Although the export apparel industry is a large importer of raw material, import costs are not expected to increase as a result of the devaluation because the industry's import-export transactions are in US dollars and not in rupees. But the sector will gain significantly when converting dollars into rupees to meet local operating costs.
"We import 50% or more of our inputs, but most local apparel companies import in dollars and earn in dollars," explains Mr Sarathchandra Illeperuma, deputy chairman of the Sri Lanka apparel Exporters Association.
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