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Sri Lanka's garment exports ease 16.5% to $1,843.3 mn in Jan-May 2023

04 Jul '23
2 min read
Pic: Shutterstock.com
Pic: Shutterstock.com

Insights

  • Sri Lanka's garment exports dropped 16.5 per cent to $1,843.3 million in January-May 2023, due to the global slowdown.
  • Textile exports fell 3.1 per cent to $144.6 million.
  • Despite the decline, textile-related exports constituted 53.07 per cent of all industrial exports.
  • Imports of textiles also fell by 28.8 per cent to $999.9 million during the same period.
Sri Lanka's garment exports were valued at $1,843.3 million from January to May 2023, showing a decrease of 16.5 per cent compared to exports of $2,206.6 million during the same period in the previous year, according to statistics released by the Central Bank of Sri Lanka. The country's garment exports fell by 14.2 per cent in May 2023 due to a global economic slowdown. 

In the first five months of 2023, textile exports from the island nation dropped by 3.1 per cent year-on-year, totalling $144.6 million. The exports of other manufactured textile articles were valued at $42.7 million during the same period, a decrease of 19 per cent, as detailed in the bank's report titled 'External Sector Performance'. 

Exports of textiles, garments, and other manufactured textile articles collectively made up 53.07 per cent of all industrial exports from Sri Lanka during the reviewed period, the report showed. All textile product exports summed up to $2,030.6 million from January to May 2023, while Sri Lanka's total industrial exports were $3,825.2 million in the first five months of the year. 

In May 2023, all textile product exports from the country dropped by 14.5 per cent year-on-year, totalling $413.9 million. Categorically, garment exports decreased by 14.2 per cent to $374.6 million, while textile exports declined by 18 per cent to $30.4 million. Exports of other manufactured textile articles fell by 12.1 per cent, amounting to $8.9 million. 

Conversely, imports of textiles and textile articles declined by 28.8 per cent to $999.9 million, while imports of clothing and accessories were down by 35.1 per cent, amounting to $71.2 million from January to May 2023. 

Fibre2Fashion News Desk (KUL)

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