In the month of July 2023, Sri Lankan textile and garment exports totaled US $429 million, a sharp fall of 23.3 percent from $551 million in July 2022 and also marginally down from $430 million in the previous month.
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.
Garments are Sri Lanka’s biggest industrial export and reached $5.95 billion last year, which helped the country weather its worst financial crisis since independence, triggered by a reduction in forex reserves.
Sri Lankan textile & garment exports fall sharply in July
