Sri Lanka has seen considerable growth in its textile and garment exports, as per data released by Central Bank of Sri Lanka.
The data says the exports have gone up by 28 per cent on Y-o-Y basis to US $ 2.50 billion in H1 ’21. The major chunk was contributed by the garments as the exports of the same valued US $ 2.27 billion, noting 30.80 per cent yearly growth.
Textile exports of the country upped by 47.80 per cent to US $ 156.60 million in January to June ’21 period. Both textile and garment, as a clubbed category, accounted for 56.43 per cent of total industrial exports from Sri Lanka during H1 ’21.
The growth can be attributed to strong market optimism in 2021. It’s pertinent to mention here that Sri Lanka well managed COVID-19 contraction in January to May period this year that helped the country gain an advantage over other Asian manufacturing destinations where COVID-19 is still creating ruckus in the supply chains.
However, June onwards, Sri Lanka fell prey to resurgence of COVID-19 that reached historic heights in August and the situation is not at all favourable for Sri Lankan apparel manufacturers.
