• About Us
  • Advertise
  • Privacy & Policy
  • Disclaimer
  • Contact
Sunday, 18 April 2021
27 °c
Colombo
27 ° Mon
27 ° Tue
27 ° Wed
27 ° Thu
Sri Lanka News - BusinessNews.lk
  • Home
  • News
    • Local
    • Covid-19
    • Developments
    • Sports
    • World
    • Weather
  • Business
    • Banking & Insurance
    • Corporate
    • CSR
    • Economy
    • Entrepreneur
    • Financial
    • Travel
    • Budget
  • Magazine
  • News – Sinhala
    • Business – Sinhala
No Result
View All Result
Sri Lanka News - BusinessNews.lk
Home Business News Financial

Apparel industry confident of achieving revenue targets

by Reporter
2 September, 2019
in Financial
2 min read
329 25
311
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Financial News from Sri Lanka: The apparel industry is heading towards becoming the key driver of economy and is set to surpass the target revenue mark for this year. The progress made by the industry so far is encouraging, Secretary General Joint Apparel Association Forum, Tuli Cooray said.

“The first half recorded the highest earnings for the industry within the last five years surpassing the earnings of US $ 2,413 million in 2016.

With a dip in earnings of US $ 2,281 million in 2017, it recorded $ 2,395 million for 2018 and $ 2,620 million for 2019. Total export earnings recorded a 9.41 percent growth compared to 3 percent growth the previous year. This is the highest growth rate for any export sector in the country,” he said.

“Right now we do believe that we will surpass US $ 5.3 billion exports in 2018 which only includes apparel not textiles. The upward trend that was started in 2019 (after a drop in 2016) is now continuing and growing higher in all markets. When considered the composition in the production, major growth is in knitted products representing $ 286.7 million in June 2019.

This trend continues. When it comes to knitted products a majority of products are produced in the country from yarn. We also do import knitted fabric,” he said.

The entire production of fabric by the seven factories are absorbed by the exporters. Thus our dependency on knitted fabric imports has reduced.

The value of production is US $ 185.4 million. This shows very clearly that the industry got integrated to the local supply base.To improve this integration we should produce more and more fabric in the country.

The need to do production is because all the preferential trade agreements , unilateral, bilateral or multi lateral demands products to be originated in Sri Lanka without which no preferential treatment is available.

Availability of fabric, main raw material within the country will ensure that the manufacturing of apparel could have minimum inventory because they can get ‘just-in-time delivery’ , flexibility of colour and quantities and also ensure quick delivery which are all essential to ensure our manufactured apparel are delivered within the required deadline.

“This is becoming more and more relevant since the world leading apparel retailers procure goods from the countries where such preferential treatment such as the ‘rule of country origin’ are available. They are the two factors dictating the movement of the industry.

We as an industry is now discussing with relevant agencies on a mechanism to establish such factories for which assistance is sort for identification of suitable locations with required infrastructure. It is also essential to secure investment both locally and internationally to set up these factories,” he said.

Written By : Sanjeevi Jayasuriya

Tags: BusinessBusiness WorldColomboFinanceFinancial NewsFinancial News from Sri LankaFinancial News in Sri LankaGoogleGoogle Business NewsGoogle My BusinessGoogle.lkLkLocal NewsNatBSNewsNews from AsiaNews From Sri LankaSouth AsiaSri Lanka News - BusinessNews.lk |Local|Business|Sports|WorldWhat is Businesswww.businessnews.lkwww.businessstudio.lk
Share124Tweet78

Related Posts

Central Bank of Sri Lanka (CBSL)
Business News

CBSL introduces a regulatory framework to facilitate foreign currency borrowings by licensed finance companies

18 April, 2021
CSE
Business News

Colombo Stock market open today for normal trading

12 April, 2021
ICRA Lanka
Business News

ICRA Lanka assigns [SL]BBB+ with Stable outlook for Lotus Hydro Power PLC

12 April, 2021
New CSE Mobile app launched to offer investors greater access to market information - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World
Business News

Fresh drive by SEC to take investing in stock market to villages

10 April, 2021
Singer Sri Lanka
Business News

Fitch affirms Singer (Sri Lanka) PLC at ‘AA(lka)’; Outlook Stable

10 April, 2021
W D Lakshman - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World
Business News

Central Bank commences payment of increased compensation to the depositors of Failed Finance Companies

8 April, 2021

RECENT

Dr Sudath Samaraweera

To combat the spread of COVID, Sri Lanka is considering putting restrictions on foreign arrivals – Dr. Sudath Samaraweera

18 April, 2021
US Dollar - Foreign Currency

Rupee appreciates to Rs.201.28

18 April, 2021
B2B meeting to boost Sri Lankan exports of fruits and vegetables to Oman

B2B meeting to boost Sri Lankan exports of fruits and vegetables to Oman

17 April, 2021
Krishan Balendra - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World

Hyundai hands over ‘The Suites’ and ‘The Offices’ at Cinnamon Life to John Keells Properties

17 April, 2021
Showers

Showers expected in Western and Southern provinces.

