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Apparel exports record satisfactory performance
26
Oct '09
Despite the global downturn, apparel industry of Sri Lanka has been able to maintain its steadiness by showing a satisfactory performance in the first quarter of 2009.

Apparel exports during the first quarter of 2009 amounted to US$ 801.3 million, which is an 8.8% growth comparatively over the previous year's figures of US$ 736.2 million.

Factors such as removal of surcharge on electricity, reduction in cost of furnace oil and implementing other measures announced in the Budget of 2009, all proved to be the key factors in boosting the industry's performance.

Timely announcement of Export Development Rewards Scheme by the Government enabled the Apparel Industry to maintain its competitiveness and prevent their major buyers from shifting to competitor countries.

The recent adjustment to exchange rates for which the apparel industry has been making representation has also had its desired positive impact.

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Fibre2fashion News Desk - India

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