Sri Lanka's garment exports up 5.7% to $3.8 bn in Jan-Oct 2024

From January to October 2024, textile exports from Sri Lanka saw a year-on-year decline of 14.1 per cent, totalling $248.8 million. During the same period, exports of other manufactured textile articles rose by 6.4 per cent, amounting to $90.2 million, as reported in the Central Bank's publication titled External Sector Performance – October 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 this period. Total textile product exports amounted to $4,215.4 million between January and October 2024, while Sri Lanka's overall industrial exports were valued at $8,342.4 million for the same period.

In October 2024, textile and garment exports rose by 21.8 per cent year-on-year, reaching $431.3 million. By category, garment exports saw a substantial increase of 23.1 per cent, totalling $397.5 million, while textile exports gained 7.4 per cent to $24.5 million. Exports of other manufactured textile articles increased by 10.4 per cent, reaching $9.4 million.

On the import side, textiles and textile articles saw an 18.5 per cent rise, totalling $2,352.9 million, while imports of clothing and accessories increased by 27.7 per cent, amounting to $177.7 million between January and October 2024. In October 2024 alone, imports of textiles and textile articles rose by 21.5 per cent to $272.2 million, while imports of clothing and accessories surged by 40.6 per cent year-on-year, reaching $21.4 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.

Fibre2Fashion News Desk (KUL)