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In the first quarter of 2024, Sri Lanka's apparel industry reached a significant milestone as its revenue surged past the US$ 1 billion mark, with exports witnessing a notable expansion of 7.7 percent in March. Notably, apparel exports brought in US$ 418 million in March, with particularly encouraging performance observed in Europe (EU) and the United Kingdom. According to data shared by the Joint Apparel Association Forum (JAAF), while exports to the United States (US) experienced a slight decline of 2.81 percent, exports to the EU (excluding the UK) saw a growth of 5.62 percent, and exports to the UK surged by 11.93 percent. Moreover, exports to other countries exhibited a remarkable increase of 34.26 percent year-on-year (YoY). Despite these positive trends, the overall exports during the first three months of 2024 contracted by 0.69 percent YoY, amounting to US$ 1.174 billion. This decline was primarily driven by decreases in exports to the US (5.11 percent) and the EU (excluding the UK) (1.52 percent). However, exports to the UK in the first quarter of 2024 expanded by 8.94 percent, while exports to other countries also indicated a modest increase of 3.02 percent compared to the same period in 2023. Looking ahead, Sri Lanka's apparel sector is aiming to generate revenue of US$ 4.5 billion in 2024, building upon the positive momentum observed in the first quarter.
