Ceylon Chamber of Commerce report notes unutilised export potential of Sri Lanka’s apparel industry
‘Sri Lanka – United Kingdom Bilateral Trade and Investment’ report launched last week by the Ceylon Chamber of Commerce (CCC) has reportedly noted that Sri Lanka’s apparel industry could significantly boost its exports to the United Kingdom (UK) with US$ 4.7 billion unutilised export potential.
CCC Chief Economist Shiran Fernando has reportedly revealed that Sri Lanka has US$ 4.7 billion indicative trade potential in terms of apparel exports to the UK market with a large unutilised export potential.
He has made this observation while sharing key findings of the report with the business community.
Sri Lanka’s apparel and textile exports to the UK reached US$ 642 million last year; accounting for 78 percent of the country’s exports to that market, local media has quoted the CCC report.
According to the CCC report, apparel exports represent 46 percent of Sri Lanka’s total export potential to the UK.
The report has further noted that Sri Lankan exporters also had high potential to increase vegetable products, plastic, rubber, transportation and machinery, electrical products exports to the UK.
Also, FMCGs, pharmaceutical and technology services have been identified as potential areas for more collaboration and investment between the two countries.
OSL take:
The report by the CCC is of great importance due to its identification of the potential of increasing exports to the UK. Sri Lankan apparel industry is a key exporter to the UK and as noted by the report, there is yet untapped potential for Sri Lanka to exploit. Local businesses could explore these untapped areas and exploit the potential to its fullest. This also indicates an ideal business/investment opportunity for foreign businesses/investors by engaging in Sri Lanka’s exports sector by forming a joint venture/partnership with a local company.
| Article Code : | VBS/AT/24072019/Z_4 |