- An uptick from September and October earnings
- Exports to UK in November improve on YoY basis
- January - November export earnings reach US$ 4.1 bn
Continuing on the declining path, Sr Lanka’s apparel export earnings in November contracted by 12.68 percent Year-on-Year (YoY), totaling US$ 371.17 million.
Since September 2022, apparel export earnings have been on a downward trend on a YoY basis, primarily due to the economic slowdown in major Western markets.
However, in comparison to the export figures of September (US$ 333.18 million) and October (US$ 330.95 million), the apparel sector demonstrated enhanced earnings in November, perhaps signalling potential turnaround, specially with the seasonal demand.
As per the provisional data shared by the Joint Apparel Association Forum (JAAF), only exports to the United Kingdom show positive growth with earnings expanding by 19.7 percent YoY, totalling US$ 48.34 million.
Exports earnings from key markets such as the United States dipped 15.12 percent YoY to US$ 141.09 million, while from the EU, earnings contracted by 7.18 percent YoY to US$ 126.62 million. Exports to ‘other’ markets declined 32.87 percent to US$ 55.07 million.
Apparel export earnings for the first eleven months of the year totalled US$ 4.1 billion, a 19.58 percent YoY contraction.
Earnings fetched from all markets dipped with the highest contraction seen from the United States. Export earnings from that market, the largest for Sri Lanka for the year so far, declined 23.81 percent YoY to US$ 1.63 billion.
Similarly, earnings from the EU and the United Kingdom declined by 17.81 percent YoY and 13.76 percent YoY to US$ 1.26 billion and US$ 572 million, respectively. Exports to ‘other’ markets contracted by 18.17 percent YoY to US$ 642 million.
Apparel is Sri Lanka’s largest industrial export and it earned US$ 5.95 billion in 2022. The country’s apparel sector has about 300,000 employees, most of whom are women.
JAAF anticipates a decrease of approximately one billion dollars in this year’s apparel and textile export earnings compared to last year.
DM