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Sri Lanka Textiles and Clothing Report Q4 2009Published by: Business Monitor International Published: Sep. 2, 2009 - 47 Pages Table of Contents
AbstractSri Lanka is a small to medium-sized international textiles and clothing (T&C) producer, withcompetitive labour costs and the ability to exploit a number of niche markets as a supplier to internationalclothing brands. BMI ranks it 56th in world in terms of value added by the industry, which in 2008 weestimated at US$1.78bn, the equivalent of 4.3% of the country’s GDP. The industry faces a rough ride inthe next two years because of the slump in international clothing demand, and we expect to see somefactory closures and falling employment levels. The initial evidence, however, suggests that because ofcompetitive pricing, Sri Lankan T&C exports are holding, and in some cases even gaining, market share.Looking beyond 2010, prospects are brighter, particularly if the end of the civil war brings lasting peace. A ‘peace dividend’ would be beneficial for the T&C sector, and most likely lead to an inflow of newinvestment. Overall, we estimate that Sri Lankan T&C manufacturing value added, which expanded by an estimated6.8% in 2007, slowed to 5.9% in 2008 and will have a bad year in 2009 with contraction of 1.8%. Thereafter, it will begin a recovery with predicted growth of 3.4% in 2010. In the five years through to2008, BMI estimates that average annual growth of manufacturing value added was 6.0%, behind GDP at6.4%. In the next five years, we see the pace of growth falling to an average of 4.2%, compared to anannual GDP expansion of 4.9%. BMI expects T&C exports to decrease by 4.5% in 2009, to US$3.01bn,with imports also falling, but by a 6.8%, to US$1.20bn. Export growth, which averaged 3.6% in the fiveyears through to 2008, should push up to 6.7% in the five years through to 2013. Get Full Details About This Report >> |
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