Recently, the Economic Research Department of the Central Bank of Sri Lanka reported that in November 2013, Sri Lanka’s textile and garment industry performed well in the industrial industry, with textile and garment exports reaching US$490 million, a year-on-year increase of 35%.
In November 2013, driven by economic recovery and rising seasonal demand, Sri Lanka’s clothing exports to the EU increased by 16.7%, and exports to the United States increased by 58.7%. From January to November, Sri Lanka exported US$4.054 billion in textiles and clothing, an increase of 11.6% compared with 2012. Although overall exports of textiles and apparel have increased, exports of textile-related products have still declined.
In November, Sri Lanka imported US$183 million in textiles and clothing, a year-on-year decrease of 10.4%. In the first 11 months of last year, Sri Lanka imported US$1.871 billion in textiles and clothing, a year-on-year decrease of 9.7%. Currently, Sri Lanka is actively advancing negotiations on a free trade agreement with China. If a free trade agreement can be reached in mid-2014, Sri Lanka will receive tariff-free treatment for exports to China. Sri Lanka’s textile and apparel exports to China are expected to reach US$4.5 billion.
