Sri Lanka’s textile & garment exports on path to cross $5bn this year

Right after registering a steep drop of 21 per cent year-on-yr to $4.423 billion very last yr, textile and garment exports from Sri Lanka are most likely to cross $5-billion mark in 2021, as the island nation has already gained $3.893 billion right until September, growing at 18.5 for each cent yr-on-calendar year, according to the statistics launched by the Central Lender of Sri Lanka.
Exports of garments have been up 21.4 for every cent 12 months-on-12 months to $3.544 billion through the initial a few quarters of this year, whilst textile exports greater by 40.3 for every cent and fetched $254.8 million, the central bank claimed in its report ‘External Sector General performance – September 2021’.
Exports of other produced-up textile content articles fetched $94.2 million, registering a massive decline of 49.2 for each cent year-on-calendar year.
Soon after registering a steep slide of 21 per cent year-on-yr to $4.423 billion final yr, textile and garment exports from Sri Lanka are possible to cross $5-billion mark in 2021, as the island nation has now acquired $3.893 billion right until September, increasing at 18.5 for each cent yr-on-year, in accordance to the statistics unveiled by the Central Lender of Sri Lanka.
Textiles and garments exports accounted for 56.43 for every cent of all industrial exports from Sri Lanka through the 9-thirty day period time period, the report showed.
Imports of textiles and textile content way too rose by 32.4 per cent to $2.206 billion, even though clothing and equipment imports were up marginally by 2.4 for every cent to $156.8 million all through January-September 2021.
In September 2021, Sri Lanka’s earnings from textiles and garment exports increased 5.7 for every cent to $458.5 million, when compared to exports of $433.7 million in the exact thirty day period of 2020. Expenditure on textiles and textile posts shot up by 25.8 for each cent calendar year-on-12 months to $262.2 million, even though apparel and add-ons imports were up 17.4 for each cent to $18.1 million.
In 2020, Sri Lanka’s clothing exports fetched $3.939 billion, a drop of 24.3 for every cent about $5.205 billion in 2019. On the other hand, imports of textiles and textile articles or blog posts reduced by 19.7 for every cent to $2.335 billion.

Fibre2Manner News Desk (RKS)

