Sri Lanka's garment exports dip in January-July 2024, imports surge

From January to July 2024, textile exports from the island nation dropped by 11.7 per cent year-on-year, totalling $176.2 million. During the same period, exports of other made-up textile articles were valued at $64.0 million, an increase of 7.5 per cent, as detailed in the bank's report titled 'External Sector Performance – July 2024'.

Exports of textiles, garments, and other manufactured textile articles collectively accounted for 50.05 per cent of all industrial exports from Sri Lanka during the reviewed period, the report indicated. All textile product exports amounted to $2,852.7 million from January to July 2024, while Sri Lanka's total industrial exports were valued at $5,698.0 million during the same period.

In July 2024, all textile product exports from the country increased by 3.7 per cent year-on-year, totalling $444.6 million. By category, garment exports increased by 3.2 per cent to $406.2 million, while textile exports rose by 8.8 per cent to $29.6 million. Exports of other manufactured textile articles edged up by 9.3 per cent, amounting to $8.8 million.

On the other hand, imports of textiles and textile articles increased by 15.5 per cent to $1,607.0 million, while imports of clothing and accessories edged up by 23.4 per cent, amounting to $117.3 million from January to July 2024. In July 2024, imports of textiles and textile articles increased by 41.4 per cent to $279.4 million, while imports of clothing and accessories rose by 88.0 per cent year-on-year to $18.4 million.

In 2023, garment exports from Sri Lanka were valued at $4,440.6 million, which was 19 per cent lower than the exports of $5,483.1 million in 2022. The imports of textiles and textile articles declined by 22.6 per cent to $2,371.2 million, and imports of clothing and accessories fell by 21.1 per cent, amounting to $170 million in 2023.

Fibre2Fashion News Desk (KUL)