Apparel exports are one of the key contributors to Sri Lanka’s foreign currency liquidity. It has grown by 20% in mid-2022 compared to 2021 and recorded a historically highest export figure. But things changed in Jan 2023 as apparel exports fell by 18% due to the recession being experienced in the west.
The total apparel exports were recorded at 10.25% at end of 2022, where exports to the USA grew by 10.5%, to the EU by 9% and the rest of the countries by 15%. In mid-2022, the apparel exports to the USA has recorded a 30% growth, while 13% to 17% growth was recorded in the rest of the regions.