Sri Lanka

Textile and garment exports from Sri Lanka grew by 23.4% year-on-year in January to reach US$412 million, according to the country’s Central Bank. Europe and the United States represent the largest market for Sri Lankan exports at 85%, though sales to other markets grew by 38% during this period as well. Imports into Sri Lanka have also declined because the country has built up a large reserve of raw materials for use by textile and garment manufacturers. (Daily News)

Sri Lanka is well on its way to achieving an apparel export goal of US$10 billion by 2016 set by the country’s President, according to the Minister of Industry and Commerce. Speaking at a recent trade event, the minister noted that the country earned US$4.3 billion from apparel exports in 2013 and also reached G4 manufacturing levels for the first time in the country’s history. The country is also aiming to become one of the world’s top 10 garment exporters by 2020. (Daily FT)