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Sri Lankan apparel exports post high growth in 2011
19 Apr '12
1 min read
The garment sector in Sri Lanka has registered high growth in exports last year and is well on course to achieve its target of reaching US$ 5 billion revenue by 2016.
Despite the loss of GSP+ concessions, the Sri Lankan apparel industry was able to surpass US$ 4 billion in exports during 2011. This is well in line with the target of US$ 5 billion set by Joint Apparel Association Forum (JAAF) under its five year strategic plan for 2011-16.
Several garment manufacturing units that were shut during the global economic crisis of 2008, have been acquired by leading clothing brands and these units have become fully operational now.
Sri Lankan garment sector faces stiff competition from other SAARC countries like Bangladesh, India and Pakistan and it will be a challenge for the sector to maintain US$ 4 billion level in exports in the midst of the ongoing debt crisis in eurozone and quickly rising exchange rates.
Hence, apparel firms in Sri Lanka are currently exploring possibility of exporting to non-traditional markets so as to sustain the present growth level.
Despite the loss of GSP+ concessions, the Sri Lankan apparel industry was able to surpass US$ 4 billion in exports during 2011. This is well in line with the target of US$ 5 billion set by Joint Apparel Association Forum (JAAF) under its five year strategic plan for 2011-16.
Several garment manufacturing units that were shut during the global economic crisis of 2008, have been acquired by leading clothing brands and these units have become fully operational now.
Sri Lankan garment sector faces stiff competition from other SAARC countries like Bangladesh, India and Pakistan and it will be a challenge for the sector to maintain US$ 4 billion level in exports in the midst of the ongoing debt crisis in eurozone and quickly rising exchange rates.
Hence, apparel firms in Sri Lanka are currently exploring possibility of exporting to non-traditional markets so as to sustain the present growth level.
Fibre2fashion News Desk - India
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