Sri Lanka's garment exports down 20.6% to $3,345 mn in Jan-Sept 2023

In the first nine months of 2023, textile exports from the island nation dropped by 1.4 per cent year-on-year, totalling $266.8 million. The exports of other manufactured textile articles were valued at $76.4 million during the same period, a decrease of 15.8 per cent, as detailed in the bank’s report titled ‘External Sector Performance – September 2023’. 

Exports of textiles, garments, and other manufactured textile articles collectively accounted for 52.42 per cent of all industrial exports from Sri Lanka during the reviewed period, the report indicated. All textile product exports summed up to $3,688.7 million from January to September 2023, while Sri Lanka's total industrial exports were $6,997.9 million in the first nine months of the year. 

In September 2023, all textile product exports from the country dropped by 24.6 per cent year-on-year, totalling $363 million. Category-wise, garment exports decreased by 26.6 per cent to $325.2 million, while textile exports decreased by 1.3 per cent to $29.2 million. Exports of other manufactured textile articles fell by 6.3 per cent, amounting to $8.6 million. 

On the other hand, imports of textiles and textile articles declined by 26.9 per cent to $1,760.6 million, while imports of clothing and accessories were down by 27 per cent, amounting to $124 million during January to September 2023. 

ALCHEMPro News Desk (KUL)