Sri Lanka reports a mixed bag on textile and garment exports

Sri Lanka reports a mixed bag on textile and garment exports

Sri Lankan export earnings from textiles and garments, which contributed nearly 52 % to the total exports, improved by 13.3 % in January 2016, reversing the declining trend prevailed in last quarter of 2015

However, actual exports declined 2.5 % to 893.9 million US dollars in January 2016 from a year earlier, while imports plunged by 5.5 % to 1,589.1 million US dollars, according to official data.

The deficit in the trade account contracted in January 2016, by 9.1 % from a year earlier, namely to 695 million US dollars compared to USD 765 million in January last year.

According to the Central Bank, earnings from exports declined for the eleventh consecutive month in January, and by largely reflecting continuous decline recorded in commodity prices in the international market.

The garment exports to both traditional and non-traditional markets have improved during the month.

Owing to the 34.0 % increase recorded in fabrics imports, expenditure on textile and textile articles import have increased by 25.4 percent, in January 2016

Main import origins in January 2016, according to the Central Bank were China, India, Japan, UAE and South Korea.

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