Sri Lanka’s garment exports to EU, US jump 30% in Sept’13

The exports of garments from the island nation of Sri Lanka to its major export destinations of the EU and the US recorded a remarkable growth of 30.7 percent year-on-year and 32.2 percent year-on-year, respectively, in September 2013, according to a press release issued by the Central Bank of Sri Lanka.

 

2013-11-25aThe sharp growth in Sri Lankan apparel exports to the EU and the US reflect the recovery in those economies, the statement said.

 

Sri Lanka’s textiles and garment sector as a whole posted a significant growth of 27.7 percent year-on-year during the month to register US$ 386.9 million, according to the Central Bank data.

 

From January to September 2013, Sri Lanka’s total textiles and apparel exports stood at US$ 3.126 billion, showing a rise of 5.2 percent over exports of US$ 2.972 billion made during the corresponding period of last year.

 

In 2012, Sri Lanka exported textiles and apparels worth US$ 3.8 billion, and the country has set a target of achieving US$ 4.1 billion in textiles and garment exports this year.

 

Meanwhile, Sri Lanka’s textile and clothing imports are showing a declining trend. In September 2013, the country imported textile goods worth US$ 174 million, registering a decrease of 3.1 percent year-on-year.

 

During the first nine months of the current year, Sri Lanka’s textile and garment imports declined by 8.6 percent to US$ 1.502 billion compared to imports of US$ 1.644 billion made during the same period last year.

 

Last month, Central Bank’s Governor Ajith Nivard Cabraal said the apparel manufacturing sector in Sri Lanka may face a shortage of skilled labour within the next 2-3 years, due to the country’s anticipated transition into a middle-income country, and advised the country’s garment industry to prepare for the changes in the same way as it prepared for dealing with the discontinuation of the GSP Plus.