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.
- New wage ladder lifts workers towards living wages
- US retailers to face logistics issues into 2015
- New scenarios driving sustainability in textiles
- African apparel sector needs cooperation to thrive
- UK fashion sector prospects depend on partnerships
- Bangladesh worker dies as factory boiler ruptures
- Eight footwear factories lead on social compliance
- Global unions join forces on apparel wage poverty
- US firms eye Vietnam footwear growth ahead of TPP
- Low cotton prices lead to government intervention