Export earnings from Sri Lanka’s apparel sector expanded by 3.29 per cent Y-o-Y to $414 million in July 2024 as against export earnings of $401.18 million in July 2023.

Sri Lanka’s exports to the United States grew by 5.47 per cent Y-o-Y to $183.21 million during the month while exports to the United Kingdom and other markets increased by 8.19 per cent Y-o-Y and 3.40 per cent Y-o-Y to $55.72 million and $60.82 million. However, exports to the European Union contracted by 2.16 per cent Y-o-Y to $ 114.63 million.

Cumulative export earnings from the sector contracted by 0.15 per cent Y-o-Y to Rs.2.67 billion during the first seven months, from Jan-July’24 as compared with the $2.68 million in the Jan-July 2023 period.

For the first seven months of the year, exports to the United States and European Union contracted by 1.52 per cent Y-o-Y and 4.09 per cent Y-o-Y.

Exports to the United Kingdom expanded by 7.18 percent Y-o-Y, while exports to other markets grew by 2.05 percent Y-o-Y.

Yohan Lawrence, Secretary General, Joint Apparel Association Forum (JAAF)notes, for sustained growth, government policies need to remain consistent and supportive, providing a stable environment for the sector to flourish. The industry needs to adapt to the market changes, add value and leverage e trade agreements to boost export growth in the coming months,he adds.