Vital for SL to remain a competitive location for apparel manufacturing: JAAF

As Sri Lanka looks to build back its exports, it is vital that the island nation remains a competitive location for the manufacture of apparel, the Joint Apparel Association Forum (JAAF) said. 
JAAF Secretary General Yohan Lawrence noted it is prudent to call out the appreciation of the Sri Lankan rupee, as it does not 
augur well.
“We are likely to see a reduction in the value of exports in the next eight to nine months, as the strengthening Sri Lankan rupee is impacting the future order books,” he told Mirror Business while commenting on the export performance of the apparel sector.
March saw a welcome return to US $ 400 million for the month. Year-to-date, this brings Sri Lanka apparel to US $ 1,175 million, which is however still a little below the same period last year (US $ 1,183 million). 

“There are some signs of volumes returning but we are still away from the peak of 2022,” he said.
The number for the USA in March was lower than February. 
“With the US being our single biggest export market, this is something we need to keep an eye on in the next few months. Globally apparel imports into the US grew in February 2024 and it will be interesting to see how the data for other countries exporting apparel to the US compare. This information is not yet to hand,” shared Lawrence. 
He went on to note that the category of ‘other’ markets showed a significant growth last month, which is a good sign.
“This would be to the non-traditional markets, the biggest of these being Canada. Exports to China and Hong Kong have also grown; these are more likely to be exports done for our major brands,” noted Lawrence.