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Sri Lanka sees impressive growth in footwear exports
October 1, 2014
According to official statistics, Sri Lanka saw its international footwear sales to 1.1 million pairs in 2013.
Overseas sales of Sri Lankan footwear showed spectacular growth during 2013. In only a year, the country saw the value of its footwear exports almost double from $12.1 million US Dollars to $21.7 USD, with the majority of exports going to Australia and Italy.
In the same year, imports of footwear reached 1 million pairs, with an estimated value of $18.7 million USD. The main supplier of footwear to the Sri Lankan market is China with a 38% share of the market. Footwear is also imported from Vietnam (17% share), India (15%), Indonesia and Singapore (7% each), and the United States (5%).
Sri Lanka has worked hard since 2006 to build great international trade relations and this has seen the value of imports increase fourfold between 2006 and 2013. Similarly, exports have also risen by 14.1% during the same timeframe. This increase in exports has been mainly driven by impressive sales growth in the Australian and Indian markets.
In a recent study by the Ceylon Chamber of Commerce, it was speculated that the growth shows no sign of slowing during the current year.