Sri Lanka’s apparel exports hit record low
Sri Lanka’s “Daily Financial Times” reported on February 24 that Sri Lanka’s exports of clothing products fell to the lowest point in the past five years in January 2023. Industry insiders are worried that the industry will decline in the next year. Facing severe challenges.
Reports indicate that Sri Lanka’s exports of clothing products in January were US$396.6 million, a sharp decrease of 18.6% year-on-year. Among them, exports to the United States fell by 24% to US$162 million, exports to the EU fell by 19% to US$113 million, exports to the United Kingdom fell by 8% to US$56.3 million, and exports to other markets fell by 10% to US$65 million.
Industry insiders pointed out that Sri Lanka’s exports of clothing products may continue to decline in the next six months or even longer. If we want to change the current situation, it is particularly important to open up new export markets, especially markets in emerging countries. We hope that under the leadership of President Wickremesinghe, the authorities can sign free trade agreements with trading partners as soon as possible.
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