Press Trust of India / Colombo November 20, 2012, 13:05
|
Sri
Lanka's earnings from apparel exports has seen an over 4 per cent decline
during the first quarter of the current year, according to Ceylon Chamber of
Commerce data.
In
2000, the apparel exports accounted for 49 per cent of the island's total
exports and by 2011 the share dropped to 38 per cent, data showed.
Industry
analysts, commenting on the figures, said the loss of exports to European Union
(EU) under the GSP+ tariff concessions have contributed largely to the
cumulative loss of earnings.
The EU accounts for nearly 50 per cent of
apparel exports for Sri Lanka with US as it second largest destination.
In
2010, the GSP+ (Generalised System of Preferences) facility was suspended by
the EU over concerns on human rights and the rule of law.
Sri
Lanka did not want to comply with three of the 27 components listed under
International Covenant on Civil and Political Rights.
Sri
Lanka was estimated to have lost USD 1 billion over GSP+ suspension.
The
exports to US has also fallen by 3 per cent year-on-year in 2012, according to
the data.
Chairman
of the Sri Lanka Apparel Exporters' Association Rohan Abeykoon said the
government needs to reapply for GSP+ facility to EU.
"We
understood the government's difficulty in complying with original conditions
laid down by the EU. Now, with the progress made we can re-open the
discussion," he added.
http://www.business-standard.com/generalnews/news/sri-lanka-apparel-export-revenue-declines/81154/
