News

Apparel sector orders may decline by 30%

Published

1 year ago

November 8, 2022

editor

The amount of garments exported from Sri Lanka may decrease by at least 30% in the next four months, Free Trade Zone Investors Association General Secretary Dhammika Fernando said.

He said the current orders will only last until next January.

Sri Lanka has exported garments worth about USD 3,000 million from January to July 2022 out of which garments worth USD 1,040 million have been exported to the United States of America, USD 1,000 million to the European Union, USD 450 million to England and USD 480 million to other countries.

On an average basis, Sri Lanka earns nearly USD 5,000 million a year from garment exports.

Mr. Fernando said some of the orders received by Sri Lanka have been transferred to countries like Bangladesh, Cambodia, Laos, Myanmar, Vietnam and Ethiopia due to the political and economic instability prevailing in the country.

The inflation in many other countries including the United States, has also affected the reduction of orders.

The demand for Sri Lankan garments has also fallen due to the Russian-Ukrainian war, disruption of Russian gas supply, rising fuel prices and inflation in European countries.

News

Iran – SL sign 5 MoUs (Video)

Published

12 hours ago

April 24, 2024

editor

Iran and Sri Lanka signed five memorandums of understanding (MoUs), aimed at bolstering bilateral relations between the two countries.

The MoUs signed will cover cooperation in film, media, tourism, cooperatives, libraries, and cultural, scientific, technical, and sports fields between the two countries, the Presidential Media Division notes.

Earlier in the evening, the Iranian President – Dr. Ebrahim Raisi and his Sri Lankan counterpart President Wickremesinghe held one-on-one discussions, followed by a bilateral meeting between representatives of both nations at the Presidential Secretariat.

(Video – PMD)

BIZ

Imported milk powder prices slashed

Published

12 hours ago

April 24, 2024

editor

The price of imported milk powder will be reduced with effect from tomorrow (April 25), the Milk Powder Importers’ Association states.

Accordingly, the price of a 01 kg pack will drop by Rs. 250 – Rs. 300 while the price of 400g pack will be slashed by Rs. 100ත් – Rs. 130.

News

Injunction against Wijedasa and Sarathie

Published

17 hours ago

April 24, 2024

editor

The Colombo District Court today (April 24) issued an injunction order preventing the appointment of Minister Wijeyadasa Rajapakshe as the Acting Chairman of the Sri Lanka Freedom Party (SLFP).
The court has also issued an injunction order preventing MP Sarathie Dushmantha Mithrapala from functioning as the General Secretary of SLFP.

Colombo District Judge Sandun Withana issued these orders after considering a complaint filed against the respective appointments.