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Sri Lanka earns $5.3 bn in apparel export earnings in 2019

30
Jan '20
Pic: Shutterstock
Pic: Shutterstock
Sri Lanka earned $5.3 billion in apparel export earnings in 2019—a 5.1 per cent year on year (YoY) increase—despite a slight decline in such figures in December, Tuli Cooray, secretary general of Joint Apparel Association Forum (JAAF) recently said. The sector is targeting $6 billion in revenue by the end of this year continuing with the growth momentum recorded last year.

Export earnings grew in all markets including the United States and the European Union (EU). However, apparel export earnings have declined by 1.71 percent YoY to $460 million in December due to a slowdown in key EU and US markets.

The industry is confident of achieving this year’s target because of the generalised scheme of preferences plus (GSP+) facility. It is also looking at the possibility of sourcing fabric from Indonesia and Bangladesh in addition to India and Pakistan, Cooray was quoted as saying by Sri lankan media reports.

At present, 47 per cent of Sri Lanka’s apparels enjoy the facility where as the industry plans to reach up to the level of 60 per cent this year. The industry is working with the government to set up a fabric park which is due to be completed within 18 months to reduce dependability, he said.

There are six factories that supply fabric of export quality at present and plans are under way to increase the number of such factories to achieve the desired result by ensuring supply side sustainability, he added.

Fibre2Fashion News Desk (DS)


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