Sri Lanka's apparel exports face challenges

Sri Lanka's "Daily Financial Times" recently reported that the export of Sri Lanka's apparel industry is facing severe challenges. In Apr, the export value of Sri Lanka's apparel industry was 318 million US dollars, a sharp decline of 24% year-on-year, which was the lowest value in recent years. From Jan to Apr, the export value was 1.5 billion US dollars, a year-on-year decrease of 17%. Among them, the export value of Sri Lanka's apparels to the United States in Apr were 129 million US dollars, a year-on-year decrease of 25.5%, and that to the EU dropped to 90 million US dollars, a year-on-year decrease of 27.53%. Industry insiders said that the increase in market inventory and the recent increase in Sri Lankan apparel procurement costs are the main factors for the decline in exports. At the same time, Sri Lanka is rapidly losing its competitive edge as customers are asking Sri Lankan suppliers to cut prices due to cheaper prices in Bangladesh, Egypt and other African countries.