Sri Lanka posts 5% surge in apparel exports, thanks to US and Europe
Sri Lanka registered a rise of over 5 per cent in its apparel exports during the first nine months of 2018, primarily due to the increase in demand in the US and Europe markets, the country’s biggest markets in terms of exports.
According to the data issued by Sri Lanka Apparel Exporters Association, during the period from January to September this year, exports clocked at US $ 3.73 billion as compared to US $ 3.55 billion last year showcasing a surge of 5.1 per cent.
Notably, the export to the US was registered at US $ 1.66 billion which was US $ 1.57 billion in the corresponding year, marking a hike of 5.7 per cent in numbers. On the other hand, the exports to Europe were also up by 4.6 per cent to
US $ 1.58 billion.
Reportedly, Sri Lanka has witnessed a significant rise of 25.2 per cent during the last five years; its exports were US $ 2.98 billion back in 2013 which currently sits at US $ 3.73 billion.
Apparel and textiles account for the majority of the country’s total exports; the rapid growth in the nation’s supply is due to the continuous efforts put into product innovation, design, compliance that match global standards along with investment in creating green garment factories in a bid to enhance sustainability.
Additionally, in a bid to enhance the country’s export, the Sri Lankan Government recently decided to cut VAT on fabric imports to aid small-scale exporters to boost their businesses.