The Central Bank said a considerable portion of Sri Lankan apparel exports have started going into non-traditional markets such as Canada, Australia, Indian, UAE and Hong Kong. In the first 9 months of this year, Sri Lanka has earned 3, 629.9 million from apparel exports, down 0.8 percent compared with the same period of the previous year.
Sri Lankan apparel industry has set an annual export target of US$ 10 billion by 2025 while expanding into regional markets.
“We have set our own a target of US$ 10 billion by 2025 and continue to be a strong player not only in rural Sri Lanka but regionally and globally as well,” Sri Lanka Apparel Exporters Association Chairman Saif Jafferjee said during the apex body’s Annual General Meeting held recently.
He said that while the Asian region makes up a significant portion of global apparel manufacturing, Sri Lankan apparel brands will be entering the high-end markets of neighbouring countries due to growing economical affluence in the region.
“We have also begun our product innovation and design journey to get high value addition in the front end. Our local brands are making waves and we expect more to fill the retail malls of regional markets in the future,” Jafferjee said.