Sri Lanka's exports for the first ten months of this year increased nearly 9% and exports earnings topped US$ 9 billion, the Industry and Commerce Ministry said Tuesday.
The January - October Year-on-Year exports have surged by almost 9% while an export product that recently faced volatile EU markets showed a promising turnaround, according to an Export Development Board statement.
"For the month of October 2014 alone our provisional exports were at US$ 900 million and this is only merchandise exports without taking into account service exports such as ICT," Export Development Board CEO/ Chairman Bandula Egodage said. Egodage was commenting on the provisional top-line export data presented to him by his directors at a progress review session at EDB yesterday.
Accordingly, January-October provisional merchandise (only) exports this year topped US$ 9.104 billion, rising by 8.8% from last year's January-October total of US$ 8.36 billion. Service exports values such as ICT/BPM exports are not included in Jan-October 2014 values and are awaited by EDB as they are still being processed by other relevant agencies.
The leading markets for Sri Lanka in Jan-Oct 2014 have been United States, UK, Italy, India, and Germany respectively. Italy appears to overtake India to become the third largest export market as provisional exports to Italy jumped by a strong 29%.US continues to remain the largest export market for Sri Lanka with close to a quarter of Jan-Oct 2014 exports (US$ 2.2 billion) heading there. About 73% of Jan-Oct exports were industrial products while the rest were from agricultural products (25%) and fisheries (2%).
Meanwhile, fishery products that recently faced volatile EU markets, showed a promising turnaround as per latest data.
January-October 2014 exports of edible fish alone have increased by 12% to US$ 211 million from US$ 188 million in Jan-October 2013. Total edible fish exports for 2013 was recorded at US$ 233 million while other fish and fishery exports in the same year topped US$ 244.4 million. Of Sri Lanka's 75 medium and large scale fishery export companies, 32 utilize EU-approved processing plants.