by Apparel Resources News-Desk
31-October-2018 | 2 mins read
Sri Lanka registered a rise of over 5 per cent in its apparel exports during the first nine months of 2018, primarily due to the increase in demand in the US and Europe markets, country’s biggest markets in terms of exports.
According to the data issued by Sri Lanka Apparel Exporters Association, during the period of January to September this year, the exports were clocked at US $ 3.73 billion as compared to the US $ 3.55 billion last year showcasing a surge of 5.1 per cent.
Notably, the exports to the US were registered at US $ 1.66 billion which was US $ 1.57 billion in the corresponding year, marking a hike of 5.7 per cent in the numbers. On the other hand, the exports to Europe were also up by 4.6 per cent to U S $ 1.58 billion.
Reportedly, Sri Lanka has witnessed a significant rise of 25.2 per cent during the last five years, the exports were US $ 2.98 billion back in 2013 which currently sits at US $ 3.73 billion.
Apparel and textiles account for the majority of the country’s total exports, the rapid growth in the nation’s supply is due to the continuous efforts put into product innovation, designs, compliance that matches global standards along with investment in creating green garment factories in a bid to enhance sustainability.
Additionally, in a bid to enhance the country’s export, the Sri Lankan government recently decided to cut VAT on fabric imports to aid small scale exporters to boost their businesses.
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