Sri Lanka posts 5% surge in ap­parel ex­ports, thanks to US and Europe

Apparel Online - - TRADE STATISTICS -

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.

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