November apparel exports tick up 1% YoY

Sri Lanka’s apparel exports grew by a marginal 1.03 percent Year-on-Year (YoY) to US$ 374.94 million in November 2024, supported by higher shipments to the United States and the United Kingdom, data compiled by Joint Apparel Association Forum (JAAF) showed.

Exports to the United States, the island nation’s largest market, climbed 2.05 percent YoY to US$ 143.98 million, while exports to the UK surged 4.74 percent YoY to US$ 50.63 million. 

Shipments to the European Union (excluding the UK) declined 8.6 percent YoY to US$ 115.73 million, reflecting weaker demand from the bloc. Exports to other countries jumped 17.31 percent to US$ 64.60 million during the month.

For the first 11 months of 2024, total apparel exports expanded 5.27 percent YoY to US$ 4.3 billion compared to the same period in 2023. Exports to the United States and the UK grew 6.25 percent YoY and 9.37 percent YoY, while exports to the EU edged up 0.04 percent YoY. Shipments to other markets also posted a 9.43 percent YoY increase.

The local apparel sector kicked off the year with US$ 357.37 million in January. The sector peaked in August with US$ 485.62 million, reflecting strong seasonal demand. 

Afterward, exports moderated to US$ 396.73 million in September and US$ 406.36 million in October. November’s figure of US$ 374.94 million represents a slight dip from October but reflects a continued upward trend compared to earlier months.