Apparel exports soared by 19% in September 2024, driven by strong demand from the United States
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Apparel exports soared by 19% in September 2024, driven by strong demand from the United States
Sri Lanka's apparel sector demonstrated robust growth in September 2024, with exports rising sharply by 19% year-on-year to reach $397 million, according to data from the Joint Apparel Association Forum (JAAF). This increase was fueled by steady demand from key markets, contributing to a cumulative total of $3.55 billion in apparel exports over the first nine months of the year, marking a 4% increase compared to the same period in 2023.
The United States, Sri Lanka's largest apparel buyer, saw a remarkable 37.79% rise in exports, totaling $168.45 million for the month. Exports to the European Union (excluding the UK) also showed positive growth, increasing by 5.16% to $112.3 million. Meanwhile, the UK, another significant market, experienced a 9.56% rise in apparel exports, amounting to $59.23 million. Additionally, shipments to other countries grew by 13.23%, contributing $56.75 million in revenue.
For the cumulative period from January to September 2024, exports to the United States increased by 5% to $1.43 billion. In contrast, exports to the EU experienced a slight decline of 0.5%, totaling $1.02 billion. However, the UK market saw a notable increase, with exports rising by 8.61% to $521 million, while other markets expanded by 6%, generating $570 million.
Overall, the impressive performance of the apparel sector highlights the resilience and adaptability of Sri Lanka's export industry in navigating global market dynamics.
Source: Daily Mirror / DailyFT