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January 28, 2019

Sri Lanka eyes 4-5% apparel export growth for 2019

By Hannah Abdulla

Sri Lanka is expecting to deliver a 4-5% year-on-year growth in apparel exports in 2019, the country’s leading apparel industry association has said.

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Speaking to local publication The Daily Star, Tuli Cooray, secretary general at the Joint Apparel Association Forum (JAAF), said he assumed the UK would not leave the EU on a No-Deal Brexit basis, but is hopeful instead that a deal will be negotiated that will help Sri Lanka realise that 4-5% export growth target

Last month, the country’s 2018 export target was revised downward from US$5.5bn to US$5bn, after exports slipped in October to US$403m from US$407m a year earlier, following lower demand from the US, one of its largest markets.

JAAF now says it is on track to deliver export targets of US$5.05bn for 2018. The total exports during the January-November period grew 4.92% year-on-year to US $4.58bn. 

In November, apparel exports grew 10% year-on-year to $447m, with rising shipments to both main markets – the US and the EU. Exports to the US were up to US$218m from $187m a year earlier, and exports to the EU for the month grew to $170m from $166m.

Cooray said: “We have in fact managed to arrest the downward trend which was there in 2018,  and we are gradually moving towards an upward trend.”

However, Felix Fernando, chairman of the Sri Lanka Apparel Exporters Association, warned industry stakeholders to “expect modest figures for December.”

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Free Report
img

How can brands navigate the post-COVID-19 Apparel market?

In 2021, the Global Apparel market remained at 3% below pre-pandemic levels, with Europe and LATAM lagging behind. If they want to see full recovery, brands must look ahead. GlobalData is therefore offering this free report, Future of the Apparel Market Post Pandemic, to assist companies in adapting to the future market. This report explores the following topics:
  • Latest forecasts for the online apparel market out to 2025
  • How different regions and categories will perform, including which regions are lagging behind and which are performing at pre-pandemic levels
  • Which categories within the Apparel market are displaying resilience
  • Which brands are driving online spending
  • Impact of inflation on the Global Apparel market
  • What the biggest trends are that apparel businesses must adopt to succeed
Read our report on the Future of the Apparel Market Post Pandemic to gain valuable insights on how to best position your brand in a post-COVID-19 world.
by GlobalData
Enter your details here to receive your free Report.

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