[Sri Lanka] - Verticality key for Sri Lanka as apparel exports grow 5% in 2024

INSUBCONTINENT EXCLUSIVE:
When combined with direct exports of fabrics, Sri Lankas overall export worth surpassed the $5bn mark, with JAAF recommending it showcases
the nations durability in the face of both regional and international adversities.Sri Lankas apparel growth and key market performanceIn
2019, Sri Lankas clothing exports stood at $5.3 bn, which suggests that the 2024 figures represent a 10.3% shortfall compared to that
benchmark year, which was before the pandemic and recession
This contrast underlines the need for strategic efforts to recover lost momentum and to go beyond the development levels seen before the
worldwide health crisis.JAAF mentions the sector has demonstrated resilience over the past five years in spite of the pandemic-induced dip
in 2020 when exports plunged to $4.1 bn, a 22% drop from 2019
After peaking momentarily in 2022 due to overstated post-Covid recovery expectations, the industry faced obstacles again in 2023 due to
inflationary pressures and decreased customer spending
The current years development also shows pricing pressures dealt with by the industry.At the very same time, essential trends in market
performance suggest motivating developments: When combined with direct exports of fabrics, Sri Lankas overall export value surpassed the
$5bn mark, with JAAF suggesting it showcases the nations strength in the face of both regional and worldwide adversities.Sri Lankas apparel
development and key market performanceIn 2019, Sri Lankas garments exports stood at $5.3 bn, which indicates that the 2024 figures represent
a 10.3% shortfall compared to that benchmark year, which was before the pandemic and recession
This contrast underlines the need for tactical efforts to recover lost momentum and to surpass the development levels seen before the
international health crisis.JAAF explains the sector has actually demonstrated resilience over the previous 5 years in spite of the
pandemic-induced dip in 2020 when exports plummeted to $4.1 bn, a 22% drop from 2019
After peaking temporarily in 2022 due to overstated post-Covid healing expectations, the market dealt with challenges again in 2023 due to
inflationary pressures and lowered consumer spending
The present years development likewise shows rates pressures faced by the industry.At the very same time, crucial patterns in market
performance suggest encouraging advancements.-- Agencies