Sri Lanka is a country known for its high-fashion intimate garment manufacturing but pandemic in 2020 has impacted the prices it is getting in shipment done to USA.
In August ’20, Sri Lanka upped its exports by 4 per cent in volume terms and shipped 34.90 million SME of garments as compared to 33.56 million SME garments in the same month of 2019.
However, the values of shipment fell 3.50 per cent to US $ 143.08 million from August ’19 that indicates the prices are reducing in orders placed by the US buyers in 2020. Unit prices were US $ 4.41 per SME in August ’19 which sharply declined to US $ 4.10 per SME in this year August.
Even in cumulative period January-August ’20, Sri Lanka’s unit prices have shrunk to US $ 4.15 per SME from US $ 4.49 per SME a year earlier in the corresponding period.
It’s worth mentioning here that Sri Lanka shipped US $ 945.47 million worth of garments to USA in first 8-month period of 2020, noting 22.91 per cent decline from a year earlier.
The share of MMF apparels was US $ 522.16 million (down 14.53 per cent) in the total shipped values, while cotton apparel products contributed US $ 395.36 million (down 32.23 per cent) in January-August ’20 period.