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

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)