Apparel exports in the first nine months of 2022 were up 18 per cent year on year. Sri Lankan garment exports in September 2022 rose by four per cent compared to September 2021.

This year on year growth was the lowest in six months. Prior to September, apparel exports had grown year on year by a high of 39 per cent (June) and a low of 19 per cent (August). In March export growth was flat.Exports to the US in September 2022 were down by four per cent while shipments to the EU were up by 15 per cent. Exports to the UK were up three per cent and other markets up 13 per cent.

Despite impressive exports so far in 2022 the industry envisages a 30 per cent decline in the remainder of the year. This is because the economic downturn is impacting future orders from the US and EU while the war in Ukraine has pushed up logistics and energy costs.

The US, EU and the UK comprise about 86 per cent of Sri Lanka’s total apparel exports. From January 2022 to September 2022, Sri Lanka’s export revenues from garment products were up by 18 per cent. So despite the political and economic turmoil, Sri Lanka’s garment export industry seems to be unaffected.