Sri Lankas textile and garment exports increased 32.6% in March

Sri Lanka's textile and garment exports increased 32.6% in March

Sri Lanka's textile and garment exports grew at a higher rate in March than they did during the whole of the first quarter, new figures have revealed.

According to the Economic Research Department at the country's Central Bank, textile and garment exports were up 32.6% to US$456.7m in March, compared to $344.5m in the same period a year ago, reflecting "significant increases in exports to both traditional and non-traditional markets".

In addition, imports of textile and textile articles jumped 40% to $182.1m from $130.1m in the same month last year. Overall imports of non-food consumer goods increased by 27.3%, helped by a 56.6% increase in clothing and accessories imports. 

During the first three months of the year, the country's textile and garment exports reached $1.26bn, up 20.5% from $1.05bn the year before. Import expenditure on textile and textile articles rose 6.4% to $528.2m from $496.2m last year.

The news comes after Sri Lanka's textiles and garment exports rose 6.6% in February, and were up 14.6% to $808.2m for the two-month period from January to February.

In 2013, textile and garment exports from Sri Lanka increased 13% to $4.508bn, while textile imports dipped 9.7% to $2.045bn.