In the first quarter of 2024 (1Q24), Sri Lanka’s apparel industry achieved a significant milestone as its revenue surpassed the US$ 1 billion mark, driven by a 7.7% year-on-year (YoY) expansion in March exports. March witnessed apparel exports generating revenue of US$ 418 million, with notable improvements observed in Europe (EU) and the United Kingdom.
Data provided by the Joint Apparel Association Forum (JAAF) revealed that while exports to the United States (US) experienced a modest decline of 2.81%, exports to the EU (excluding the UK) registered a growth of 5.62%, and exports to the UK surged by 11.93%.
Exports to other countries surged by an impressive 34.26% YoY.
Conversely, the cumulative exports for the first three months from January to March 2024 contracted slightly by 0.69% YoY, totaling US$ 1.174 billion.
Overall exports to the US declined by 5.11%, and exports to the EU (excluding the UK) also saw a decrease of 1.52% during the same period. However, exports to the UK in 1Q24 expanded by 8.94%, while exports to other countries indicated a growth of 3.02% compared to the corresponding period in 2023.
Sri Lanka’s apparel sector aims to achieve a revenue target of US$ 4.5 billion in 2024.
