Sri Lanka’s textile & garment exports all set to cross $5 bn in 2021

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    After registering a steep fall of 21 per cent year-on-year 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 already earned $4.404 billion until October, growing at 20.8 per cent year-on-year, according to the statistics released by the Central Bank of Sri Lanka.

    Exports of garments were up 23.6 per cent year-on-year to $4.011 billion during the first ten months of last year, while textile exports increased by 37.3 per cent and fetched $285.5 million, the central bank said in its report ‘External Sector Performance – October 2021’.

    Exports of other made-up textile articles fetched $107 million during January-October 2021, registering a huge decline of 44.2 per cent year-on-year, as per the latest figures released by the country’s central bank.

    After registering a steep fall of 21 per cent year-on-year 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 already earned $4.404 billion until October, growing at 20.8 per cent year-on-year, according to the statistics released by the Central Bank of Sri Lanka.

    Textiles and garments exports accounted for 56.07 per cent of all industrial exports from Sri Lanka during the ten-month period, the report showed.

    Imports of textiles and textile articles too rose by 31.2 per cent to $2.471 billion, while clothing and accessories imports were up marginally by 6.5 per cent to $176.6 million during January-October 2021.

    During the month of October, Sri Lanka’s earnings from textiles and garment exports surged by 42.5 per cent to $510.6 million, compared to exports of $358.2 million in the same month of 2020. Expenditure on textiles and textile articles jumped by 21.9 per cent year-on-year to $265.8 million, while clothing and accessories imports shot up by 54.8 per cent to $19.8 million.

    In 2020, Sri Lanka’s clothing exports fetched $3.939 billion, a fall of 24.3 per cent over $5.205 billion in 2019. On the other hand, imports of textiles and textile articles decreased by 19.7 per cent to $2.335 billion.

    Fibre2Fashion News Desk (RKS)





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