April 20, 2024
Economy

Sri Lankan Textile & Garment Exports Dip 18.8% In Jan To Nov

In the period between January and November 2023, Sri Lankan exports of textiles and apparels decreased 18.84 percent from a year ago period to US $4.42 billion.

Of this, earnings from garment exports declined 20 percent in the first eleven months of 2023, while overseas shipments of textiles fell slower at 4.84 percent as against the same period in 2022.

Just like its other Asian competing countries, exports of Sri Lankan clothing have been badly impacted by the slowdown in consumer spending hit by high inflation in its main markets of the US and EU.

The Russia-Ukraine war and now the Israel-Hamas war has further escalated the decline in exports of textiles and garments from most Asian countries including Sri Lanka.

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