Garment industry counting on EU GSP+ for lease of life
Sunday Times.lk, Sri Lanka
By Dilshani Samaraweera
The garment sector is targeting a ‘modest’ growth in 2014 by using the European Union’s GSP+ duty-free scheme to offset market losses in the US. Traditionally USA has been Sri Lanka’s largest market for ready made garments. But increased competition after the removal of quotas has forced a market shift towards Europe.
In 2014, Sri Lankan garment exporters watched while their less than 1%, share of the US market was eaten into by China and other low cost producers. The industry representative body, the Joint Apparel Association Forum (JAAF) says the industry may be unable to meet its export target of US$ 3 billion by the end of 2014, due to US market losses. However, the industry is setting a 5% export growth target for 2014 by pinning its hopes on European markets. Read more about Garment industry counting on EU GSP+ for lease of life …
