Defying crisis, Sri Lanka's garment exports up 16.7% in Jan-May '22

20 Jul '22

2 min read

Pic: 123rf.com

Sri Lanka has registered an impressive growth in garment and textile export in the first five month of this year despite the ongoing economic and political crisis. Garment exports from the island nation stood at $2,206.6 million in January-May 2022 registering an increase of 16.7 per cent over exports of $1,890.9 million in the same period of previous year, according to the statistics released by the Central Bank of Sri Lanka.

Sri Lankan textile exports increased by 17.9 per cent year-on-year to $149.2 million during the same period. However, exports of other made-up textile articles stood at $52.7 million during January-May 2022, registering a decline of 3.2 per cent year-on-year, according to the central bank’s report ‘External Sector Performance – May 2022’.

Textiles and garments exports accounted for 56.40 per cent of all industrial exports from Sri Lanka during the five-month period of this year, the report showed.

On the other hand, imports of textiles and textile articles rose by 19.6 per cent to $1,404.7 million, while clothing and accessories imports were up by 21.4 per cent to $109.7 million during January-May 2022.

During the month of May 2022, garment and textile exports from the South Asian nation registered a growth of 29.9 per cent year-on-year. Category-wise, garment exports increased by 30.4 per cent to $436.7 million, textile exports rose by 34.4 per cent to $37 million. Exports of other made-up textile articles were up by 1.7 per cent to $10.1 million.

Fibre2Fashion News Desk (KUL)