Home / Knowledge / News / Apparel/Garments / Sri Lankan garment sector may miss US$5bn target
Sri Lankan garment sector may miss US$5bn target
28
Nov '12
The Sri Lankan apparel sector may not be able to achieve the US$ 5 billion target fixed by the Government for 2015, mainly due to waning exports and increasing costs of production, according to experts.
 
In the first three quarters of the current year, clothing exports from Sri Lanka plummeted 7 percent over same period last year. The main fall was witnessed in exports to the EU and the US, which dipped by 10 percent year-on-year and 6 percent year-on-year, respectively.
 
Sri Lankan garment sector is losing its competitive edge in world market due to high production cost, and leading buyers are now shifting to cheap sourcing destinations, experts said at the annual meeting of the Sri Lankan Apparel Exporters Association.
 
Moreover, the financial crunch in European countries is making buyers cost conscious, which, too, is affecting Sri Lankan apparel exports, according to industry analysts.
 
Both the incumbent and the outgoing chiefs of the association said the loss of EU’s Generalized System of Preferences (GSP) Plus concessions by Sri Lanka two years ago have slowly started impacting the Sri Lankan garment industry.
 
EU has not extended the GSP Plus concessions mainly due to the Sri Lankan Government’s failure to implement UN conventions on labour rights and right to association and formation of trade unions in free trade zones.
 
In this context, the association urged the Government to implement the recommendations made by the Lessons Learnt and Reconciliation Commission (LLRC).
 
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

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

Marcel Alberts
Eurofibers

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

July 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

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

Yes No

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

Yes No

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


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



X