Sri Lanka’s garment exports stood at $778.4 million during January-February 2023, which decreased 16.8 per cent over the exports of $935.6 million in the same period of the previous year, as per statistics released by the Central Bank of Sri Lanka. Its garment exports dropped by 14.7 per cent in February 2023 due to the slowdown in the world economy.
Sri Lanka’s garment exports decreased by 16.8 per cent to $778.4 million in Jan-Feb 2023, compared to the same period in 2022.
Textile exports increased by 9.1 per cent, while other made-up textile articles decreased by 21.6 per cent.
Overall, textile products exports totalled $855.7 million, accounting for 54.87 per cent of all industrial exports.
During the first two months of 2023, textile exports from the island nation increased by 9.1 per cent year-on-year to $60.5 million. The exports of other made-up textile articles stood at $16.8 million during the same period, down 21.6 per cent, according to the central bank’s report titled ‘External Sector Performance’.
Textiles, garment, and other made-up textile articles’ exports together accounted for 54.87 per cent of all industrial exports from Sri Lanka during the period under review, the report showed. The exports of all textile products totalled $855.7 million in January-February 2023. While Sri Lankan total industrial exports stood at $1,558.3 million in the first two months of the current year.
In February 2023, all textile products exports from the South Asian nation declined by 13.1 per cent year-on-year to reach $431.3 million. Category-wise, garment exports decreased by 14.7 per cent to $389.5 million, while textile exports gained 19.5 per cent to $33.1 million. The exports of other made-up textile articles were down by 27.1 per cent to $8.8 million.
On the other hand, imports of textiles and textile articles eased 40.1 per cent to $383.4 million, while clothing and accessories imports were down by 33.8 per cent to $32.2 million during January-February 2023.
Fibre2Fashion News Desk (KUL)
