SL sets $5.2B apparel export target this year

By Ishara Gamage

Sri Lanka will target over US$ 5.2 billion in apparel export earnings this year, courtesy of the restoration of the Generalized System of Preferences Plus (GSP+) facility, a top apparel exporter said.
According to the latest available statistics, export earnings from textiles and garments in November have risen by 11.54% (year-on-year) to US$ 406 million. During the first eleven months of 2017, Sri Lanka’s earnings from textiles and garments increased by 1.52% year-on-year to US$ 4.366 billion, over 2016.
During the first eleven months of 2017, there were US$ 1.96 billion in exports to USA and US$ 1.8 billion in exports to European Union.

“However, our full year (2017) apparel export expectation is around US$ 4.8 billion,” he said.
Sri Lanka has an ambitious US$ 8 billion apparel export target in 2020.

“We are happy to say that we are gradually gaining the GSP + benefits; during last 2/3 months, it has really boosted our exports,” he said.

The apparel sector is Sri Lanka’s highest industrial employment generator and the highest foreign exchange earner.