Sri Lanka apparel exports rebound in May 2018
ECONOMYNEXT- Sri Lanka’s apparel exports bounced back in May 2018 growing 9.3 percent from a year earlier to 375 million US dollars, after falling 4.15 percent in April, data from the Joint Apparel Association Forum (JAAF), a industry body, showed.
Exports to the US grew 8.51 percent to 153 million dollars after falling 9.8 percent from a year earlier to 138 million dollars in April.
Shipments to the European Union, where Sri Lanka has now got GSP+ benefits back, grew 12.5 percent to 171 million dollars. In April exports to the EU grew 2.11 percnet to 145 million dollars.
Other markets experienced just 2 percent growth, buying 52 million US dollars in Sri Lankan apparel.
JAAF Secretary General Tuli Cooray attributed the pendulum shift of exports in these months as a response in the main markets to changes in weather.
"Whenever the weather changes, one of the first industries to be affected is the clothing industry," he said.
For the first five months of 2018, apparel exports grew by 3.6 percent 1.98 billion US dollars. Exports to the US were up 3 percent to 867 million US dollars, while exports to the EU were up 6 percent to 842 US dollars.
Exports to other markets were down 1.89 percent to 259 million dollars. (Colombo/July07/2018)