While Sri Lanka’s garment exports rose 25.7 percent in 2021 from US$3.939 billion in 2020, the South Asian country’s export volume of US$4.951 billion (about 4. 36 billion euros) in 2021 just under the 5 billion US dollar mark (around 4.4 billion euros). This is according to the December 2021 External Sector Performance report of the Central Bank of Sri Lanka. Textile exports increased 37 percent year-on-year to $355.4 million in 2021.
Sri Lanka’s garment exports account for 51 percent of the country’s total industrial exports, which totaled over US$9.7 billion in 2021. This represents an increase of 26.5 percent from 7.6 billion US dollars (about 6.7 billion euros) in 2020. Textile and clothing exports together accounted for 56 percent of all industrial exports in 2021 and increased by 22.9 percent to 5 .4 billion US dollars (approx. 4.75 billion euros).
“Revenues from the export of manufactured goods increased by 21.3 percent in December 2021 compared to December 2020. This increase is due to a broad-based increase in revenues from most manufactured goods, led by clothing, petroleum products, food, beverages and tobacco – and rubber products. … Exports of garments to all major markets improved,” says the report.
In the previous year, Sri Lanka’s textile and clothing exports fell by 21 percent to US$4.423 billion (around €3.89 billion) due to the corona pandemic, while in 2019 they were at US$5.596 billion (around €4.92 billion). ) lay. Although Sri Lankan garment factories soon resumed production for major markets like USA and Europe, some switched their production to manufacturing and exporting personal protective equipment, causing the sharp drop in garment exports. Overall, however, these rose again in 2021 and seem to continue this trend in 2022.
According to Aroon Hirdaramani, director of the Colombo-based sustainable clothing manufacturer Hirdaramani Group, at the Sri Lanka Economic Summit in December 2021, the country’s clothing exports can even increase to 8 billion US dollars (around 7.04 billion euros) by 2025. as the sector increases its investments in local supply chains.