Sri Lanka’s garment exports up 4.9% to $4.6 bn in 2024

Sri Lanka’s garment export sector has demonstrated resilience, with a 4.9% increase in exports in 2024, reaching a total value of $4.6 billion. This growth reflects the industry’s ability to adapt and maintain competitiveness in the global market, despite ongoing challenges. Garment exports remain a key driver of the country’s industrial economy, contributing significantly to its overall export earnings. However, textile exports excluding garments saw a slight decline of 2.4%, amounting to $1.2 billion, indicating mixed performance within the broader textile sector. The total value of textile product exports, which include both garments and other textiles, accounted for 50.6% of Sri Lanka’s industrial exports, showcasing the sector’s importance to the national economy. On the other hand, textile imports increased by 4.5%, reaching $1.3 billion, which highlights the industry’s dependence on raw material imports to support local production. While Sri Lanka’s garment sector continues to experience positive growth, the rising import value suggests a need for innovation and greater self-sufficiency in the industry. Developing new technologies, improving supply chain efficiency, and expanding into emerging markets could help further strengthen Sri Lanka’s position in the competitive global textile market.

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