Sri Lanka’s apparel and textile exports top $ 500 million after two years in August 2024
Ada Derana: As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in August 2024 amounted to US$ 1,165.4 million, recording an increase of 4.18 % compared to the month of August 2023. This was mainly due to the increase in earnings from export of Apparel and textiles, tea, rubber-based products, coconut-based products and spices and concentrates.
Notably, after a gap of two years, apparel and textiles exports surpassed the US$ 500 million mark in August 2024.
Furthermore, export performance in August 2024 increased by 3.1 % compared to July 2024.
The estimated value of services exports for the month of August 2024 was US$ 318.77 million, increasing 6.49 % over the corresponding period of 2023.
Consequently, total exports for August 2024, including both merchandise and services, were recorded at US$ 1,483.13 million, increasing 4.67 % over the corresponding period of 2023.
OSL take:
Sri Lanka’s apparel exports sector has generated much revenue for the country through the years. The growth and profits earned by local businesses in the apparel sector has even resulted in many of them expanding operations to overseas countries as well. Hence, the growth and profits recorded by local businesses in the apparel sector stands testament to the growing business potential in the sector. The many trade agreements and trade concessions enjoyed by Sri Lanka with many foreign countries has also boosted the overall growth and expansion of the local apparel sector. In order to attract more foreign businesses/investors to the sector, local authorities have also presented various incentive schemes for those entering the apparel sector. With Sri Lanka fast becoming an emerging business destination and the volatility in some neighboring countries in the South Asian region, the business/investment opportunities in Sri Lanka continues to expand. Foreign businesses/investors while exploring opportunities in the apparel sector could also look at setting up bases in Sri Lanka to engage in business with other countries in the region. The increasing business potential and the growth as well as profits recorded by local businesses in the apparel sector, all indicate that the opportunities would serve foreign businesses/investors well with a guarantee of quick returns on investment.