Apparel sector records significant growth

Sanjeevi JAYASURIYA

Sri Lanka's apparel sector's performance for the last year has recorded a significant growth.

The progress in 2011 in context of market environment has been exceptional for apparel exports in Sri Lanka. Figures released are showing a year-on-year growth of 30% and the industry is confident of surpassing the US$ 4 billion mark in 2011, Sri Lanka Apparel Exporters Asso ciation Chairman Rohan Abayakoon told Daily News Business.

In maintaining the healthy growth, the industry needs to focus on key strategies. These include the improving of overall efficiency, design marketing and lean manufacturing processes.

The measures to penetrate new markets, create own brands, provide hub services, ethical practices and environment positioning are prime requirements, he said.

We need to make concerted efforts this year to consolidate the position we established in 2011. With intense economic pressures being experienced in our main export markets it will be a challenge to maintain the levels achieved in 2011. An increase of 10% of the 2011 figures will be a satisfactory mark.

As we have no control over the economic downturn in the US and Europe our main two markets we need to make certain that we don't price ourselves out of these markets by increasing our manufacturing costs by design or any arbitrary means.

We need to ensure that our services superscede our competitors so that the endemic demand will maintain the status quo in our business' to ride out these times.

It is not rocket science, we need to be as efficient as we can, he said.

There is a lot of opportunity in non-traditional markets. Brazil tops the list and a lot of progress has been made in this context.