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Just after registering a steep fall of 21 for each cent 12 months-on-yr to $4.423 billion in 2020, textile and garment exports from Sri Lanka are likely to cross $5-billion mark in 2021, as the island nation has by now acquired $4.404 billion until finally October, expanding at 20.8 for each cent yr-on-yr, in accordance to the statistics launched by the Central Lender of Sri Lanka.

Exports of clothes were being up 23.6 per cent 12 months-on-yr to $4.011 billion during the initial ten months of very last yr, while textile exports increased by 37.3 for every cent and fetched $285.5 million, the central financial institution claimed in its report ‘External Sector General performance – Oct 2021’.

Exports of other produced-up textile posts fetched $107 million throughout January-Oct 2021, registering a substantial decrease of 44.2 per cent yr-on-yr, as for each the most current figures released by the country’s central bank.

Right after registering a steep tumble of 21 per cent yr-on-calendar year to $4.423 billion in 2020, textile and garment exports from Sri Lanka are most likely to cross $5-billion mark in 2021, as the island nation has currently earned $4.404 billion until finally Oct, increasing at 20.8 per cent calendar year-on-yr, in accordance to the studies unveiled by the Central Lender of Sri Lanka.

Textiles and garments exports accounted for 56.07 for each cent of all industrial exports from Sri Lanka through the ten-month interval, the report confirmed.

Imports of textiles and textile articles or blog posts much too rose by 31.2 per cent to $2.471 billion, whilst clothes and accessories imports were being up marginally by 6.5 for every cent to $176.6 million for the duration of January-October 2021.

During the month of October, Sri Lanka’s earnings from textiles and garment exports surged by 42.5 for every cent to $510.6 million, when compared to exports of $358.2 million in the exact month of 2020. Expenditure on textiles and textile articles jumped by 21.9 per cent yr-on-calendar year to $265.8 million, when apparel and components imports shot up by 54.8 per cent to $19.8 million.

In 2020, Sri Lanka’s garments exports fetched $3.939 billion, a tumble of 24.3 per cent more than $5.205 billion in 2019. On the other hand, imports of textiles and textile content articles lessened by 19.7 for each cent to $2.335 billion.

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Fibre2Trend News Desk (RKS)

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