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Trade in ₹ may boost Sri Lanka's fabric imports from India

Sri Lanka is one of the eight nations which have opened vostro accounts in India. Its garment units will have better access to the Indian market once trade begins in Indian rupee.  In fact, trade facilitation in rupee would be beneficial for Sri Lanka which had recently faced economic crisis. The country did not have foreign currency even for its essential imports, which had jolted the country’s garment industry that is heavily dependent for fabric supplies from India and other neighbouring countries.

Sri Lanka’s fabric import from India decreased in second half of last year when the country had imported fabric worth $***.*** million against imports of $***.*** million in H*, **** and $***.*** million in H*, ****, according to Fibre2Fashion’s market insight tool TexPro.