Looking to recover GSP+ too!

Sudden December surge pushes 2014 total exports to $11B

• 2014 annual exports up by 6.7%  
• December monthly up by 9%!
• ‘Looking to recover GSP+ too’-Rishad

Sri Lanka’s exports continued on its growth trend in Y2014-supported also by a sudden monthly surge in December. “We have a total $11 Bn of 2014 annual provisional merchandise exports just released by EDB, which is a year on year increase of 7%!” announced Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) on 06 February in Colombo.

Minister Bathiudeen was addressing the mini-installation event of Bandula Egodage as the Chairman & CEO of EDB which functions under his Ministry, on 06 February at the Ministry of Industry and Commerce.

“Under the guidance of HE the President Maithripala Sirisena, we are to expanding our exports and recovering the lost GSP plus facilities” said Minister Bathiudeen, and added: “I commend your efforts to increase Sri Lanka’s exports in 2014. I am also pleased to note that we have a total $11 Bn of 2014 annual provisional merchandise exports just released by EDB, which is a year on year increase of 7% compared to 2013.”

Accordingly, as per the latest provisional merchandise only top line data, Sri Lanka’s exports for Y’14 totalled $11.079 Bn, rising YoY by 6.67%. These provisional numbers do not yet reflect the service exports values and therefore, actual exports values are expected to be much higher. Apparels earned $4.9 Bn (rising by 9.26% from 2013) in 2014, industrial products at $8Bn (rising by 6.1%), tea at $1.6 Bn (rising by 5.43%), agriculture products at $2.7 Bn (rising by 9%), and manufactured products at $2.4Bn (rising by 9%). Coconut exports up by 49% to $538 Mn while fisheries increased by 8.5% to $265 Mn. Natural rubber declined by 36% to $46 Mn while other export crops dropped by a mere 3% to $506 Mn. Diamonds and gems too experienced a decline -15% to $ 372 Mn.

Taken on a month-on-month basis, 2014 December provisional monthly exports surged across the board totalling $10.01 Bn and growing by 8.72%. These numbers too, do not yet reflect the service exports values of December. Apparel exports in December rose by 7.3% to $450 Mn, industrial products rose by 9.7% to $734 Mn, manufacturing exports rose by 22% to $234 Mn, agri exports rose by 5% to $239Mn, tea by 1.5% to $138 Mn, natural rubber up by 50% to $2.79Mn, other export crops grew by 26% to $58 Mn, and fisheries up by 7.8% to $22.83 Mn. Declines experienced by coconuts (8% to $40 Mn) and diamonds, gems and jewellery (11% to $25 Mn).