Sri Lanka's garment exports drop 20% to $4,032 mn in Jan-Nov 2023

In the first eleven months of 2023, textile exports from the island nation dropped by 3 per cent year-on-year, totalling $314.3 million. The exports of other manufactured textile articles were valued at $91.8 million during the same period, a decrease of 13.5 per cent, as detailed in the bank's report titled 'External Sector Performance – November 2023'. 

Exports of textiles, garments, and other manufactured textile articles collectively accounted for 52.30 per cent of all industrial exports from Sri Lanka during the reviewed period, the report indicated. All textile product exports summed up to $4,439.7 million from January to November 2023, while Sri Lanka's total industrial exports were $8,486.8 million in the first eleven months of the year. 

In November 2023, all textile product exports from the country dropped by 11.9 per cent year-on-year, totalling $396.2 million. Category-wise, garment exports decreased by 12.7 per cent to $364.6 million, while textile exports increased by 0.9 per cent to $24.7 million. Exports of other manufactured textile articles fell by 8 per cent, amounting to $6.9 million. 

On the other hand, imports of textiles and textile articles declined by 23.6 per cent to $2,188 million, while imports of clothing and accessories were down by 22.8 per cent, amounting to $155 million during January to November 2023. 

ALCHEMPro News Desk (KUL)