Sri Lankan textile and garment export earnings improves 13.3pc in Jan 2016

Sri Lankan export earnings from textiles and garments, which contributed nearly 52 percent to the total exports, improved by 13.3 percent in January 2016, reversing the declining trend prevailed in last quarter of 2015.

But actually exports declined 2.5 percent to 893.9 million US dollars in January 2016 from a year earlier while imports plunged at a faster 5.5 percent to 1,589.1 million US dollars, according to official data.

The deficit in the trade account contracted in January 2016, by 9.1 percent from a year earlier to 695 million US dollars compared to 765 million US dollars in January last year.

According to the Central Bank, earnings from exports declined for the eleventh consecutive month in January largely reflecting continuous decline recorded in commodity prices in the international market.

But the garment exports to both traditional and non-traditional markets have improved during the month.

Owing to the 34.0 percent increase recorded in fabrics imports, expenditure on textile and textile articles import have increased by 25.4 percent, in January 2016

Main import origins in January 2016, according to the Central Bank were China, India, Japan, UAE and South Korea.