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3 Sri Lanka Sustainability in Focus

Sustainability initiatives remained a focus in Sri Lanka's textiles and garment sector in 2019, though businesses were temporarily affected by delays in raw material shipments and security checks following April church bombings. Key developments included work on a new fabric processing park and low utilization of an EU trade preference program. Sri Lanka's textile and garment exports increased 6.6% year-over-year in the first ten months of 2019, with the industry aiming for $8 billion in exports by 2025.

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108 views1 page

3 Sri Lanka Sustainability in Focus

Sustainability initiatives remained a focus in Sri Lanka's textiles and garment sector in 2019, though businesses were temporarily affected by delays in raw material shipments and security checks following April church bombings. Key developments included work on a new fabric processing park and low utilization of an EU trade preference program. Sri Lanka's textile and garment exports increased 6.6% year-over-year in the first ten months of 2019, with the industry aiming for $8 billion in exports by 2025.

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DINKER MAHAJAN
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SRI LANKA: SUSTAINABILITY IN FOCUS

BY: DIPESH SATAPATHY

 
Sustainability initiatives were at the heart of Sri Lanka’s textiles-garment sector, which was
temporarily affected following the April 21 blasts.

Sustainability initiatives remained the focus in 2019 in Sri Lanka’s textiles and garment sector, whose
businesses were temporarily affected by the delay in clearance of raw material shipments and security
checks following the April 21 blasts in churches across the country. Work on a new fabric processing
park in Batticaloa and the relatively low utilisation rate of the generalised system of preference plus
(GSP) facility of the European Union (EU) were the other key developments.

Sri Lanka’s earnings from textiles and garment exports increased by 6.6 per cent year on year to $4.62
billion in the first ten months of 2019, according to the Central Bank of Sri Lanka (CBS), which said
earnings increased in October following a slight decline recorded in September 2019, supported by
higher demand for garment exports from all major markets. After crossing the $5-billion export target
in 2018, the apparel industry is eyeing exports up to $8 billion by 2025.

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