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Apparel sector on highway of potential growth
25
Apr '09
Sri Lanka's apparel industry is developing a positive image as an ethical manufacturing destination. Its apparel industry has adopted ethical practices supported by legislation and plays a pivotal role in the country's economic development while also improving the quality of life.

Apparel sector accounts for 95% of the total textile exports. Its apparel industry has a reputable status in the international market, and has glimpsed a dramatic expansion during the past decades. Sri Lanka's apparel export is mainly dependent on the US and the UK markets.

Trade restrictions imposed by US and EU on other countries favors the Sri Lankan apparel industry. As China is not able to ship out its apparels due to these restraints, customers started looking at countries like India and Sri Lanka as an alternative.

Revenue from apparel exports has shown a sustained increase over the past decade. Woven fabrics have the highest share in the total apparel exports; followed by knitted garments.

With a continuing increase in the global population and disposable income of the people the apparel industry is expected to grow by 5.3% over the next decade.

This growth promises a potential market share for all resourceful manufacturers who have built a reliable and long-term relationship with their intermediaries.

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Fibre2fashion News Desk - India


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