Top News
Next Story
NewsPoint

Global Apparel Cos Seek Discounts to Shift from Lanka

Send Push
The Economic Times
24th June, 2022 00:22 IST

Global apparel brands are seeking discounts from Indian exporters as they seek to divert orders from Sri Lanka to de-risk supplies from disruptions amid the political and economic crisis in the island nation.

The brands have shown interest in India-made garments but are asking for lower prices as key buyers US and Europe are facing high inflation, Apparel Export Promotion Council (AEPC) chairman Narendra Goenka said. "Garment exporters are considering to reduce prices by 5% to bag orders from the global brands. Our margins are already squeezed and a reduction in prices will have a further impact," he added.

Supplies from Sri Lanka are cheaper and industry insiders said its exporters have the order book full, but their customers have started shifting orders elsewhere. Lanka exports $5.42 billion worth of garments annually.

Explore more on Newspoint
Loving Newspoint? Download the app now