<p style="margin: 0px; text-align: justify;">Sri Lanka's apparel exports hit new lows as April performance fell sharply by 24 percent as against last year. The exports for the month were valued at 318 million USD. Cumulatively, the performance in the first four months declined Year on year by 17 percent to 1.5 billion USD.</p>''<p style="margin: 0px; text-align: justify;"> </p>''<p style="margin: 0px; text-align: justify;">April 2023 exports value was the lowest in recent years barring the Covid-19 pandemic hit 2020. The previous lowest was in 2018 April which was 323 million USD. The exports had declined in March as well by 11 percent. Since September last year, apparel exports from Sri Lanka have been on a downward trend year on year. All major markets have witnessed a reduction in purchases. Apparel exports to the US, EU, and UK markets decreased by 25.5 to 27.5 percent.</p>''<p style="margin: 0px; text-align: justify;"> </p>''<p style="margin: 0px; text-align: justify;">Apart from higher inventories in markets, industry analysts said Sri Lanka has also become expensive for apparel sourcing as compared to other countries.</p>''<p style="margin: 0px; text-align: justify;"> </p>''<p style="margin: 0px; text-align: justify;"><span style="color: #222222;">Sri Lanka is known for its apparel industry and traditionally has had a significant presence in global markets. The island nation exports a wide range of garments, including apparel made from cotton, synthetic fibers, and knitwear. Sri Lanka's apparel exports play a significant role in its economy and the creation of employment opportunities for its population.</span></p>