17 April, 2021
Asian Swimming record holder LAC Abeysundara promoted to Corporal

Asian Swimming record holder LAC Roshan Abeysundara promoted to Corporal

16 April, 2021
Germany

ICTA inks MoU with enpact e.V, Germany

16 April, 2021
Mega Facilities for Colombo Residents from RDB Nugegoda Branch

Mega Facilities for Colombo Residents from RDB Nugegoda Branch

16 April, 2021
Litro Gas Lanka revolutionizes LPG market with Premium Hybrid 18 litre cylinder

Litro Gas Lanka revolutionizes LPG market with Premium Hybrid 18 litre cylinder

16 April, 2021
National Chamber of Exporters of Sri Lanka (NCE)

Improving Sri Lanka’s market access to the US: Growing beyond traditional products

16 April, 2021
Virtusa Sponsors First Virtual IEEE Sri Lanka Robotics Workshop

Virtusa Sponsors First Virtual IEEE Sri Lanka Robotics Workshop

16 April, 2021
Showers

Showers expect in several places over most parts of the island

16 April, 2021
LG Dual Cool Inverter Air Conditioner offers up to 70% electricity savings

LG Dual Cool Inverter Air Conditioner offers up to 70% electricity savings

16 April, 2021
Purchasing Manager Index - PMI

Sri Lanka’s PMI for both Manufacturing and Services activities expanded in March

16 April, 2021
US Dollar - Foreign Currency

The selling price of a US Dollar against SL Rupee recorded Rs.204.62

15 April, 2021
Improt and Export - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World

Colombo Port re-exports crude coconut oil containing carcinogen aflatoxin

15 April, 2021
Mahinda Amaraweera

Over 107,000 saplings planted in four months – Min. Mahinda Amaraweera

15 April, 2021
ADB

ADB: 2021 Annual Evaluation Review: Supporting the Sustainable Development Goals

15 April, 2021
Expack celebrates its women at workplace and calls for gender diversity

Expack celebrates its women at workplace and calls for gender diversity

15 April, 2021
Jack Ma - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World

Record penalty for Ma’s Alibaba marks tumultuous stretch for its founder

15 April, 2021
Singapore Airlines

Singapore Airlines to increase flight frequency to Sri Lanka

15 April, 2021
AIA are champions at the Inter Insurance Company Quiz Competition

AIA are champions at the Inter Insurance Company Quiz Competition

15 April, 2021
DFCC Bank Sri Lanka

DFCC Bank Cardholders enjoy 60% savings and so much more this Avurudu season

15 April, 2021
Nokia HMD Global

HMD Global introduces six new Nokia phones across three distinct lines and continues its move into the mobile services sector

15 April, 2021
Eliminate Hidden Hunger With Promalt Nutritional Drink Mix

Eliminate Hidden Hunger With Promalt Nutritional Drink Mix

15 April, 2021
Dullas Alahapperuma - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World

The government is responsible for introducing a new electoral system that is appropriate for the country – Min. Dullas Alahapperuma

15 April, 2021
Chinese Defense Minister General Wei Fenghe

Chinese Defense Minister to visit Sri Lanka later this month

15 April, 2021
Aroshana Fernando - Head of Consumer, Private & Business Banking (CPBB) Standard Chartered Sri Lanka

Standard Chartered Sri Lanka appoints Aroshana Fernando to Country Management Team

15 April, 2021
Park & Ride City Bus

Colombo ‘Park and Ride City Bus’ service to be expanded

15 April, 2021
Emirates

Embark on that long-awaited getaway with Emirates and enjoy special fares

15 April, 2021
Sri Lanka News - BusinessNews.lk

Copyright © 2020
Business Studio
Powered by Rani CS

Navigate Site

  • About Us
  • Advertise
  • Privacy & Policy
  • Disclaimer
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News
  • Local
  • Business
  • Covid-19
  • Sports
  • World
  • Magazine
  • Business – Sinhala

Copyright © 2020
Business Studio
Powered by Rani CS

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist