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Breakthrough year for Sri Lankan apparels

Sri Lankan apparel sector entered a breakthrough year in 2018, in its history of exports.

In the first quarter of this year the company’s total apparel exports increased by 4 percent to $ 1.26 billion compared to last year’s first quarter exports of $ 1.21 billion.

Last year first quarter exports were actually an 8.2 per cent decline from 2016’s first quarter apparel exports of $1.31 billion. After regaining GSP Plus, the company’s apparel exports increased and it now plans to surpass the $ 5 billion annual exports value this year compared to the $4.8 billion in 2017.

Europe is a key market for Lankan apparels. Last year Sri Lanka earned $2 billion from apparel exports to EU, which was 42 per cent of total apparel exports.

In the first quarter this year, Lankan apparel exports to EU increased by 5.2 per cent to $526 million in comparison to $ 500 mn in first quarter of 2017. Apparel exports to US too increased by 5.1% in this year’s Q1 to $576 million from 2017 Q1’s $548 million

 

 
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