Food, Bevarage and aperal industries in decline

Food, Bevarage and aperal industries in decline

Industrial production has been seriously affected by the power and energy crises, shortages in fuel, and lack of imported raw materials.

According to the latest data released by the Census and Statistics Department, the Index of Industrial Production (IIP) has declined by shed 7.2 per cent to 87.3 index points from a year ago, after losing 10.2 per cent in March and the overall trend is downwards.

As interest rates have increased borrowing has increased and inevitably many industries will not be able to service their loans.

The food product manufacturing fell by 12.4 percent between the two periods in April while the beverages showed only a slight. 0.2 percent increase,

The wearing apparel meanwhile showed t growth of 32.2 percent in April last and this year a decline of 20 percent on foreign orders is anticipated.

The lack of foreign currency has contained supplies and job losses in this sector seem inevitable unless the sector has a capital injection or protected quotas.

Beverages such as Coca-Cola also have seen a shrink in market share. Many industrialists complain that although there has been much talk have been much talk on recovery nothing substantial has happened to make a turnaround.

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