In March 2024, Sri Lanka’s apparel exports increased by 7.7 per cent over the previous year to $148 million.

As per the preliminary data from the Joint Apparel Association Forum (JAAF), this robust rebound propelled the country’s apparel exports beyond the $1 billion mark for the first quarter, reaching $1.17 billion. Although this reflects a marginal decrease of 0.7 per cent from the same period last year, it signals a significant recovery from the challenges faced in 2023, when exports declined by 19 per cent to $4.5 billion from their peak of $6 billion in 2022.

Industry analysts attribute this resurgence in exports to improved market conditions.

In March, Sri Lanka’s apparel exports to all major markets increased, with the exception of the United States, the industry's largest market. This is despite a 6 per cent increase to $65.4 million recorded in February.

Exports to the US declined by 2.81 per cent to $147.75 million, while exports to the EU (excluding the UK) increased by 5.62 per cent to $124 million. Meanwhile, exports to the UK expanded by 11.93 per cent to $66 million, and exports to other countries spiked by 34 per cent to $80.72 million. Over the first quarter of 2024, overall exports to the US decreased by 5.11 per cent to $446 million, and exports to the EU (excluding the UK) dipped by 1.5 per cent to $339 million.

However, exports to the UK saw a notable uptick of 9 per cent to $183 million, and exports to other countries also showed a promising increase of 3 per cent to $207 million compared to the first quarter of the previous year.