Oct 08, 2010 (LBO) – Bangladesh’s exports of apparel are surging beyond projections as buyers from the European Union shifted orders ahead of Sri Lanka losing preferential duty concessions, a media report said. Sri Lanka has exported 268.1 million US dollars of apparel in July 2010, down 11 percent from 301.3 million US dollars a year earlier. Year to date exports were down only 3.9 percent to 1,766.8 million US dollars, according to official data.
The Daily Star said Bangladesh was also more competitive.
The GSP+ was expected to end from the third quarter of 2010. In recent years Sri Lanka’s exports to the EU has grown helped by the GSP+ concessions, while exports to the US, to whose currency the rupee is pegged weakened.
Sri Lanka is losing duty free entry to the EU of garments and a number of other exports this year over a state failure to fully implement international laws that protect human rights and political and civil liberties of its citizens.
Bangladesh had exported knitwear worth 1.6 billion US dollars against a 1.21 billion target set for July and August 2010 which was up 31 percent from a year earlier, Bangladesh’ The Daily Star newspaper reported.
Bangladesh had ex