Sri Lanka has reported an 11.3 per cent increase in its apparel exports to the European Union (EU) to US $ 1.67 billion between January and September this year.
The information was disseminated by Minister of Industry and Commerce Abdu Rishad Bathiudeen during a textile event organised in Colombo last week.
Generalized System of Preferences Plus (GSP+) status from the European Union (EU) helped Sri Lanka note a significant increase in its apparel exports.
The GSP facility allows the developing countries like Sri Lanka, Vietnam, and Bangladesh to pay fewer or no duties on exports to the EU. The status gives them a key access to the EU market which immensely contributes to their economic growth.
During the first nine months of 2016, Sri Lanka’s apparel exports to the EU zoomed only 2 per cent.
“Our Government’s efforts in improving our international relations has ultimately fructified and resulted into EU GSP Plus which ultimately has supported us to note the growth in apparel exports during this period,” added Bathiudeen.
Furthermore, Sri Lanka also witnessed growth in its apparel exports to the United States during the review period. The country’s apparel exports to the United States increased by 12 per cent.
Sri Lanka’s overall apparel exports jumped 13.4 per cent to US $ 3.97 billion in the first nine months of 2017 as against US $ 3.5 billion in the same period last year.
The country’s apparel exports for 2016 settled at US $ 4.86 billion.
