Sri Lanka's garment exports down 20% to $3,020 mn in Jan-Aug 2023

In the first eight months of 2023, textile exports from the island nation dropped by 1.4 per cent year-on-year, totalling $237.6 million. The exports of other manufactured textile articles were valued at $67.8 million during the same period, a decrease of 16.9 per cent, as detailed in the bank’s report titled ‘External Sector Performance – August 2023’. 

Exports of textiles, garments, and other manufactured textile articles collectively made up 53 per cent of all industrial exports from Sri Lanka during the reviewed period, the report showed. All textile product exports summed up to $3,325.7 million from January to August 2023, while Sri Lanka's total industrial exports were $6,273.6 million in the first eight months of the year. 

In August 2023, all textile product exports from the country dropped by 23.1 per cent year-on-year, totalling $436.2 million. Category-wise, garment exports decreased by 26 per cent to $390 million, while textile exports increased by 19.9 per cent to $38 million. Exports of other manufactured textile articles fell by 2.6 per cent, amounting to $8.3 million. 

On the other hand, imports of textiles and textile articles declined by 27.2 per cent to $1,584 million, while imports of clothing and accessories were down by 31.5 per cent, amounting to $108.6 million during January to August 2023. 

Fibre2Fashion News Desk (KUL)