In November 2023, Sri Lanka’s export earnings from the apparel sector declined by 12.68 per cent Y-o-Y to $371.17 million.
However, Sri Lanka apparel export earnings during the month reported a rise from $333.18 million in September and $330.95 million in October, indicating a potential turnaround, especially with the seasonal demand.
Provisional data by the Joint Apparel Association Forum (JAAF) shows, Sri Lanka’s export earnings from the United Kingdom surged by 19.7 per cent Y-o-Y to $48.34 million during the month.
On the other hand, exports earnings from key markets such as the United States dropped by 15.12 per cent Y-o-Y to $141.09 million, while from the EU, earnings declined by 7.18 per cent Y-o-Y to $126.62 million. Exports earnings from ‘other’ markets contracted by 2.87 per cent Y-o-Y to $55.07 million.
The largest decline in export earnings in the sector was seen from the United States markets, where export earnings declined by 23.81 per cent Y-o-Y to $1.63 billion.
Similarly, the EU and the United Kingdom markets reported a 17.81 percent Y-o-Y and 13.76 per cent Y-o-Y decline in export earnings to $1.26 billion and $572 million, respectively. Sri Lanka’s exports to ‘other’ markets contracted by 18.17 per cent Y-o-Y to $ 642 million.
Sri Lanka’s largest industrial export sector, apparel earned $ 5.95 billion in 2022. The sector employs around 300,000 people, most of whom are women.
Sri Lanka’s export earnings from textile and apparel sectors are expected to decrease by approximately one billion dollars this year, as per JAAF estimates.
