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Trade Trends News
29-04-2024
Sri Lanka's apparel exports are showing signs of rebound, with March exports hitting the highest level in the past 15 months.
According to Sri Lanka's export data, apparel exports in March amounted to $418.3 million, a 7.7% year-on-year increase. More importantly, March's performance represents the highest monthly export earnings since reaching $442.6 million in December 2022 and the highest level so far in 2024.
Impressively, Sri Lanka's export data for March shows a significant rebound that helped apparel exports break the $1 billion mark in the first quarter, reaching $1.17 billion, a slight decrease of 0.7% compared to the same period last year. In 2023, apparel exports declined by 19% to $4.5 billion, marking the first decrease in three years or since 2020. The industry achieved its highest-ever export earnings of $6 billion in 2022.
In March, Sri Lanka's export data indicates that apparel exports to all major markets grew, with the United States being the largest market for the industry. Exports to the US declined by 2.81% to $147.75 million, while exports to the European Union (excluding exports to the UK) increased by 5.62% to $124 million. Exports to the UK increased by 11.93% to $66 million, and exports to other countries increased by 34% to $80.72 million. In the first quarter of 2024, overall exports to the US declined by 5.11% to $446 million. Exports to the EU (excluding exports to the UK) decreased by 1.5% to $339 million.
However, compared to the first quarter of last year, Sri Lanka's overall apparel exports to the UK increased by 9% to $183 million, and exports to other countries also increased by 3% to $207 million.
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