- November apparel exports up 10% to US $ 447mn
- Modest export figures expected in December
- Industry eyes 4% to 5% growth this year
By Nishel Fernando
As the apparel export growth picked up pace in November last year, the apparel industry expects to surpass the US $5 billion mark in 2018 for the first time, recording the best growth in apparel exports since 2013.
The 35th Annual General Meeting of the Sri Lanka Apparel Exporters Association was held on 28th November 2017 at the Hilton Colombo Residences.
Sri Lanka Apparel during its existence in the last 4 decades grew and set itself as the leading manufactured product exporter of Sri Lanka representing 43% of industrial exports and 40% of merchandising exports. With a contribution to the GDP in the range of 7% during the last decade and employment opportunities for 40% of the active labour force in the country, Sri Lanka Apparel supports and enriches the lifeline of millions of families directly and indirectly.Sri Lanka Apparel during its existence in the last 4 decades grew and set itself as the leading manufactured product exporter of Sri Lanka representing 43% of industrial exports and 40% of merchandising exports. With a contribution to the GDP in the range of 7% during the last decade and employment opportunities for 40% of the active labour force in the country, Sri Lanka Apparel supports and enriches the lifeline of millions of families directly and indirectly.
The world’s largest industrial thread manufacturer and one of the Lankan apparel industry’s most trusted value chain partners, Coats Thread is a historic company that is over two centuries old. However, this has not stopped Coats from becoming one of the most technologically-advanced thread makers in the world, with a strong digital front and a strong vision that connects it to the future of fashion.
Tuli Cooray
Textile and apparel sector surpasses US$ 5b mark
The country’s apparel industry is heading in the right direction and the use of advanced technology will play a vital role for it to capture the global market. It’s track record of ethical businesses, dependability and long lasting relationships have given it an edge, veteran apparel industrialist and Secretary General Joint Apparel Association Forum, Tuli Cooray said.The country’s apparel industry is heading in the right direction and the use of advanced technology will play a vital role for it to capture the global market. It’s track record of ethical businesses, dependability and long lasting relationships have given it an edge, veteran apparel industrialist and Secretary General Joint Apparel Association Forum, Tuli Cooray said.
- Indonesia, Thailand and Malaysia selected under new measure
- Exporters predict earnings will hit $ 5 b this year, expect higher revenue in 2018
- Wants to target Germany and other EU countries to offset Brexit impact
- Hails liberalisation measures and legal reforms outlined in Budget 2018
Sri Lanka will be looking at a new business model for growth in the apparel sector which is expected to surpass the US $ 5 billion mark in exports this year. “We are planning to have a different approach to the apparel sector and to implement a new model of business to reach $ 5 billion exports this year.
Helavation, the innovation arm of leading Sri Lankan-based global apparel manufacturer, Hela Clothing, today announced the launch of their first augmented reality enabled clothing for children. The collaboration between Hela and British retailer, Tesco, is due to hit stores this December.
MAS Holdings Chairman Mahesh Amalean yesterday expressed confidence that Sri Lanka’s ceramic, glass and red clay industry has the potential to double its size and become a Rs. 100 billion industry within the next five to 10 years.
By Chandeepa Wettasinghe
The apparel industry has set its sights lower for the medium term with a US $ 8 billion annual export target to be reached by 2022 over the delays in regaining the duty free access to the European Union (EU) via GSP Plus and due to the economic and political uncertainties in key Sri Lankan export markets.
SRI LANKA APPAREL
Contact
Sri Lanka Apparel Exporters Association,
50/1,Rosmead Place, Colombo 07
+9411 2675050, 2674528