Home / Knowledge / News / Apparel/Garments / Tough times loom on Sri Lankan garment sector
Tough times loom on Sri Lankan garment sector
09
Oct '12
Tough times seem to be looming on the Sri Lankan garment sector as European Commission (EC) has forewarned of a further decline in value of Sri Lankan rupee in terms of US dollar.
 
Additionally, the Sri Lankan garment exports have now started feeling the pinch of suspension of the EU’s Generalized System of Preference (GSP) Plus trade facility.
 
Roshan Lyman, Head of the European Commission trade delegation, said withdrawal of the GSP Plus facility did not impact Sri Lankan garment trade initially, as owing to civil unrest in Bangladesh European buyers had no option but to buy Sri Lankan apparels. However, the domestic industry has now started feeling the real impact of suspension of the facility.
 
Speaking at a seminar held by the EC to ponder on the Eurozone crisis and its impact on the Sri Lankan economy, Dr. Dilesh Jayantha, Economic Advisor to the European Chamber of Commerce, cautioned that over the next six months the exchange rate is likely to stabilize at around Lk Rs. 138 per one US dollar. In comparison, the dollar traded at around Lk Rs. 114 at the start of the year.
 
Dr. Indrajit Coomaraswamy, a former Director of Economic Affairs Division at the Commonwealth Secretariat and also an ex-employee of the Central Bank of Sri Lanka and the Finance Ministry, also supported Dr. Jayantha’s statement. 
 
Sharing his views on ongoing development in the money market, Dr. Coomaraswamy condemned recent issuance of an international bond and said that efforts to stabilize the exchange rate through state intervention and by inviting international borrowings would have its own implications.
 
All the three experts emphasized that concrete measures were inevitable for putting the Sri Lankan economy back on track.
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Apparel/Garments | On 21st Sep 2017

BFC announces partnership with Chinese firm JD.com

The British Fashion Council (BFC) has forged a new partnership...

Textiles | On 21st Sep 2017

Indonesia’s textile exports may reach $15 billion by 2019

Indonesia’s textile-related exports are projected to reach $15...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

September 2017

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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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