Sri Lanka's garment exports down 18.2% to $2,236.7 mn in Jan-Jun 2023

In the first half of 2023, textile exports from the island nation dropped by 4.5 per cent year-on-year, totalling $172.4 million. The exports of other manufactured textile articles were valued at $51.5 million during the same period, a decrease of 19.3 per cent, as detailed in the bank’s report titled ‘External Sector Performance – June 2023’.

Exports of textiles, garments, and other manufactured textile articles collectively made up 53.30 per cent of all industrial exports from Sri Lanka during the reviewed period, the report showed. All textile product exports summed up to $2,460.6 million from January to June 2023, while Sri Lanka's total industrial exports were $4,616 million in the first half of the year.

In June 2023, all textile product exports from the country dropped by 24.4 per cent year-on-year, totalling $430.0 million. Category-wise, garment exports decreased by 25.3 per cent to $393.4 million, while textile exports declined by 11.3 per cent to $27.9 million. Exports of other manufactured textile articles fell by 20.4 per cent, amounting to $8.8 million.

On the other hand, imports of textiles and textile articles declined by 29.2 per cent to $1,194.0 million, while imports of clothing and accessories were down by 34.8 per cent, amounting to $85.3 million from January to June 2023.

ALCHEMPro News Desk (KUL)