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Sri Lanka’s fabric imports drop in May, impact of economic crisis

fabric

Fabric imports by Sri Lanka declined in May 2022, compared to January i.e., before the onset of the current economic crisis gripping the country. The island nation needs to import fabric to keep its garment manufacturing and export running. Garment exports bring the much-needed foreign currency for the country, especially during the current crisis period.

Sri Lanka’s fabric import dropped from $233.85 million in January 2022 to $183.21 million in May 2022, according to Fibre2Fashion’s market insight tool TexPro.

China, India, and Taiwan were the top three fabric suppliers for the country during the first five months of this year. China’s export volume to Sri Lanka dropped from $95.04 million in January 2022 to $67.15 million in May. Likewise, India’s export volume decreased from $58.10 million in January to $46.57 million in May 2022, and Taiwan’s from $26.20 million to $14.85 million, as per TexPro.

Egypt is actively engaged with Brazil to boost biliteral trade in various sectors including textiles. The free trade agreement (FTA) between Egypt and the Mercosur countries (Argentina, Brazil, Paraguay, and Uruguay), which entered into force in 2017, plays a pivotal role in promoting trade between Egypt and Brazil. Exports have jumped 3 times since the FTA.

There are distinguished investment opportunities for the Brazilian business community in the Egyptian market in the areas of the manufacture of textile, spare parts, pharmaceuticals, engineering, along with new and renewable energy, Egyptian minister of trade and industry Nevine Gamea said at an event of Arab-Brazilian Economic Forum, which she attended virtually.

The FTA between Egypt and Mercosur countries contributed to increasing the competitiveness of Egyptian exports and enhancing its access not only to Brazil but to all Mercosur countries, given that the Brazilian market remains a focal point in the penetration and marketing of goods to neighbouring countries, the minister added.

After the FTA entered into force, Egyptian exports to Brazil increased over three times from $155 million in 2017 to $541 million in 2021, as agreement provided access to many strategic goods at competitive prices.

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