Sep 11, 2017

Sri Lanka eyes apparel sector boost

Sri Lanka’s apparel sector is to gain a competitive market edge in the EU market following the restoration of GSP plus facility, Export Development Board (EDB) sources said.

The apparel industry believes that it will enable the country to earn an additional US$ 500 million during the next 18 months from the expected increase in their order books.

The EDB is keen to carry out a number of programs covering the apparel sector for maximum utilisation of GSP+ restoration. Initially, EDB is geared to develop strategies for this potential sector to maximise export revenue

The apparel sector would be the biggest user of the GSP+ scheme. With a considerable duty waiver of around 10% for apparel products, Sri Lankan apparel exporters could definitely have a competitive market edge in the EU market.

Sri Lanka's apparel sector exports are expected to reach US$8 billion in by 2020, a top apparel industry official said. "After regaining GSP + we believe that apparel exports will increase in the coming years, he added.

Apparel exports surged to $ 2.1 billion during first seven months this year and it stood at $ 4.6 billion last year. US, UK, and Italy were the major buyers,