Sri Lanka’s Apparel Exports Experience Sharp Decline of 20.55% in 2023
Sri Lanka’s apparel exports faced a significant setback, experiencing a 20.55% decline, totaling US $3.75 billion from January to October 2023, according to recent data from the Sri Lanka Apparel Exporters Association (SLAEA). The breakdown reveals a 19.15% decrease in exports to the European Union (EU), amounting to US $1.14 billion, and a 24.75% decline in exports to the United States, contributing US $1.49 billion. Together, the EU and the USA accounted for 70.33% of the overall shipment values.
Of particular concern is October 2023, emerging as the worst October for Sri Lanka’s apparel exports in the last five years. The country shipped apparels worth US $330.95 million in October 2023, marking a notable downturn.
This challenging trend underscores the impact on Sri Lanka’s apparel industry, necessitating a closer examination of the contributing factors and potential strategies to address and reverse this decline in the coming months.