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Sri Lankan textile & garment exports fall sharply in July

In the month of July 2023, Sri Lankan textile and garment exports totaled US $429 million, a sharp fall of 23.3 percent from 1 million in July 2022 and also marginally down from 0 million in the previous month.

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As per data released by Sri Lankan Central Bank, in the first seven months of the current year, clothing shipments stood at $2,630 million, a year on year drop of 19 percent.

Sri Lanka has been impacted by the global economic slowdown due to which, there has been a fall in clothing export orders from its main markets of the US, the EU and UK.
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Garments are Sri Lanka’s biggest industrial export and reached .
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95 billion last year, which helped the country weather its worst financial crisis since independence, triggered by a reduction in forex reserves.

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