Forty percent increase in agri export earnings

by Uditha Kumarasinghe

Agricultural exports which account for nearly one-fourth of the total export earnings increased by 40 percent in 2013.

According to the Central Bank's Annual Report 2013 earnings from agricultural exports increased by 10.7 percent, year-on-year to US$ 2,581 million in 2013. Earnings from tea exports increased by 9.2 percent to reach the highest ever annual earnings of US$ 1,542 million in 2013 mainly due to the high price obtained by Ceylon tea on amount of its superior quality. The average export price of tea rose by 9.3 percent to US$ 4.82 per kilogram in 2013.

Export earnings from other agricultural products such as spices, vegetables, unmanufactured tobacco, minor agricultural products and seafood increased substantially in 2013 contributing to the overall growth in agricultural exports.

Earnings from the export of spices increased by 38.8 percent to US$ 355 million in 2013. This was mainly due to the increase in earnings from pepper exports by 82.9 percent to US$ 128 million and an increase in earnings from the export of cloves by 169.4 percent to US$ 50 million.

Earnings from the export of unmanufactured tobacco and minor agricultural products increased by 12.9 percent and 33.3 percent in 2013 mainly due to the favourable weather conditions.

Export earnings from seafood increased by 18.1 percent during the year to US$ 234 million with increased earnings from processed fish, frozen fish and molluscs, the report said.