Merchandise exports up 7%

Sri Lanka's exports continued its growth trend in 2014 supported by a surge in December.

"According to information released by the Export Development Board (EDB), our provisional merchandise exports last year was $ 11 billion, an year-on-year increase of 7 percent," said Industry and Commerce Minister Rishard Bathiudeen at a ceremony to reinduct Bandula Egodage as Chairman and CEO of the EDB.

"We hope to expand our exports and recover the GSP plus facility," he said.

As per the latest provisional figures of merchandise Sri Lanka's exports for last year was $11.079 billion, rising YoY by 6.67%.

These provisional figures do not yet reflect the service export value and therefore, actual exports value is expected to be much higher. The apparel sector earned $4.9 billion (rising 9.26% from 2013) in 2014, industrial products - $8 billion (rising 6.1%), tea - $1.6 billion (rising by 5.43%), agriculture products - $2.7 billion (rising 9%), and manufactured products - $2.4 billion (rising by 9%).

Coconut exports was up 49% to $538 million while fisheries increased by 8.5% to $265 million. Natural rubber declined by 36% to $46 million while other export crops dropped by 3% to $506 million. Diamonds and gems too experienced a decline -15% to $ 372 million.

Taken on a month-on-month basis, December 2014 provisional monthly exports surged across the board totalling $10.01 billion, a growth of 8.72%. These numbers too, do not yet reflect the service export values of December.