Sri Lanka apparel sector going down
The latest survey on the apparel sector in Sri Lanka shows that the industry has been steadily shrinking since 2005.
The findings showed that from mid-2005 to now, 75 factories in seven provinces have closed down. From these, around 24 factories have shut in the past six months. These factories were mainly located in the Free Trade Zones of Katunayake, Biyagama, Koggala and Seethawaka.
The findings also show that many major foreign buyers of Sri Lankan garments have closed their offices in Sri Lanka within the past three years and taken their orders to other countries.
The main reason for this shift in business is the comparatively higher cost of production in Sri Lanka.
(Source: www.just-style.com – Latest News)
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