Apparel / Textiles & Accessories

Sri Lanka reported on May 22nd that its clothing industry is facing severe challenges in international trade exports. In April, the international trade export value of Sri Lanka's clothing industry reached 318 million US dollars, a significant decrease of 24% year-on-year, which is the lowest value in recent years.

The international trade export volume from January to April was 1.5 billion US dollars, a year-on-year decrease of 17%. Among them, Sri Lanka's clothing exports to the United States in April were $129 million, a year-on-year decrease of 25.5%, while its international trade exports to the European Union decreased to $90 million, a year-on-year decrease of 27.53%. Industry insiders have stated that the increase in market inventory and the recent increase in clothing procurement costs are the main factors contributing to the decline in international trade exports.

At the same time, due to cheaper prices in Bangladesh, Egypt, and other African countries, customers often demand price reductions from suppliers, and Sri Lanka is rapidly losing its competitive advantage.