Sri Lankan Minister says country’s total apparel exports has increased in 2017 from 2016
Sri Lanka’s Minister of Industry and Commerce Rishad Bathiudeen has reportedly said that Sri Lanka’s total apparel exports for 2017 are expected to be around US$ 4.7 billion with earnings to November having exceeded that of the corresponding period in 2016.
“The latest apparel export total from January to November last year is now reported by Sri Lanka Apparel Exporters Association at a strong US$ 4.366 billion,” the Minister has said.
“Our apparel revenues from January to November last year exceeded Sri Lanka’s entire apparel exports for 2016 which was US$ 4.3 billion. Therefore we now expect that the final total apparel exports for 2017 would clearly exceed the exports of 2016, and expect it to be in the range of US$ 4.7 billion.”
The November 2017 monthly apparel exports of US$ 406 million was an 11% increase from the previous year, Bathiudeen has said at the launch of Apparel Industry Suppliers Exhibition (AISEX) 2018.
The Ministry of Industry and Commerce has stated that textile and apparel account for almost half of the island’s total annual exports of all products.
“Our largest apparel export market is the US at around 42% followed by the EU at around 38%.”
Total apparel exports to the US were $1.96 billion in the 11 months to November 2017, slightly up from US$ 1.94 billion the year before.
Apparel exports to the EU were at US$ 1.84 billion in the same period, up from US$ 1.80 billion the previous year.
OSL take:
The growth shown in Sri Lanka’s apparel exports sector between 2016 and 2017 is an encouraging sign for new investments to enter the respective sector. New investments and further value additions in the apparel industry could push the sector to grow further.
| Article Code : | VBS/AT/20181022/Z_4 |