SRI LANKA: Garments and textiles lead industrial growth
Garments and textiles were the leading drivers of industrial growth in Sri Lanka in November, with exports climbing 35% on last year.
According to data from the Central Bank of Sri Lanka, earnings from exports grew to US$491m in November, the highest monthly value of export of textiles and garments ever recorded.
Exports of garments and textiles to the US, one of Sri Lanka's major markets, grew by 58.7% during the month, while exports to Europe grew by 16.7%, reflecting the recovery in those economies as well as seasonal demand.
However, despite the strong growth in export of textiles and garments, there has been a steady decline in imports of textile and textile related articles, reflecting improved backward linkages and higher value addition in the garment industry.
The data revealed that expenditure on imports declined by 14.1% in November, compared to the corresponding month in 2012.
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