Sri Lankan Apparel Exports Plunge 26% in Jan-Sept Period

The garment industry which accounts for around 45 percent of Sri Lanka’s export earnings saw apparel exports plunge 26 percent over a year ago period in the first nine months of the current year.

Between January and September 2023, Sri Lankan clothing exports slipped to $3.34 billion, down 26 percent over the comparable months of the earlier year.

Sri Lankan garment exports have been hit by slowdown in consumer spending in its main markets of the US and the EU

Stakeholders in the garment sector also complained about lack of steady supply of fuel and electricity, which is also affecting the operations of the industry.

Experts aver that the Sri Lankan government should prioritise the needs of businesses by providing more relief to business owners to face the crisis.