According to a report in the latest issue of Textile Outlook International from the global business information company Textiles Intelligence, Sri Lanka’s clothing exports are poised for further growth. Country’s clothing exports have done well in recent past. Between 2009 and 2014 it grew by over 51 per cent – despite unfavourable conditions in foreign markets since the global recession in 2009 and the industry’s loss of GSP+ concessions in the EU import market in mid-2010.
The industry has benefited from Government’s initiatives which has been supportive in creating an environment conducive to business in the country and providing tax incentives to encourage foreign direct investment (FDI). At the same time, the clothing industry hopes to secure higher exports to the EU through the restoration of GSP+ concessions. Such restoration would provide exports from Sri Lanka with tariff-free access to the EU markets and could lead to a sizeable increase in clothing shipments.
