Apparel exports up 5% to $ 4.7 b in 2024

Thursday, 23 January 2025 05:27 - - {{hitsCtrl.values.hits}}

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.