Sri Lanka's apparel exports continued to decline in October, with a 20 percent year-on-year decrease to $330.95 million, according to data from the Joint Apparel Association Forum (JAAF).
This downward trend in export earnings has been observed since September 2022, largely due to the economic slowdown in major Western markets.
The JAAF data reveals that exports to all major markets decreased in October, reflecting a slowdown in orders.
The United States, Sri Lanka's largest apparel market, saw a 16.81 percent year-on-year decline in exports to $128.22 million.
Exports to the EU, excluding the UK, also decreased by 24.79 percent year-on-year to $110 million. Exports to the UK experienced a 14.56 percent year-on-year decline, amounting to $43.66 million, while exports to other markets saw a larger decrease of 21.69 percent, totaling $49.07 million.
Cumulative exports for the January-October 2023 period fell by 20.5 percent year-on-year to $3,748.72 million.
The apparel industry is Sri Lanka's largest industrial export, generating $5.95 billion in earnings in 2022. The sector employs approximately 300,000 people, with a majority being women
