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Clothing sector exports down for second month in row
24
Aug '09
Shipments from the biggest export revenue generator; clothing, from the island country of Sri Lanka has slipped for the second month in a row in the month of June 2009 by 5.6 percent, year-on-years.

This negative growth is though lower than that recorded in the month of May which witnessed exports dipping by an awesome 21.6 percent when corresponded with the same month of 2008.

Exports of apparel fell from US $252.6 million in June 2008 to $237.8 million in June 2009. This is more due to exports to US dipping by 21.6 percent, though shipments to the EU grew by 10.8 percent.

The export oriented garment sector had recorded a positive growth of 8.8 percent, but the dismal performance in the second quarter, led the growth to fall to 2.4 percent in the first half of 2009, when compared with same period of 2008.

Experts, however, opine that exports from the sector will pick up from the fourth quarter onwards, in time for the goods to hit the retailer's shelves in time for the spring 2010 season.

The Sri Lankan apparel sector is witnessing a consolidation of sorts, with the weaker ones being taken over by the big garment units and the ones which cannot be revived closing down for good.

The sector is also recording the highest number of job redundancies in recent history and the lay-off rate, according to experts is as high as rate 5 percent per month, due to a large number of factories shutting down.

Fibre2fashion News Desk - India

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