Sri Lanka’s apparel exports up 5% to $ 4.7 billion in 2024
Daily FT: Sri Lanka’s apparel exports in 2024 grew by 5% to $ 4.76 billion as per provisional data released by the Joint Apparel Association Forum.
Overall exports to the USA, EU (excluding UK), and to the UK have indicated an increase of 5.23% to $ 1.9 billion, 0.81% to $ 1.4 billion, and 7.65% to $ 675 million, respectively, in comparison to 2023. Exports to other countries also indicated an increase of 10.13% to $ 778.4 million in 2024.
Exports performance in 2024 trails the apparel industry’s best years of 2022, which saw shipments worth $ 5.6 billion, $ 5 billion in 2020, and $ 5.3 billion in 2019.
In December, apparel exports grew by a modest 2% year-on-year to $ 424 million. Exports to the US were down by 4% to $ 167.4 million and to the UK by 10% to $ 49 million. However, exports to the EU grew by 9% to $ 132 million in December and to other markets by 17% to $ 76 million.
However, overall December 2024 performance is lower than 2021 and 2022, which amounted to $ 494 million and $ 451 million, respectively.
OSL take:
Sri Lanka’s apparel industry is one of the key export commodities of the country bringing in a steadily increasing revenue to the country. The many trade agreements and concessions enjoyed by the country with many foreign countries have helped boost Sri Lanka’s apparel manufacturing and export sectors. The steady growth in the apparel exports is indicative of the increasing business potential in Sri Lanka’s apparel industry. The growth, profits and expansion recorded by local businesses in the apparel industry indicates the increasing business potential and lucrative nature of Sri Lanka’s apparel industry. There are many Sri Lankan apparel businesses that have already expanded operations to foreign countries indicating the business conducive environment in Sri Lanka to conduct an apparel manufacturing business. Foreign businesses/investors could therefore confidently explore the many business/investment opportunities in Sri Lanka’s apparel industry while also looking at forming partnerships or joint ventures with local businesses already operating in the industry with the aim of expanding operations locally and internationally.
Article Code : | VBS/AT/20250127/Z_3 |