In May 2019, Sri Lanka’s earnings from textiles and garment exports remained positive and the island nation earned $424.2 million from textiles and clothing exports, registering an increase of 6.5 per cent over exports of $398.3 million during the same month of 2018. “Earnings from textiles and garment exports increased in May 2019 benefiting from higher demand for garment exports from both the traditional markets ie the US and the EU and nontraditional markets. Accordingly, earnings from garment exports to the EU market increased by 9.5 per cent in May 2019 driven by high demand from the Netherlands, Ireland, Germany and the UK,” the central bank said in its report ‘External Sector Performance – May 2019’.

Meanwhile, Sri Lanka’s expenditure on textiles and textile articles increased in May 2019 by 5.6 per cent year-on-year to $260.6 million, whereas clothing and accessories imports were down by 14.2 cent to $20.9 million. “Expenditure on textiles and textile articles led by fibres and yarn also 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