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Apparel Sector surpasses $1 bn in Q1’24, with March exports growing by 7.7%

April 29, Colombo (LNW): In the first quarter of 2024, Sri Lanka’s apparel industry achieved a significant milestone, with revenues exceeding US$ 1 billion.

March saw apparel exports generating US$ 418 million in revenue, driven by improved performance in European and UK markets.

Data released by the Joint Apparel Association Forum (JAAF) indicated a 2.81 per cent decrease in exports to the United States, countered by a 5.62 per cent growth in exports to the EU (excluding the UK) and an 11.93 per cent increase in exports to the UK.

Exports to other countries surged by 34.26 per cent year-on-year.

Despite this positive trend, total exports from January to March 2024 experienced a slight Y-o-Y contraction of 0.69 per cent, totalling US$ 1.174 billion.

Notably, exports to the US decreased by 5.11 per cent, while those to the EU (excluding the UK) declined by 1.52 per cent.

However, exports to the UK expanded by 8.94% per cent and exports to other countries showed a 3.02 per cent increase compared to the same period in 2023.

Looking ahead, Sri Lanka’s apparel sector aims to achieve a revenue target of US$ 4.5 billion in 2024.

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