29 April 2024 04:05 am Views - 1597
- March exports up 7.7% YoY
- January – March cumulative exports down 0.69% YoY
Sri Lanka’s apparel industry saw its revenue cross the US$ 1 billion mark in the first quarter (1Q24) with exports expanding by 7.7 percent in March.
Apparel exports fetched revenue of US$ 418 million in March, with an improved performance seen in Europe (EU) and the United Kingdom.
Data shared by the Joint Apparel Association Forum (JAAF) showed that while exports to the United States (US) decreased by 2.81 percent, exports to the EU (excluding exports to UK) have grown by 5.62 percent, and exports to the UK have increased by 11.93 percent.
Exports to other countries have recorded an increase by 34.26 percent Year-on-Year (YoY).
Meanwhile, total exports during the three months from January to March 2024 contracted by 0.69 percent YoY to US$ 1.174 billion.
Overall exports to the US decreased by 5.11 percent while exports to the EU (excluding exports to UK) also decreased by 1.52 percent over the same period.
However, exports to the UK in 1Q24 expanded by 8.94 percent while exports to other countries also have indicated an increase of 3.02 percent over the same period in year 2023. Sri Lanka’s apparel sector is looking to generate revenue of US$ 4.5 billion in 2024.