27 Aug 2024      

•  July apparel export earnings total US $ 414mn
•  Cumulative export earnings cross US $ 2.6bn, a 0.51% YoY dip

Sri Lanka’s apparel sector performance expanded in the month of July from the corresponding period of the previous year, indicating an improvement in the order books.

As per the provisional data, the apparel sector saw its export earnings expand 3.29 percent year-on-year (YoY) to US $ 414 million. In July 2023, the sector fetched export earnings amounting to US $ 401.18 million.

Exports to key markets, except one, grew in July.

Exports to the United States grew 5.47 percent YoY to US $ 183.21 million, while exports to the United Kingdom and other markets grew 8.19 percent YoY and 3.40 percent YoY to US $ 55.72 million and US $ 60.82 million.

Exports to the European Union witnessed a contraction of 2.16 percent YoY to US $ 114.63 million.

With the apparel sector having recorded a contraction in export earnings in three of the seven months of the year, the cumulative earnings, when compared with the corresponding period in 2023, have contracted marginally. Export earnings through July totalled Rs.2.67 billion, a 0.51 percent dip YoY when compared with the US $ 2.68 million in the January-July 2023 period.

The cumulative analysis shows that for the first seven months of the year, exports to the United States and European Union contracted by 1.52 percent YoY and 4.09 percent YoY.

Exports to the United Kingdom expanded 7.18 percent YoY, while exports to other markets grew 2.05 percent YoY.

Speaking to Mirror Business, Joint Apparel Association Forum Secretary General Yohan Lawrence noted that for sustained growth, it is crucial that the government policies remain consistent and supportive, providing a stable environment for the sector to flourish.

According to Lawrence, a positive trend is the growing interest in sustainable and ethical manufacturing, which has started to bear fruit. 

“This shift could create new opportunities for Sri Lanka’s apparel industry to stand out globally. Moving forward, the focus must be on adapting to market changes, adding value and leveraging trade agreements to drive export growth in the coming months,”he said.

https://www.dailymirror.lk/print/breaking-news/July-apparel-export-earnings-up-3-3-YoY/108-290369