During January-March 2024, textile exports from the island nation dropped by 18.9 per cent year-on-year, totalling $72.1 million. The exports of other manufactured textile articles were valued at $30.5 million during the same period, an increase of 17.0 per cent, as detailed in the bank's report titled 'External Sector Performance – March 2024'.

Exports of textiles, garments, and other manufactured textile articles collectively accounted for 49.58 per cent of all industrial exports from Sri Lanka during the reviewed period, the report indicated. All textile product exports summed up to $1,248.3 million in January-March 2024, while Sri Lanka's total industrial exports were $2,517.3 million in the same period.

In March 2024, all textile product exports from the country gained by 6.6 per cent year-on-year, totalling $444.9 million. Category-wise, garment exports increased by 7.3 per cent to $407.3 million, while textile exports decreased by 8.2 per cent to $26.1 million. Exports of other manufactured textile articles gained by 24.0 per cent, amounting to $11.5 million.

On the other hand, imports of textiles and textile articles increased by 8.9 per cent to $658.5 million, while imports of clothing and accessories edged up by 24.3 per cent, amounting to $56.8 million in January-March 2024. In March 2024, textiles and textile articles decreased by 15.1 per cent to $187.9 million, while imports of clothing and accessories jumped by 45.7 per cent to $36.0 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 had declined by 22.6 per cent to $2,371.2 million, and Sri Lanka's imports of clothing and accessories were down by 21.1 per cent, amounting to $170 million in 2023.

Fibre2Fashion News Desk (KUL)