Sri Lanka: Non-Knitted Men Apparel Market 2024

Non-Knitted Men Apparel Market Size in Sri Lanka

The Sri Lankan non-knitted men apparel market shrank notably to $X in 2022, falling by -35.5% against the previous year. In general, consumption saw a mild reduction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Non-Knitted Men Apparel Production in Sri Lanka

In value terms, non-knitted men apparel production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 16%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Non-Knitted Men Apparel Exports

Exports from Sri Lanka

Non-knitted men apparel exports from Sri Lanka skyrocketed to X units in 2022, picking up by 17% on 2021 figures. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 33%. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, non-knitted men apparel exports rose sharply to $X in 2022. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 37% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), the UK (X units) and Germany (X units) were the main destinations of non-knitted men apparel exports from Sri Lanka, with a combined 71% share of total exports. The Netherlands, Sweden, Belgium, Canada and the United Arab Emirates lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +10.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for men's or boys' clothing (not knitted or crocheted) exports from Sri Lanka, comprising 34% of total exports. The second position in the ranking was held by Germany ($X), with a 14% share of total exports. It was followed by the UK, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+9.2% per year) and the UK (-4.2% per year).

Export Prices by Country

The average non-knitted men apparel export price stood at $X per unit in 2022, with a decrease of -3.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2018 an increase of 29%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Knitted Men Apparel Imports

Imports into Sri Lanka

In 2022, imports of men's or boys' clothing (not knitted or crocheted) into Sri Lanka dropped to X units, approximately equating the previous year. Over the period under review, imports, however, saw a slight increase. The most prominent rate of growth was recorded in 2019 with an increase of 76%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, non-knitted men apparel imports stood at $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 62% against the previous year. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India (X units), Bangladesh (X units) and Vietnam (X units) were the main suppliers of non-knitted men apparel imports to Sri Lanka, with a combined 90% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +132.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-knitted men apparel suppliers to Sri Lanka were Bangladesh ($X), India ($X) and Vietnam ($X), together comprising 89% of total imports.

Vietnam, with a CAGR of +113.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average non-knitted men apparel import price amounted to $X per unit, rising by 14% against the previous year. Over the period under review, the import price, however, showed a slight descent. The pace of growth appeared the most rapid in 2013 an increase of 37% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+10.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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