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Sri Lanka losing US market to nimble-footed competitors
18
Oct '10
China and Bangladesh to a great extent have seized market share of Sri Lanka in the United States apparel market. However, Sri Lanka can regain its lost glory and continue being at the peak by emphasizing on other attributes rather than, price competitive strength, a leading buyer of Sri Lankan apparels in US said.

Martin Trust, Head of US-based Brandot International, while addressing a business conference jointly held by Sri Lanka's Washington embassy and US authorities, in Colombo said that, Sri Lanka has not been able to recuperate from its losses as China is gaining ground in the US apparel market.

The region is faced with rising competition which is getting tougher with every passing day; he said and added that, it was in 2003 that he had forecast that, China would be exporting around US $20 billion worth of apparels to US by 2010.

The latest statistics revealed that, by 2009 China exported 23 billion USD worth of apparels to US, representing 41 percent of the market share, but still when considered on per capita basis Sri Lanka's exports exceeded that of China's.

But on the other hand, Sri Lanka's exports slumped by around 28 percent during the period, which depicts that, the country over last few years has been suffering a loss of about 500 million dollars per year.

In the meantime, China too has boosted its exports to US by some 163 percent, since 2004, Trust said.

Fibre2fashion News Desk - India


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