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

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Lenzing

Textiles | On 25th Jun 2018

Lenzing launches Veocel nonwoven speciality brand

Leading fibre company, the Lenzing Group has unveiled Veocel, the new ...

Interviews View All

Nitin Bhatia
Trend Arrest

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

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search