Home / Knowledge / News / Apparel/Garments / Falling rupee may not help Sri Lankan garment exporters
Falling rupee may not help Sri Lankan garment exporters
22
Mar '12
Any depreciation in the Sri Lankan currency would not be of much help to the country's garment exporters, as it would lead to a corresponding rise in the costs of imported materials, the Export Development Board (EDB) has said.

For several years, Sri Lankan garment exporters have been urging for a weaker currency so they can compete with other Asian countries known for low-priced apparels.

In the past month, there has been a change in the approach of Sri Lanka's central bank, which has led to a 14 percent decline in the value of SL rupee.

Last year, Sri Lanka's exports rose by 22 percent year-on-year, mainly pushed by garment and tea exports. This year too, the country is expecting a similar rise in exports and has set a target of over US$ 13 billion.

However, current year's export target has become more challenging due to the impact of rupee devaluation, said EDB Chairman Janaka Ratnayake.

Mr. Ratnayake said exporters feel currency depreciation directly impacts export revenue in a positive manner. But the fact is that most of the garment exports are based on imports, whose costs will increase and hence profit margins will come down, he added.

Sri Lanka's industrial sector is mainly led by garments, which depends on imports for raw material and machinery.

Fibre2fashion News Desk - India


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

From left: Tania Polonnowita Wettimuny, MD, Hellmann Sri Lanka; Bart de Vries, Global COO Air & Sea Hellmann; Deshamanya Mahesh Amalean, Chairman, MAS Holdings; & Shirendra Lawrence, COO, MAS Holdings

Textiles | On 20th Feb 2018

Hellmann and MAS form joint venture HMSC

Hellmann Worldwide Logistics and MAS Holdings have formed Hellmann...

Interviews View All

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search