SRI LANKA UPDATE | 23 February 2024 – 29 February 2024
JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL) Central Bank shifts focus to medium-term inflation strategy The Economy The Central Bank announced a strategic shift in focus on inflation from near-term to medium-term, aiming to address transmission lag in policy decisions. This adjustment seeks to provide more predictive guidance, enhance policy coordination and anchor expectations. Link: […]
SRI LANKA UPDATE | 19 January 2024 – 25 January 2024
JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL) The Economy Central Bank of Sri Lanka (CBSL) keeps policy rates steady to tame inflation CBSL decides to maintain interest rates from 9 per cent to 10 per cent as expected, to control inflation targeted at 5 per cent. The move comes amid concerns about potential inflation following […]
Exports to all traditional mkts but UK tumble
UK saves situation with 13pc growth in H2 MONIRA MUNNI | January 22, 2024 Apparel shipments to the UK showed an exception with a double-digit growth amid a downturn in other major traditional markets, like the European Union, the United States and Canada, in the first half of this fiscal. Bangladesh earned US$2.71 billion from […]
Red Sea disruption sees apparel shippers switch to air.
By Alex Lennane | 19/01/2024 https://theloadstar.com/high-fashion-red-sea-disruption-sees-apparel-shippers-switch-to-air/ It has begun. Forwarders are finally seeing air cargo demand rise as shippers look to avoid the disruption in the Red Sea – with garment makers leading the way. Xeneta said today shippers in retail and apparel were beginning to switch to airfreight. Volumes from Vietnam to Europe spiked 62% in the […]
SRI LANKA UPDATE | 12 – 18 January 2024
JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL) The Economy President discusses effective progress of debt restructuring at Business Roundtable in Switzerland President Ranil Wickremesinghe highlighted Sri Lanka’s economic recovery during the World Economic Forum, acknowledging challenges, the constructive IMF meeting and outlining reforms, including lifting import restrictions and restoring foreign exchange liquidity. Link – https://bit.ly/4b1eqsf […]
Marks & Spencer initiate digital transformation of clothing operations
by Apparel Resources News-Desk 16-January-2024 | Apparel retailer Marks & Spencer has embarked on a digital transformation journey by teaming up with o9 Solutions, a software platform provider. The collaboration aims to overhaul M&S’ Clothing using o9’s AI-powered Digital Brain platform. This initiative is part of M&S’ strategy for sustainable growth, streamlining merchandise planning, sales stock and […]
SRI LANKA UPDATE | 05 January 2024 – 11 January 2024
JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL) The Economy Sri Lanka’s economy to expand by 1.7 per cent in 2024, 2.4 per cent in 2025: World Bank Sri Lanka’s economy is projected to shift towards positive growth with an estimated GDP growth of 1.7 per cent in 2024, following contractions of 7.8 per cent in […]
Apparel sector eyes US $ 1bn exports to India in next few years
DailyMirror – By SHABIYA ALI AHLAM Sri Lanka’s apparel sector has no major hopes for export earnings reaching the US$6 billion level this year; however, it is striving to bag a bigger market share in its neighbouring giant, a top official of a leading apparel maker in the country said. Brandix Group Managing Director Hasitha Premaratne noted […]
SRI LANKA UPDATE | 30 SEPTEMBER – 6 OCTOBER 2022
26th Annual General Meeting
SLASA Invitation 26th Annual General Meeting Sri Lanka Apparel Sourcing Association You are cordially invited to attend the 26th Annual General Meeting of the Sri Lanka Apparel Sourcing Association. Your presence is highly valued as we convene for this important annual event. We invite two representatives from each organisation
SRI LANKA UPDATE | 23 May 2025 – 29 May 2025
💰 The Economy📰 Sri Lanka’s exports surge 6 percent to USD 5.5 billion in first four months of 2025The Sri Lanka Export Development Board (EDB) states that during the first four months of 2025,the country’s export earnings have increased to USD 5.5 billion. This indicates a 6.09 percentincrease compared to the same period in 2024.Link: […]
SRI LANKA UPDATE | 16 May 2025 – 22 May 2025
💰 The Economy📰 Overnight Policy Rate further reduced by the Central Bank of Sri Lanka (CBSL)The Monetary Policy Board has reduced the Overnight Policy Rate (OPR) by 25 basis points to7.75 percent, further easing the monetary policy stance. The decision, aimed at guidinginflation towards the 5 percent target amid global uncertainties and subdued domesticinflationary pressures, […]
SRI LANKA UPDATE | 09 May 2025 – 15 May 2025
💰 The Economy📰 Sri Lanka’s tourism revenue rises 13.7 percent in April 2025Sri Lanka’s foreign exchange earnings from tourism reached USD 256.7 million in April 2025,reflecting a 13.7 percent increase compared to the same period last year, according to theCentral Bank of Sri Lanka.Link: https://tinyurl.com/mpceyekj 📰 2024 records all-time high in Sri Lankan overseas employment […]
SRI LANKA UPDATE | 02 May 2025 – 08 May 2025
💰 The Economy📰 World Bank approves USD 1 billion loan for Sri LankaSri Lanka has been granted a USD 1 billion loan by the World Bank to support the developmentof its agriculture, tourism, and energy sectors. According to a statement issued on 7 May, thefunding is intended to strengthen key local industries and attract private […]
SRI LANKA UPDATE | 25 April 2025 – 01 May 2025
💰 The Economy📰 Sri Lanka secures staff-level IMF agreement on fourth review of bailoutThe International Monetary Fund (IMF) announced that Sri Lanka has reached a staff-levelagreement with the Fund on the fourth review of its Extended Fund Facility (EFF) programme.Upon approval by the IMF Executive Board, Sri Lanka will gain access to approximately USD 344million […]
SRI LANKA UPDATE | 11 April 2025 – 17 April 2025
💰 The Economy📰 IMF staff concludes visit to Sri LankaAn International Monetary Fund (IMF) team led by Evan Papageorgiou visited Colombo from April3 to 11, 2025. In a statement, the IMF stated that the staff team had very productive discussionswith the Sri Lankan authorities on economic performance, and policies underpinning the FourthReview under the IMF […]
SRI LANKA UPDATE | 28 March 2025 – 03 April 2025
JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL) 💰 The Economy📰 Investor optimism drives ASPI back above 16,000 markThe Colombo bourse extended its rally for a second consecutive session, closing above the16,000 mark amid strong trading activity. The All Share Price Index (ASPI) gained 73.04 pointsto settle at 16,007.44, bringing its cumulative monthly increase to 192 […]
Sri Lanka’s Apparel industry responds to new U.S. tariffs; Engages Government on way forward
Author LBOPosted on April 3, 2025 | Apparel, Banking and Finance, Companies, Economy & Markets, Featured, Industry, Trade Sri Lanka’s apparel industry has expressed its concern over the Reciprocal Tariff policy announced by the U.S regime earlier today. The new tariffs proposed could significantly disrupt the country’s largest export sector and put thousands of jobs at risk. Following an announcement by U.S. President Donald Trump […]
Trump’s Tariffs Hit Garment Makers in Bangladesh and Sri Lanka Hard
Through Covid, political chaos, and economic disarray, Sri Lanka and Bangladesh kept one industry central to their hopes of prosperity afloat: the manufacturing of ready-made garments, with the United States as their main market. Then came President Trump’s tariffs. The two countries are reeling after Sri Lanka was hit with 44 percent tariffs and Bangladesh […]