According to Sri Lanka’s “Daily Finance” report on June 10, Sri Lanka’s garment industry has no autumn orders from August to September, and warned that the impact of the new crown epidemic on the garment industry may be prolonged and intensified. Loss of income.
In August 2019, the revenue of Sri Lanka’s garment industry was US$473 million, an increase of 6.62% from US$444 million in the previous year. Among them, US$215 million came from the United States and US$199 million came from the European Union. In September 2019, the industry earned $427 million despite reduced demand from the United States. The Joint Apparel Association of Sri Lanka (JAAF) predicts a 30-40% revenue decline for the industry in 2020.
In the first quarter of 2020, Sri Lanka’s apparel exports dropped by US$2.26 billion from US$1.37 billion in the first quarter of 2019, a year-on-year decrease of 15.2%. According to the latest report from the central bank, clothing industry revenue fell to US$294 million in March from US$494 million in March 2019, a year-on-year decrease of 40.6%. Overall textile and apparel industry revenue fell to US$1.25 billion in the first quarter from US$1.47 billion in 2019, a year-on-year decrease of 14.9%. </p
