Apparel exports hit all-time high in June

Monday, 25 July 2022 01:09 - - {{hitsCtrl.values.hits}}

June nets over half- a-billion $ in exports
Up 39.45% YoY to $ 537 m, highest ever for any month
Exports to US up 67.6% and EU by 24%
Industry reverts to and outperforms
pre-COVID resilience
1H exports up 20% at $ 2.8 b as against $ 2.6 b in 2019 1H

Apparel exports in June had reached an all-time high figure for a month of $ 537 million as well as in the first half with $ 2.8 billion, reaffirming the sheer resilience of the private sector driven industry.

According to the Joint Apparel Association Forum (JAAF), June 2022 performance had beaten the previous highest for a month of $ 504 million achieved in March 2019. From a year ago, June 2022 achievement reflects a strong 39.45% growth. In May, YoY growth was 30%.

Confirming the apparel industry has not only reverted to pre-COVID resilience but bettered it, the first half figure of $ 2.8 billion is above the $ 2.62 billion achieved in the first of half of 2019, the industry’s best year so far with $ 5.6 billion in exports for the full year.

In comparison to the first half of 2021, the latest performance reflects a 20% growth. In 2021 apparel exports rose by 23% to $ 5.43 billion.

JAAF sources said that in June exports to the USA were up by a significant 67.6% to $ 231.38 million while shipments to the EU (excluding exports to UK) saw a 24% increase to $ 158.48 million. Exports to the UK were up 16% to $ 69.52 million. JAAF also said exports to other countries too have recorded an increase of 31.52% to $ 77.27 million in June 2022 compared to a year ago.

Recently the Board of Investment (BOI) said investors continue to show interest in Sri Lanka’s apparel and textile industry despite political turbulence in the market. BOI had signed agreements worth $76 million for new investments and expansions in the sector for 2022 so far.