News on the go

In April 2017, Sri Lankan textile exports up 3%

In April 2017, Sri Lankan textile exports up 3% 

Sri Lanka saw its textile and garment exports slide in the first four months of the year as a result of the seasonal buying patterns of its export countries, which were lower earlier in the year. 

But for the month of April it saw a moderate increase.

The leading markets for merchandise exports during the first four months of 2017 were the US, the UK, India, Germany and Italy – together accounting for about 51% of total exports.

Textile and garment exports amounted to US$1.71bn for the period from January to April, a drop of 4.9% on $1.63bn a year earlier, figures from the Sri Lanka Central Bank show. Garment exports alone were down 5.1% to $1.61bn.

For the leather, travel goods and footwear industry, exports dropped 1.2% to $49.8m. For the month of April, textile and garment exports registered a moderate increase of 3% year-on-year to $340.5m.

For the same period, Sri Lanka imported $120.2m worth of clothing and accessories, a 19.4% increase on the prior year, while textile and textile article imports dropped 4% to $896.

The European Union (EU) reinstated Sri Lanka's GSP+ duty-free trade concession, in a move that mainly benefits the country's leading garment export industry, in May. 

The EU accounts one-third of Sri Lanka's global exports and  is Sri Lanka's biggest export market. In 2016, EU imports from Sri Lanka amounted to EUR2.6bn – with textiles and clothing making up 61.9% of the total with a value of EUR1.58bn.


Related Articles
Leave a Comment