Sri Lanka : Sri Lanka's apparel exports rise after EU GSP+ reinstatement

Home / Knowledge / News / Apparel/Garments / Sri Lanka's apparel exports rise after EU GSP+ reinstatement

Sri Lanka's apparel exports rise after EU GSP+ reinstatement

18
Nov '17

Sri Lanka’s apparel exports from January to September 2017 has increased by 11.3 per cent to $1.67 billion due to the European Union's tariff concession Generalized System of Preferences plus (GSP+), according to industries and commerce minister Rishad Bathiudeen. He termed it as GSP+’s most prominent success for Sri Lankan exports till now since its reinstatement.

Minister Bathiudeen was addressing the launch of the third edition of Intex South Asia 2017 in Colombo on November 15. Apparel exports to EU had increased by only 2 per cent from January to September 2016 in comparison to the same period in 2015.

A strong presence of Chinese, Indian and Hong Kong participants was seen at the three-day expo, according to Sri Lankan media reports.

Though US market is not connected to EU GSP, the country’s apparel exports to the United States too has increased this year by 12 per cent to $1.8 billion between January to September.

Sri Lanka’s overall apparel exports during the same period this year increased by 13.4 per cent to $3.97 billion in comparison to $3.5 billion during the same period last year.

In 2016, Sri Lanka's apparel exports were pegged at $4.86 billion, about 43 per cent of the total Sri Lankan exports basket. (DS)

Fibre2Fashion News Desk – India

More European Union News...