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Sri Lanka records highest-ever apparel exports in 2017

Sri Lanka recorded its highest-ever level of apparel exports during the year ending December 2017. The Joint Apparel Association Forum (JAAF) reports that Sri Lanka's total apparel export figure last year was over $4.8 billion, which was an increase of 3.06 per cent over 2016. However, Sri Lanka has not yet announced its official full-year (2017) total textile export figures. During 2017, Sri Lanka had exported apparel valued at over $2.2 billion to the US (up by 1.9 per cent as against 2016), $2.0 billion worth of apparel to EU nations (up by 4 per cent) and $630 million to the rest of the world (up by 3.7 per cent) .

JAAFs general secretary Tuly Cooray has said they had set an ambitious target of $5.2 billion in textile and apparel exports for 2018 and an $8 billion apparel export target in 2020. "We are happy to say that we are gradually gaining the benefits of GSP+; during the last two or three months, it has really boosted our exports," he said. The apparel sector in Sri Lanka's is both the highest industrial employment generator and its highest foreign exchange earner.

The Central Bank, in a statement, said Sri Lanka's export earnings from garments increased for the fifth consecutive month in November 2017, largely due to increased demand from the EU, the US and non-traditional markets such as Australia, Hong Kong and the UAE. Their records show Sri Lanka's earnings from textiles and garments during the first eleven months of 2017 increased by 1.6 per cent year-on-year to $4.6 billion.

The first eleven months of 2017 recorded $1.96 billion in exports to the US and $1.8 billion in exports to the EU. Post restoration of the GSP+ facility, earnings from garment exports to the EU continued to grow and in November 2017, it grew by 13.8 per cent year-on-year, while garment exports to the US increased by 11.9 per cent.

 
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