textile exports up 11% in Jan-March 2019

30 May '19

2 min read

Sri Lanka’s earnings from textiles and garments exports increased by 11 per cent year-on-year to $1.474 billion in the first three months of 2019, according to the statistics released by the Central Bank of Sri Lanka. Imports of textiles and textile articles were down 0.4 per cent to $688.6 million, while clothing and accessories imports fell 22.5 per cent to $75.1 million during the three-month period.

In March 2019, Sri Lanka’s earnings from textiles and garment exports remained positive and the island nation earned $532.7 million from textiles and clothing exports, registering an increase of 9.4 per cent over exports of $486.8 million during the same month of 2018. “Under industrial exports, earnings from textiles and garment exports increased notably in March 2019, recording the highest ever monthly earnings which surpassed $500 million for the first time. This growth was mainly due to higher demand for garment exports from traditional markets, namely the US and the EU, as well as non-traditional markets such as Canada, Australia and China. Export earnings from textiles and other textile articles also increased in March 2019,” the central bank said in its report ‘External Sector Performance – March 2019’.

Meanwhile, Sri Lanka’s expenditure on textiles and textile articles decreased in March 2019 by 7.7 per cent year-on-year to $213.9 million, whereas clothing and accessories imports were down 16.8 per cent to $22.5 million. “Import expenditure on textiles and textile articles led by fabrics, base metals led by iron and steel and mineral products led by cement clinkers increased during the period concerned,” the central bank said.

In 2018, Sri Lanka earned $5.317 billion in textiles and apparel exports, registering a growth of 5.7 per cent year-on-year. Of this, clothing exports alone accounted for $4.960.8 billion. On the other hand, imports increased by 4.9 per cent to $2.858 billion. (PC)

Fibre2Fashion News Desk – India