Sri Lanka is feeling the effects of the soft global clothing exports market more than most with exports forecast to be $1.1bn lower than expected in 2023 compared to 2022 despite the country’s improved political and financial situation.
It’s been a year like no other for Sri Lanka’s apparel sector. As the country continues to weather political and economic storms, Just Style reveals everything you need to know from a sourcing point of view, including its plan to target sustainable growth.
Cambodia’s clothing sector may continue to face challenges over its weak backward linkages and pressure to increase wages – balancing reasonable pay with international competitiveness in price sensitive markets – but its apparel export receipts remain healthy.
As Sri Lanka’s ex-prime minister is elected president, Just Style investigates how the country’s political and economic crisis is impacting the apparel sector right now as well as what it could mean in the long-term.
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Export earnings in Sri Lanka’s clothing sector for the June to August period are set to fall by 20-25%, with the sector likely to miss the US$6bn export target for the year, as the country’s political and economic crisis continues unabated.
A successful Sri Lanka Covid-19 apparel-sector worker vaccination programme – where over 90% of its employees have been jabbed with a single dose and 70% double-jabbed since June to date – has helped drive its clothing export sales.