Sri Lanka Eyes $6B in Apparel Exports

Sri Lanka's garment export earnings increased 5% in 2024 despite declining prices, although they were still 10.3% less than the 5.3 billion dollars made in 2019 prior to the coronavirus outbreak, according to an industry association. With the right reforms and investments, Sri Lanka's garment industry could generate over $6 billion in export revenue, solidifying its standing as a world leader in ethical and high-quality production.

The Joint Apparel Exporters Forum stated that although the growth in 2024 was promising, the "stark facts highlight the need for more concentrated interventions to reclaim lost ground and chart a course to match and exceed the pre-pandemic export trajectory that Sri Lanka was on."

“Reclaiming pre-2019 levels and setting higher benchmarks is a challenge that requires a collective effort,” Yohan Lawrence, Secretary-General of JAAF said.

Exports to the UK increased 7.65% and were getting close to 2019 levels, aided by the ongoing demand for clothing made environmentally and ethically. Even though the EU's growth rate was only 0.81 percent, the industry has managed to hang onto its position in a fiercely competitive and heavily regulated market.

Both new market penetration and the tendency of the industry labeling, packing, and shipping directly to third countries on behalf of customers are demonstrated by the 10.13 percent increase in exports to emerging other markets.