Sri Lanka & Bangladesh On Talks To Boost Yarn & Fabric Trade

 Sri Lanka and Bangladesh are the two most prominent exporters of textiles and fabrics in the world. Sri Lanka and Bangladesh both rely mostly on textile exports. In order to boost their textiles exports globally, both nations are working together. This is also done in the wake of raising bilateral trade among two nations. Bangladesh is currently the 14th most favoured destination for Sri Lankan exports.

According to the Bangladesh import export data, the textile exports grew significantly in the fiscal year 2022. For FY22, Bangladesh textile exports were worth 42 million dollars. For the last year, textile exports from Bangladesh were 31 million dollars and in 2020, textiles exports were around 22 million dollars. So, Bangladesh textiles exports saw an upward trend in the global textile market. As per Bangladesh customs data, the most prominent importers of Bangladesh's textiles were Germany, United States, Spain, United Kingdom and Poland.

Some of the renowned Bangladesh export companies of textiles are Refat garments, Ha-meem group, Beximco textile, Noman group, Square textile, Opex Sinha group and Mohammadi group. As per Bangladesh export data reports, in the financial year 2021, Refat Garments was the leading textile export company from Bangladesh with record exports worth 295 million US Dollars.

On the other hand, Sri Lankan textile exports saw an upward trend in the global market. Our Sri Lanka import export data reflects that the textile exports from Sri Lanka were around 4.5 billion US dollars in FY 2022. As per Sri Lanka export data of January 2023, the textile exports 217 million US dollars. 

According to Sri Lanka customs data records, the leading textile importers from Sri Lanka were the United States, United Kingdom, Italy, Germany and Belgium. The top Sri Lanka export companies of textiles were 3Q International, A & R Manufacturing, Aitken Spence Garments, Antler Fabric Printers, and B R Mootivation.

Sri Lanka-Bangladesh Trade Overview

According to the Bangladesh import data, Bangladesh's total imports from Sri Lanka were around 222 million US dollars in the fiscal year 2021. In 2020, it was around 153 million US dollars. The top Sri Lankan product exports were petroleum goods, electronics, fabrics, plastics, yarn, metal, nails, screws, nuts, soap, chemicals and textile articles.

On the other hand, Sri Lanka import data reports indicate that the total Sri Lankan imports were around 83 million US dollars in FY 2021. It was around 48 million US dollars in 2020. Sri Lanka imported mostly imported pharma products, electric, electronic goods, men's and women's clothes, plastics, glassware, toys and various textile articles.

According to the Sri Lanka export data, the top exporter companies to Bangladesh were Hayleys free zone, Laugfs terminals, J F & I packaging, Lanka marine services and S & D chemicals. Experts suggest that Sri Lankan spices and beverages have great potential in the Bangladesh market. Sri Lankan Cinnamon, Cloves, Brassieres, Black tea and Coconut exports could see the upward trend in the Bangladeshi Market.

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