In what might be an indication of higher exports in the coming months, Sri Lanka’s imports of textile and textile articles increased by 32.5 per cent in the February 2018. During the month, the island nation’s expenditure on textile imports stood at $247.3 million compared to imports valued at $186.6 million in the corresponding month of 2017.

“Import expenditure on textiles and textile articles rose due to the increased importation of fabrics and yarn. However, this increase in textiles and textile articles is expected to facilitate higher export of textiles and garments in coming months,” the Central Bank of Sri Lanka said in its latest report ‘External Sector Performance – February 2018’.

Sri Lanka’s cumulative textile imports in January-February 2018 is $492.5 million. In 2017, the nation’s expenditure on imports of textiles and textile articles had increased by 0.7 per cent to $2.724 billion. Clothing and accessories imports were valued at $369 million, up 0.9 per cent.

Meanwhile, Sri Lanka’s earnings from textiles and garments exports increased by 2.8 per cent year-on-year to $407 million in February 2018. “Despite the reduction of garment exports to the US by 3.8 per cent, earnings from garments exported to the EU increased by 10.6 per cent while earnings from non-traditional markets such as India, Japan, Hong Kong and Australia rose by 1.5 per cent,” the central bank said in its report.

Cumulative exports for January-February 2018 totalled $841.8 million, up 2.4 per cent year-on-year. Garments constituted the bulk of these exports accounting for $790.8 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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