Sri Lanka’s apparel sector has achieved a significant milestone by surpassing $3 billion in earnings, thanks to a double-digit growth in August. The industry witnessed a remarkable 22% year-on-year increase in export revenue during August, as per the provisional data released by Sri Lanka Customs.
In August alone, the apparel sector’s export earnings reached $485.62 million, with positive growth seen in exports to all markets. Export to the United States expanded by 22.9% to $209.4 million, while exports to the European Union grew by 18.84% to $140.51 million. Additionally, exports to the United Kingdom and other markets also showed substantial growth of 17.74% and 30.91% to $62.39 million and $73.32 million, respectively.
The cumulative export earnings for the first eight months of the year, ending in August, amounted to $3.158 billion, marking a 2.41% increase year-on-year. The analysis revealed that exports to all markets, except the European Union, experienced positive growth. Exports to the United States, United Kingdom, and other markets grew by 1.82%, 8.49%, and 5.36% to $1.26 billion, $462 million, and $513 million, respectively. However, exports to the European Union witnessed a slight decline of 1.16% year-on-year to $914 million.
The consistent growth in export revenue for the apparel sector reflects the industry’s resilience and competitiveness in the global market. Despite the challenges posed by the ongoing pandemic, Sri Lanka’s apparel sector has managed to maintain its upward trajectory and contribute significantly to the country’s economy.
The positive performance in August and the cumulative earnings exceeding $3 billion demonstrate the sector’s potential for further growth and expansion. As the industry continues to adapt to changing market dynamics and consumer preferences, it is poised for continued success in the coming months.
Overall, the apparel sector’s achievement of reaching the $3 billion milestone is a testament to its strength and ability to thrive in a competitive international landscape. Sri Lanka’s position as a key player in the global apparel market is further solidified by this milestone, paving the way for sustained growth and development in the future.