Sri Lanka's textile exports up 6.6% in Jan-September 2019

18 Nov '19

2 min read

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Sri Lanka’s earnings from textiles and garments exports increased by 6.6 per cent year-on-year to $4.186 billion in the first nine months of 2019, according to the statistics released by the Central Bank of Sri Lanka. Imports of textiles and textile articles were up by 1.7 per cent to $2.127 billion, while clothing and accessories imports fell 14.2 per cent to $203.6 million during the nine-month period.

In September 2019, Sri Lanka’s earnings from textiles and garment exports remained negative and the island nation earned $450.2 million from textiles and clothing exports, registering a decrease of 5.5 per cent over exports of $476.2 million during the same month of 2018. “Earnings from textiles and garments declined for the first time since July 2018, on a year-on-year basis, led by a notable decline of 13.9 per cent of garment exports to the US owing to the base effect, despite a 3.2 per cent growth in exports to the EU market,” the central bank said in its report ‘External Sector Performance – September 2019’.

Meanwhile, Sri Lanka’s expenditure on textiles and textile articles increased in September 2019 by 7.1 per cent year-on-year to $250.3 million, and clothing and accessories imports were up by 28.4 cent to $29.2 million. “Import expenditure on textiles and textile articles and mineral products increased, with higher fabric imports and cement clinker imports, respectively,” 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.

Fibre2Fashion News Desk (PC)