Analysis On The Development Of Sri Lanka'S Clothing Industry

The Sri Lankan Daily Mirror reported on September 24 that preliminary data released by the Sri Lankan Customs showed that the total export volume of the clothing industry in August was US $485.62 million, with an increase of about 22% in export revenue year on year. The accumulated export revenue of the clothing industry has exceeded the US $3 billion mark.

Exports to all markets showed positive growth, of which exports to the United States increased by 22.9% year-on-year to US $209.4 million, and exports to the European Union increased by 18.84% year-on-year to US $140.51 million. Exports to the UK and other markets increased by 17.74% and 30.91% year on year, reaching US $62.39 million and US $73.32 million.

As of the first eight months of August, the industry generated revenue of $3158 million, up 2.41% year on year.

The cumulative analysis shows that exports to all markets except the EU show positive changes. Exports to the US, UK and other markets were US $1.26 billion, US $462 million and US $513 million respectively, up 1.82%, 8.49% and 5.36% year on year, while exports to the EU shrank slightly to US $914 million, down 1.16% year on year.

(Source: website of Ministry of Commerce)