Tuesday, 10 February 2015 01:50
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After YoY dip in November, December exports surge by 9% to $ 1 billion
2014 annual exports up by 6.7% over 2013
Looking to recover GSP+ too: Rishad
Sri Lanka’s exports continued on its growth trend in Y2014, supported by a sudden monthly surge in December.
“We have a total $11 b of 2014 annual provisional merchandise exports just released by EDB, which is a year-on-year increase of 7%,” Industry and Commerce Minister Rishad Bathiudeen said.
“Under the guidance President Maithripala Sirisena, we are looking to expand our exports and recover the lost GSP plus facilities,” the Minister added, addressing the mini-installation event of Bandula Egodage as Chairman/CEO of the EDB. “I commend your efforts to increase Sri Lanka’s exports in 2014.”
Accordingly, as per the latest provisional merchandise only top line data, Sri Lanka’s exports for Y14 totalled $11.079 b, rising YoY by 6.67%. In the first nine months of 2014, exports were $ 10.1 billion, up 7.5% from the corresponding period of 2013. In the month of November exports were down by 10.7% to $921 million in comparison to a year earlier. However, in December provisional monthly data exports surged across the board, totalling $1.01 b growing by 8.72%. These numbers too do not yet reflect the service exports values of December.
The Ministry said 2014 full year and December data do not yet reflect the service exports values and therefore, actual exports values are expected to be much higher.
Apparels earned $4.9 b (rising by 9.26% from 2013) in 2014, industrial products at $8 b (rising by 6.1%), tea at $1.6 b (rising by 5.43%), agriculture products at $2.7 b (rising by 9%), and manufactured products at $2.4 b (rising by 9%).
Coconut exports were up by 49% to $538 m while fisheries increased by 8.5% to $265 m. Natural rubber declined by 36% to $46 m while other export crops dropped by 3% to $506 m. Diamonds and gems too experienced a decline – 15% to $ 372 m.
In December apparel exports rose by 7.3% to $450 m, industrial products rose by 9.7% to $734 m, manufacturing exports rose by 22% to $234 m, agri exports rose by 5% to $239 m, tea by 1.5% to $138 m, natural rubber up by 50% to $2.79 m, other export crops grew by 26% to $58 m, and fisheries up by 7.8% to $22.83 m.
Declines were experienced by coconuts (8% to $40 m) and diamonds, gems and jewellery (11% to $25 m).
