COLOMBO : Sri Lanka's apparel export earnings slumped by $900 million in the first nine months this year, an industry association said on Friday, as slowing global demand undermines a mainstay of the struggling South Asian country's economy.Apparel is Sri Lanka's largest industrial export and earned $5.
FILE PHOTO: A woman hangs dresses at Timex garments factory in Wattala, Sri Lanka June 13, 2018. Picture taken June 13, 2018. REUTERS/Dinuka Liyanawatte/File PhotoCOLOMBO : Sri Lanka's apparel export earnings slumped by $900 million in the first nine months this year, an industry association said on Friday, as slowing global demand undermines a mainstay of the struggling South Asian country's economy.
But this year, the industry has struggled with garment exports up to September dropping 39 per cent to $3.4 billion year-on-year, latest data from the Joint Apparel Association Forum , the industry's top body, showed. The JAAF said in May it expected Sri Lanka would lose a total of about $1 billion in apparel export earnings this year but the losses up to September indicate the total for the year might surpass that projection.
"Losses have bottomed out. It will not get worse. We are past the worst of it and we may see some upswing at the end of the year but nothing much to write home about," Lawrence told Reuters.
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