Sri Lanka's garment exports up 2.3% to $3 bn in Jan-Aug 2024

From January to August 2024, textile exports from Sri Lanka saw a year-on-year decline of 14.9 per cent, totalling $202.1 million. During the same period, exports of other made-up textile articles rose by 7.3 per cent, amounting to $72.7 million, according to the Central Bank's report titled ‘External Sector Performance – August 2024’.

The combined exports of textiles, garments, and other manufactured textile articles accounted for 50.52 per cent of all industrial exports from Sri Lanka during the reviewed period. Total textile product exports amounted to $3,364.8 million between January and August 2024, while Sri Lanka's overall industrial exports were valued at $6,658.6 million for the same period.

In August 2024, textile product exports increased by 17.4 per cent year-on-year, reaching $512.1 million. By category, garment exports saw a significant rise of 22.4 per cent, totalling $477.5 million, whereas textile exports fell by 31.8 per cent to $25.9 million. Exports of other manufactured textile articles increased by 5.4 per cent, reaching $8.7 million.

On the import side, textiles and textile articles saw a rise of 16.1 per cent, totalling $1,839.3 million, while imports of clothing and accessories increased by 26.8 per cent, amounting to $137.7 million between January and August 2024. In August 2024 alone, imports of textiles and textile articles rose by 20.8 per cent to $232.3 million, while imports of clothing and accessories surged by 50.3 per cent year-on-year, reaching $20.4 million.

In 2023, Sri Lanka's garment exports were valued at $4,440.6 million, a 19 per cent decrease from the $5,483.1 million exported in 2022. Meanwhile, imports of textiles and textile articles dropped by 22.6 per cent to $2,371.2 million, and imports of clothing and accessories declined by 21.1 per cent, totalling $170 million in 2023.

ALCHEMPro News Desk (KUL)