Sri Lanka's garment sector is targeting a modest growth in 2007 by using the European Union's GSP + duty free scheme to offset market losses in the US. Traditionally the US has been Sri Lanka's largest market for readymade garments. However, increased competition following the removal of quotas has forced a market shift towards Europe. In 2006, Sri Lankan garment exporters began losing their less than one per cent share of the US market to China and other low cost producers. As a result, the industry could not, according to its representative body the Joint Apparel Association Forum, meet its export target last year. So, now it is looking to European markets to meet the five per cent growth target set for 2007.
展开▼
