Apparel exports hit US$ 3.3B from Jan-July

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Sri Lanka’s second largest foreign exchange earner, apparel exports, during the first seven months of this year, rose 20.43 per cent to US$ 3.3 billion from 2.75 billion a year ago, with exports continuing to improve. 

According to statistics released by the Joint Apparel Association Forum, apparel exports in July this year reached US$ 522 million, up 22.64 per cent from US$ 425 million worth of exports recorded during the corresponding month of last year. 

On a cumulative basis, during the first seven months of this year apparel exports to the United States increased 27 per cent to US$ 1.4 billion from US$ 1.1 billion a year ago, while exports to the European Union increased 14.56 per cent to US$ 963 million from US$ 840 million, exports to UK increased 18 per cent to US$ 455 million from 385 million and exports to other destinations increased 16.64 per cent to US$ 484 million from 415 million.

In July this year, apparel exports to the United States increased 16.93 per cent to US$ 213 million from US$ 182 million a year ago, while exports to the European Union increased 32.30 per cent to US$ 154 million from US$ 116 million, exports to the UK increased 29.32 per cent to US$ 75 million from U$ 58 million and exports to other destinations increased 15.65 per cent to US$ 71.4 million from 61.7 million.

Last year, Sri Lanka’s apparel exports increased 22 per cent to US $ 5.07 billion according to the Joint Apparel Association Forum and the industry hopes to increase foreign exchange earnings to US$ 8 billion by 2025.

By Mario Andree