ECONOMYNEXT- Sri Lanka’s apparel exports for April 2018 fell 4.2 percent from a year earlier, amid a fall in exports to the US, industry data shows.
Exports to the US fell 9.8 percent, to 138 million US dollars, data from the Joint Apparel Association Forum, while shipments to the European Union, rose 2.1 percent to 701 million rupees.
In the first four months of the year exports to the US was still up 1.85 percent to 1,592 million US dollars. Sales to the EU, to which Sri Lanka has duty free access was up 4.52 percent.
Victoria’s Secret, a brand owned by US-based L Brands, that uses Sri Lanka as one of its key manufacturing bases has seen intense competition from rival brands and online sales.
Victoria’s Secret’s comparable sales for the first quarter of 2018 grew by 1 percent despite
experiencing dips earlier in the quarter, L Brands said in their quarterly statement, though earnings were down. (Colombo/June28/2018)