SriLanka: Jan'22 Apparel Exports set a 5 yr record
02 March 2022, Mumbai:
Sri Lanka’s apparel exports in January 2022 achieved the highest level for that month in the last five years. This performance demonstrates the industry’s underlying strength as it bounced back from the sustained shocks from the impact of the pandemic over the last two years.
Sri Lanka’s apparel export earnings rose to US$ 487.6 million in January 2022, overtaking the US$ 452 million recorded in January 2019, prior to the pandemic, by 8%. Growth over January 2021 export earnings was 23%.
“Amidst significant turbulence, this strong performance is testimony to the resilience of Sri Lanka’s apparel industry and augurs well for the industry’s progress towards realising its goals for 2025,” said Yohan Lawrence, Secretary-General, Joint Apparel Association Forum (JAAF), the apex body of the Sri Lankan apparel industry.
The industry’s 2030 vision is to transform Sri Lanka to a global apparel hubby that year; an intermediate goal is to increase annual export earnings from apparel to US$8 billion by 2025.
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“Through close cooperation between all key stakeholders, the apparel industry can further increase its already-strong contribution to the national economy, as a major generator of vital foreign exchange and high-quality employment,” Lawrence added.
The industry’s January 2022 performance also reflects the success of rigorously applied safety measures adopted by the sector, in close cooperation with health authorities, to minimise the spread of the pandemic among employees to zero.
“January’s impressive performance was also made possible by strong demand from buyers and the healthy pipeline of orders for upcoming months, which are grounds for optimism,” Jafferjee added.
“The international outlook remains challenging, however, considering growing tensions in Europe.”. About JAAF The Joint Apparel Association Forum is the apex body which guides Sri Lankan apparel towards its ultimate goal of being the world’s number one apparel sourcing destination.
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