Sri Lanka’s apparel industry has surpassed the US $ 4 bn mark for the first time in its export earnings reaching $ 4.09 bn for 2011.
As the industry tops $ 4 bn in foreign exchange it has also recorded a 22 percent growth over 2010 where the earnings were $ 3.2 bn.
“We have now a bigger challenge to sustain the $ 4 bn level. This is largely due to the recession in the West. The USA and Europe are our biggest markets. However, we do not consider this as a serious threat as during the past we have overcome many difficulties successfully”, said the Secretary of Joint Apparel Association Forum General M P T Cooray.
The resilience of the industry has proved that we can face any challenge and there will not be a considerable drop that will affect us, he added.
With a target to become a $ 5 bn plus industry by 2015, Sri Lanka’s apparel industry is focusing on a continuous high growth trajectory, Mr. Cooray said.