The Joint Apparel Association Forum (JAAF) has reiterated the need for targeted policy initiatives to help Sri Lanka capitalize on opportunities created by the geopolitical shifts in global apparel trade.
Emphasizing the stagnant growth of apparel export earnings over the past decade, JAAF highlighted the need for more strategic planning to enhance the country's competitiveness in the global market.
Yohan Lawerence, Secretary, JAAF, points out, Sri Lanka’s outdated policies have hindered its ability to capture and maintain valuable market shares amidst changing trade dynamics. The association is currently lobbying with the American Apparel and Footwear to secure Generalized System of Preferences (GSP) for Sri Lanka’s apparel products in the US.
The association aims to initially source raw materials and identify products meeting the criteria, informs Lawrence. He emphasized on the need to evaluate the markets and identify countries that require FTAs.
From January - November 2024, Sri Lanka’s apparel exports grew by 5.27 per cent Y-o-Yto $4.3 billion, compared to the same period in 2023. The country’s exports to the United States and the UK grew 6.25 per cent Y-o-Y and 9.37 per cent Y-o-Y respectively. Meanwhile, exports to the EU saw a slight increase of 0.04 per cent Y-o-Y while shipments to other markets also grew by 9.43 per cent Y-o-Y.
