Related Keywords: apparel industry has set its sights lower, delays in regaining duty free access, economic and political uncertainties, EU absorbed over 40 percent, hard blow to the local apparel industry, key Sri Lankan export markets, set target of US $ 8.5 billion exports by 2020, SLAEA, Sri Lanka Apparel Exporters’ Association, via GSP Plus to European Union
The Sri Lanka Apparel Exporters’ Association (SLAEA) had set a target of achieving US $ 8.5 billion exports by 2020 but due to the delays in regaining the duty free access via GSP Plus to the European Union (EU) and the economic and political uncertainties in key Sri Lankan export markets, 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.
The EU absorbed over 40 percent of Sri Lankan garment and textile exports and the loss of the GSP Plus facility had stricken a hard blow to the local apparel industry.
