Sri Lanka’s apparel export industry is expecting major advancements by May of 2013, when small and mid-sized exporters will be linked by a single, electronic network.
Custom procedures will be streamlined by The Automated System for Customs Data, or ASYCUDA. Developed in Geneva by UNCTAD (The United Nations Conference on Trade and Development), the network handles manifests and customs declarations, accounting, and transit.
Sri Lanka’s apparel exports are currently valued $2.8 billion, $46.7 million of which is exported by small and mid-sized companies. A statement released by Sri Lanka’s Ministry of Industry and Commerce said that these outputs, thanks to faster processing time, paperless transactions, and streamlined procedures, will be greatly increased by the new technology.