The textile and garment industry is of overall economic importance to Sri Lanka. The industry accounted for nearly 47 per cent of exports in 2019 and provides employment for more than 350,000 workers in the formal sector and about twice that number in the informal sector. This represents about 33 per cent of all manufacturing jobs. The majority of employees are women. In May 2017, after a seven-year hiatus, the European Union's (EU) Generalised Scheme of Preferences Plus (GSP+) status was reactivated for Sri Lanka. Positive impetus is already evident: in 2018, the country increased its total exports of textiles and garments by nearly 4.8 per cent. Many domestic textile producers are switching to producing high-quality garments to maintain their competitiveness, rather than focusing on mass production. Manufacturing is now focusing on fewer product categories, such as underwear or sportswear. The ambitious goal is to increase the export revenues of the apparel industry to US$8 billion by 2025, which requires an annual growth rate of 6 per cent.