Sri Lankan government has recorded a high of US$ 4.81 billion 2017
Sri Lanka’s Ministry of Industry and Commerce has reportedly stated that apparel shipments from Sri Lanka, which is its main industrial export, recorded a high of US$ 4.81 billion in 2017. The Ministry has stated that it is a 3 percent increase from 2016.
A statement quoting the Joint Apparel Association Forum and Sri Lanka Apparel Exporters Association has stated that in the month of December 2017 alone apparel exports went up 21 percent to US$ 452 million, the highest monthly earnings, from the same month in 2016.
According to the statement, 45 percent of apparel exports in 2017 (at US$ 2.16 billion) were sent to the US while 42 percent (at US$ 2.02 billion) was sent to the European Union.
Year on year exports to the US has recorded a 2 percent increase in 2017 while exports to the EU have recorded an increase of 4.13 percent.
OSL take:
The record level of apparel exports achieved in 2017 is an indication of the constant growth in the industry. With the US and EU becoming the largest buyers of apparel exports manufactured in Sri Lanka, investors could look at setting up operations in Sri Lanka as base to export to the US, EU and even countries in the Asian region with which Sri Lanka has on-going free trade agreements (FTAs).
| Article Code : | VBS/AT/20180205/Z_1 |