By Charumini 

de Silva

Encouraged by nearly 10% growth, the apparel industry is confident of surpassing $5.5 billion export earnings by the end of the year.

“During the first five months of the year exports grew to 9.4% to $ 2.25 billion. We are confident that the industry will achieve $5.5 billion by the end of this year,” Sri Lanka Apparel Exporters Association (SLAEA) Chairman Rehan Lakhany told the Daily FT.

The apparel industry recorded $5 billion export earnings last year and has set a long-term target of $8 billion by 2025. “We believe with the achievements we have seen in the first half of this year, we are on track to achieve our goals by 2025,” he added.

Despite the slight dip that might occur during the months of August and September orders due to the Easter Sunday terror attacks setback, Lakhany believes the growth momentum in the industry will continue.

“We have seen the highest growth in our industry during the past five years and the all-time high exports for this year recorded during the month of May with our earnings exceeding $2.25 billion and recording a growth of 9.23%,” he pointed out.

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