Concerns are being raised over fall in Sri Lanka’s apparel exports, particularly to the European Union (EU).
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
Harsha de Silva, a legislator representing Sri Lanka’s main opposition, said withdrawal of tariff preferences by the EU due to poor governance of Sri Lanka is expected to lead to a further fall in country’s apparel exports to the EU.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
During May this year, Sri Lanka’s apparel exports dipped by 13.5 percent to US$ 278.2 million, while first four months exports fell by 4.9 percent to US$ 1.6 billion.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
Mr. Silva, who is also a development economist with a PhD from the University of Missouri, said grappling against economic woes in the region, the country is now feeling the heat of withdrawal of the Generalized System of Preferences plus (GSP+) by the EU.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
GSP+ status is granted to the countries allowing broader rights and freedoms to their citizens as per the International Covenant on Civil and Political Rights.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
The legislator said the country’s monthly apparel exports that stood at US$ 367 million in January this year, dipped to US$ 278 million by May, 2012.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
He said the overflow of orders from China during early last year led to an overbooked situation, which eclipsed the effects of withdrawal of the GSP+ facility. However, the conditions are no more the same, and the impact is much more intense even than the demand slump in the EU, he added.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
The real impact of loss of the GSP+ is now becoming apparent, as the country is losing out on apparel export orders to the countries that are still enjoying the duty concessions with their good governance, and hence have a better competitive edge.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
As such, it would be wise to give a second-thought and make efforts to regain the GSP+ facility, he added.
Concerns are being raised over fall in Sri Lanka's apparel exports, particularly to the #
Fibre2fashion News Desk - India