- Simone Preuss |
Sri Lankan textile and garment exports increased in 2014 by 9.4 percent, reaching a volume of 4.929 billion US dollars, compared to 4.508 billion US dollars in 2013. This is according to recent data released from the Economics Research Department of the Central Bank of Sri Lanka.
The textile and garment industry is a promising sector for the South Asian nation and the growth rate of 9.4 percent indicates that, being higher than the 6.5 percent and 7 percent growth rates witnessed by Sri Lankan industrial exports and total exports during the year, respectively. Textiles and clothing accounted for almost 60 percent of Sri Lanka's industrial exports and more than 44 percent of all exports in 2014.
The import of textiles and textile articles by Sri Lanka grew even more, by 13.8 percent to 2.327 billion US dollars in 2014, compared to imports amounting to 2.045 billion US dollars in 2013. This increase shows a growth trend and expansion of Sri Lankan garment manufacturing.
After tourism and tea exports, the garment sector is the third most important industry for the island nation, with the United States being the most important export market. In terms of textile and garment imports, India, Japan, Hong Kong, Taiwan, Singapore and South Korea are important partners.
Though Sri Lanka's contribution to the worldwide garment export volume is still relatively small, the country is catching up fast to some of its neighbors. In comparison, China as largest garment exporter boasts a volume of 255 billion US dollars, Bangladesh of 27 billion US dollars, India of 19 billion US dollars, Vietnam of 14 billion US dollars and Indonesia of 12,5 billion US dollars (in the fiscal year 2012/13).