Sri Lanka Apparel Exporters Association (SLAEA) recently in a statement had said that apparel exporters are looking to break into new markets to achieve an US $ 8 billion revenue target for 2025. However the statement noted that they are facing domestic policy disruption.
According to the Sri Lanka Export Development Board (EDB), apparel exports grew 4.6% to US $ 4,960 million or nearly US $ 5 billion in 2018.
“In order to achieve the 2025 target an annual average compound growth of about 6% is required,” the Sri Lanka Apparel Exporters Association (SLAEA) said in their statement adding that it is higher than the actual rate that was achieved in 2018.
“As the traditional market is more or less static, the Sri Lankan apparel industry needs to penetrate into emerging markets such as India, China and Brazil” SLAEA Incoming Chairman Rehan Lakhani, speaking at the association’s annual general meeting, further said adding that the government has to continue the trade policies it had begun to support the industry.
“On the domestic front, we are faced with the challenge of overcoming a number of serious issues, namely the Sri Lanka Ports Authority tariff increase, new shipping policy draft, new procedure for monitoring of export proceeds, and the non-issuance of export releases,” Rehan Lakhani stressed.
Reports further note that SLAEA has launched a new program to eliminate negative stereotypes on women employed in the industry, to attract more employment into the labour deprived industry.
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