Apparel & Textile exports top USD 500 million after two years in August 2024
By: Staff Writer
October 03, Colombo (LNW): As per the provisional data released by the Sri Lanka Customs,otably, Apparel & Textiles exports surpassed the US$ 500 million mark in August 2024, after a gap of two years..Furthermore, export performance in August 2024 increased by 3.1 % compared to July 2024.
Earnings from export of Apparel & Textile have increased by 1.28 % to US$ 3,358.05 Mn during the period of January to August 2024 compared to the same period in 2023. Further, earnings from export of Apparel increased by 2.31 % in January to August 2024.
Garment exports from Sri Lanka were valued at $2,206.3 million during the first six months of 2024, marking a decline of 1.4 per cent compared to the $2,236.7 million exported during the same period in the previous year, according to statistics released by the Central Bank of Sri Lanka.
During January-June 2024, textile exports from the island nation dropped by 15.0 per cent year-on-year, totalling $146.6 million. The exports of other made-up textile articles were valued at $55.2 million during the same period, an increase of 7.3 per cent, as detailed in the bank’s report titled ‘External Sector Performance – June 2024’.
Exports of textiles, garments, and other manufactured textile articles collectively accounted for 49.78 per cent of all industrial exports from Sri Lanka during the reviewed period, the report indicated. All textile product exports amounted to $2,408.1 million in January-June 2024, while Sri Lanka’s total industrial exports were valued at $4,837.2 million in the same period.
In June 2024, all textile product exports from the country increased by 4.0 per cent year-on-year, totalling $447.2 million. Category-wise, garment exports increased by 4.0 per cent to $409.1 million, while textile exports rose by 4.3 per cent to $29.0 million. Exports of other manufactured textile articles edged up by 3.2 per cent, amounting to $9.1 million.
On the other hand, imports of textiles and textile articles increased by 11.2 per cent to $1,327.5 million, while imports of clothing and accessories edged up by 16.0 per cent, amounting to $99.0 million in January-June 2024. In June 2024, imports of textiles and textile articles increased by 20.2 per cent to $233.3 million, while imports of clothing and accessories rose by 4.2 per cent to $14.7 million.
In 2023, garment exports from Sri Lanka were valued at $4,440.6 million, which was 19 per cent lower than the exports of $5,483.1 million in 2022. The imports of textiles and textile articles had declined by 22.6 per cent to $2,371.2 million, and Sri Lanka’s imports of clothing and accessories were down by 21.1 per cent, amounting to $170 million in 2023.
