Sri Lanka’s apparel exports sector confident of achieving targets despite Covid 19 challenges
Sri Lanka’s apparel exports industry has reportedly affirmed that the targeted export earnings forecast of US$ 5.1 billion for 2021 will be maintained regardless of the prevailing challenges faced due to the new wave of Covid-19.
Sri Lanka Apparel Exporters’ Association (SLAEA) Past President Yohan Lawrence has told The Morning that the apparel industry is only slightly below in achieving the targeted forecast of US$ 5.1 billion for 2021 apparel exports.
“We are just into the second quarter of the year and we are confident that things will get back to normal fairly soon,” Lawrence has been quoted as saying.
He has further stated that although there is some disruption to the operations due to several areas being isolated at the moment, the industry will maintain the initial target of US$ 5.1 billion for apparel exports.
“Currently, the plants are working closely with the health authorities to ensure that all possible precautions are being taken to ensure the safety of our employees at this time,” Lawrence has said, adding that the plants are working with the authorities to also see how they can safely get back to the full level of operation.
Export performance of textile and apparel exports had rounded up to US$ 3,938 million in 2020 in comparison to the US$ 5,205 million in 2019. Currently, the export performance of the textile and apparel sector stands at US$ 1,218 million so far for 2021.
According to reports, the main partners that have a demand for Sri Lankan textile and apparel exports are the US (43.14%), the UK (14.23%), Italy (8.69%), Germany (6.14%), Belgium (4.59%), the Netherlands (3.73%), Canada (2.87%), Australia (1.55%), France (1.89%), China (1.51%), India (0.94%), Japan (1.12%), Sweden (1.06%), and other (8.55%).
OSL take:
Sri Lanka’s apparel industry is one of the key revenue generators in the country’s manufacturing and exports sectors. The many trade agreements as well as trade concessions enjoyed by the country have further helped the expansion of Sri Lanka’s apparel industry. Also, the industry continued with operations even amidst last year’s lockdown due to the global Covid 19 pandemic. Sri Lanka’s apparel industry is therefore a business venture that provides potential business/investment opportunities.
| Article Code : | VBS/AT/20210510/Z_3 |