Sri Lanka is eyeing global garment exports of US$8bn by 2025, according to the recent analysis of Central Bank of Sri Lanka, garment exports stood at $1360.6 million in January-March 2022 registering an increase of 11.6 percent over exports of $1,219.1 million.
Notably, during the same period, textile exports increased by 7.1 percent YoY. to $84 million.
Though, exports of other made-up textile articles stood at $32.4 million from January-March 2022, registering a decline of 10 percent YoY.
Textiles and garments exports accounted for 56.22 percent of all industrial exports from Sri Lanka during the three-month period, the report showed.
Imports of textiles and textile articles rose by 24 percent to $880.5 million, while clothing and accessories imports were up by 29.2 percent to $72 million during January-March 2022.
And during the month of March 2022, Garments export slipped 0.1 percent to $424.9 million.
Exports of textiles declined 7.8 percent to $28.5 million from same period of last year. While exports of other made-up textile articles lowered 0.2 percent to $11 million in the same period.
Yohan Lawrence, secretary-general, Joint Apparel Association Forum (JAAF) said, “Amidst significant turbulence, the strong performance of Sri Lanka’s apparel industry and augurs well for the industry’s progress towards realising its goals for 2025,”
Through close cooperation between all key stakeholders, the apparel industry can further increase its already-strong contribution to the national economy, as a major generator of vital foreign exchange and high-quality employment.