November export earnings total US$ 371.17 mn
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 its downward trend, Sri Lanka’s apparel export earnings fell 12.68 per cent year on year (YoY) in November, totalling US$ 371.17 million.
Since September 2022, apparel export earnings have been declining on a year-on-year basis, owing primarily to the economic slowdown in major Western markets.
However, in comparison to September (US$ 333.18 million) and October (US$ 330.95 million), the apparel sector showed increased earnings in November, possibly indicating a potential turnaround, especially with seasonal demand.
Only exports to the United Kingdom show positive growth, with earnings increasing by 19.7 per cent year on year, totalling US$ 48.34 million, according to preliminary data shared by the Joint Apparel Association Forum (JAAF).
Earnings from key markets such as the United States fell 15.12 per cent year on year to US$ 141.09 million, while earnings from the EU fell 7.18 per cent year on year to US$ 126.62 million. Exports to ‘other’ markets fell 32.87 per cent year on year to US$ 55.07 million.
Apparel export earnings totalled US$ 4.1 billion in the first eleven months of the year, a 19.58 per cent decrease year on year.
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 per cent YoY to US$ 1.63 billion.
Similarly, earnings from the EU and the United Kingdom declined by 17.81 per cent YoY and 13.76 per cent YoY to US$ 1.26 billion and US$ 572 million, respectively. Exports to ‘other’ markets contracted by 18.17 per cent 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.
