According to recent data from the Sri Lanka Apparel Exporters Association (SLAEA), the country’s RMG exports experienced a 20.55 per cent decline, totalling US $ 3.75 billion from January to October 2023.
Breaking down the figures, exports to the European Union (EU) amounted to US $ 1.14 billion, reflecting a 19.15 per cent decrease, while the United States contributed US $ 1.49 billion, marking a 24.75 per cent decline.
Together, the EU and USA accounted for 70.33 per cent of the overall shipment values.
Looking at monthly exports, October ’23 stands out as the worst 10th month for Sri Lanka’s apparel exports in the last five years.
The country shipped apparels worth US $ 330.95 million during October ’23. The previous lowest shipment value was recorded in October ’20, the pandemic year, with an export value of US $ 331.14 million.
Source: apparel resources.com
