Sri Lanka’s Joint Apparel Association Federation notes 12.2 percent increase in apparel exports in June 2018
Sri Lanka’s Joint Apparel Association Federation (JAAF)) has stated that the country’s apparel exports have grown by 12.1 percent from a year earlier to US$ 427 million in June 2018.
Data have further revealed that the EU and minor markets have recorded double digit growth, while half year exports have grown up by 5 percent.
According to JAAF, for the first half of 2018, apparel exports have grown by 5 percent to US$ 2.4 billion.
Reports further state that the European market helped most to boost exports in June with the GSP+ trade benefits. Exports to the EU have reportedly increased 16.35 percent to US$ 185 million, compared to 2017.
Sri Lanka Apparel Exporters Association Chairman Felix Fernando has been quoted as saying that he is expecting exports to the EU to grow above 10 percent in 2018.
Fernando has reportedly said that new clients are switching from East Asian destinations to Sri Lanka over Trump-China trade war fears, and local capacities are expected to remain full for the foreseeable future due to GSP+.
Exports to the US in June have grown 7.8 percent to US$ 180 million compared to a year earlier.
JAAF has also stated that exports to other countries have increased 12.7 percent to US$ 62 million in June compared to a year earlier.
According to reports, the US has remained the biggest buyer of Sri Lankan apparel with US$ 1 billion of exports, growing 3.8 percent in the first half of 2018.
The increase in apparel exports in June 2018 is part of the overall growth experienced by Sri Lanka’s exports sector. However, the apparel sector in Sri Lanka is greatly benefited by the EU’s GSP Plus trade concession and the US GSP facility. As noted in the official data, US remain the biggest buyer of Sri Lankan apparels. Given the trade benefits enjoyed by the Sri Lankan apparel sector, foreign businesses/investors could look at business opportunities to engage in Sri Lanka’s apparel exports sector.
|Article Code :||VBS/AT/09082018/Z_1|