Sri Lanka’s earnings from textiles and garments exports increased by 9.9 per cent year-on-year to $1.831 billion in the first four months of 2019, according to the statistics released by the Central Bank of Sri Lanka. Imports of textiles and textile articles were up by 2.8 per cent to $907.6 million, while clothing and accessories imports fell 18.2 per cent to $95 million during the four-month period.

In April 2019, Sri Lanka’s earnings from textiles and garment exports remained positive and the island nation earned $357.6 million from textiles and clothing exports, registering an increase of 5.6 per cent over exports of $338.6 million during the same month of 2018. “Earnings from textiles and garment exports increased in April 2019 benefiting from higher demand for garment exports from the US and non-traditional markets such as Canada, China, Australia and Brazil. However, earnings from garments exports to the EU market declined in April 2019 due to lower demand from the UK, Italy, Germany and France,” the central bank said in its report ‘External Sector Performance – April 2019’.

Meanwhile, Sri Lanka’s expenditure on textiles and textile articles decreased in April 2019 by 14.3 per cent year-on-year to $219 million, whereas clothing and accessories imports were up by 3.1 cent to $19.9 million. “Import expenditure on textiles and textile articles increased during the month led by fabrics imports while expenditure on mineral products imports increased led by cement clinker imports,” 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

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