Sri Lanka's textile & garment exports up 2.5% in Jan-April

05 Jul '18
2 min read
Courtesy: Artem Bali from Pexels
Courtesy: Artem Bali from Pexels

Sri Lanka’s earnings from textiles and garments exports increased by 2.5 per cent year-on-year to $1.667 billion in the first four months of 2018, according to the statistics recently released by the Central Bank of Sri Lanka. Imports of textiles and textile articles were up 2.6 per cent to $882.7 million, while clothing and accessories imports fell 19 per cent to $116.1 million during the four-month period.

In April 2018, Sri Lanka’s earnings from textiles and garment exports declined for the first time since June 2017. The island nation earned $338.6 million from textiles and clothing exports, registering a drop of 3.4 per cent over exports of $350.5 million during the same month of 2017. “Notably, export of garments to the US and non-traditional markets declined in April 2018 in comparison to April 2017, while exports to the EU market showed a marginal growth,” the central bank said in its report ‘External Sector Performance – April 2018’.

Meanwhile, Sri Lanka’s expenditure on textiles and textile articles reduced marginally driven by lower fabric imports in April 2018. Textiles and textile articles imports declined 1.2 per cent to $191.6 million during the month, whereas clothing and accessories imports fell 66 per cent to $19.3 million.

In 2017, Sri Lanka earned $5.031 billion in textiles and apparel exports, registering a growth of 3 per cent year-on-year. Of this, clothing exports alone accounted for $4.739 billion. On the other hand, imports increased by 0.7 per cent to $2.724 billion. (RKS)

Fibre2Fashion News Desk – India

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