Garment export revenue increased by 30% in May

Earnings from garments exports in May 2022 grew substantially by 30 percent, compared to May 2021, to record US dollars 446 million, according to the Joint Apparel Association Forum (JAAF). Export of garments to all major markets, such as the United States, the European Union, and the United Kingdom, has improved in May 2022.

Accordingly, the JAAF says that it appreciates the remarkable contribution made by all the stakeholders in the industry, ensuring that the garment sector in Sri Lanka will continue to commit to achieving its desired goals.

Contributing approximately 6% to Sri Lanka’s Gross Domestic Product (GDP) and accounting to nearly half of all merchandise exports, the garment industry forms the backbone of the national economy, the Joint Apparel Association Forum says.

While the industry continues to face significant constraints due to ongoing disruptions in energy supply and freight operations, the sector’s cumulative export earnings in the first five months of the year rose by 16.7% to USD 2.2 billion, the Joint Apparel Association Forum noted. For 2022, the JAAF says the target is $6 billion, which the industry is hopeful of achieving despite the current environment.