Trump just imposed a 44% tariff on Sri Lanka on its exports to the US.
You will see how this will hit the local economy, especially the apparel industry with many losing income and their jobs.
https://www.bbc.co.uk/news/live/c1dr7vy39eet
Sri Lanka’s exports to the United States encompass a variety of products, with the apparel sector being the most prominent. In 2023, the total export value from Sri Lanka to the U.S. was approximately USD 2.79 billion. The key export categories and their respective values for that year were: 
• Apparel and Clothing Accessories:
• Knit or crocheted: USD 1.07 billion 
• Not knit or crocheted: USD 733.76 million 
• Rubber and Rubber Products: USD 315.39 million 
• Machinery and Mechanical Appliances: USD 84.57 million 
• Coffee, Tea, Mate, and Spices: USD 69.87 million 
• Iron and Steel Articles: USD 51.21 million 
• Precious Stones and Metals: USD 46.58 million 
• Miscellaneous Chemical Products: USD 43.86 million 
The apparel industry not only leads in export value but also plays a significant role in Sri Lanka’s economy, employing about 15% of the country’s workforce. 
Over the past five years, Sri Lanka’s exports to the U.S. have experienced a modest annual growth rate of approximately 1.38%, increasing from USD 2.78 billion in 2018 to USD 2.98 billion in 2023. 
These figures underscore the importance of the U.S. as a key trading partner for Sri Lanka, with apparel and rubber products being the primary drivers of export revenue.
23 Viewers
