Ministry Of Commerce: Sri Lanka Daily Financial Times Clothing Industry Exports Facing Challenges

Sri Lanka's Daily Financial Times reported on May 22 that Sri Lanka's clothing industry exports are facing severe challenges. In April, the export volume of Sri Lanka's clothing industry was 318 million US dollars, down 24% year on year, the lowest in recent years. The export volume from January to April was 1.5 billion US dollars, down 17% year on year. Among them, Sri Lanka's clothing exports to the United States in April were 129 million dollars, down 25.5% year on year, and its exports to the EU fell to 90 million dollars, down 27.53% year on year. Industry insiders said that the increase in market inventory and the recent rise in clothing procurement costs were the main factors for the decline in export volume. At the same time, due to cheaper prices in Bangladesh, Egypt and other African countries, customers often ask Sri Lanka's suppliers to reduce prices, and Sri Lanka is rapidly losing its competitive advantage.