Thursday, February 12

Tag: export earnings

2017 tea production up 5% to 307mn kg, exports $1.5bn
19Mar By Faraz ShauketalyNo Comments
Business

2017 tea production up 5% to 307mn kg, exports $1.5bn

Sri Lanka’s tea industry recovered in 2017 with the crop up 5% to 307 million kilos from a year ago and export earnings rising to Rs233 million (US$1.5 billion) with better production expected this year if good weather prevails, Minister of Plantation Industries Naveen Dissanayake said. Sri Lanka’s highest tea exports, of $1.63 billion were in 2014 when the crop was better. Prices at the Colombo tea auctions remained the highest among major exporters, with the national average reaching $4.07 a kilo from $3.19 in 2016, compared with $2.82 a kilo in Mombasa, Kenya, the island’s main competitor, and much higher than in India. “We hope to increase production and prices in 2018, maintaining the purest quality,” Dissanayake told a news conference. Total exports of 289 million kilo...
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Sri Lanka’s apparel industry needs high tech digitalization to advance
9Mar By Faraz ShauketalyNo Comments
Business

Sri Lanka’s apparel industry needs high tech digitalization to advance

Sri Lanka's world class apparel industry which reported the highest export earnings in history last year, needs high tech digitalization to advance further, Minister of industry and Commerce Rishad Bathiudeen said. Addressing the first Senior Policymakers' Workshop on Digital Trade and Industrialization series by the United Nations Conference on Trade and Development (UNCTAD) for member countries on Thursday in Colombo, Minister Bathiudeen said Sri Lanka faces a number of challenges in digitalization. "These include slower growth of digital skills, and the need to successfully digitalize the export sectors including apparel. Our understanding is that industrialization and manufacturing are drivers of growth in Sri Lanka's international trade," the Minister said. Minister Bathiudee...
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Sri Lanka’s trade deficit expands 7.5% in September 2017 despite double-digit growth in exports earnings
27Nov By Faraz ShauketalyNo Comments
Business

Sri Lanka’s trade deficit expands 7.5% in September 2017 despite double-digit growth in exports earnings

Despite a double-digit growth in exports earnings surpassing US$ 1 billion for the third-consecutive month, Sri Lanka's trade deficit widened 7.5 percent to US$ 656 million in September 2017 from US$ 610 million a year earlier, according to the Central Bank data released in its External Sector Performance Review on Monday. On a cumulative basis, in the first nine months of 2017, the trade deficit widened by 11.7 percent to US$ 6.84 billion from US$ 6.125 billion recorded during the same period of 2016. This was mainly due to the additional import expenditure incurred due to the prevailed drought condition in the country, the Central Bank said. Earnings from exports increased in September 2017 surpassing the US dollars 1 billion mark for the third consecutive month during the year ...
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Opinion: Budget 2018 – Will Clarity in Thought Translate to Clarity in Action?
15Nov By Faraz ShauketalyNo Comments
Opinion

Opinion: Budget 2018 – Will Clarity in Thought Translate to Clarity in Action?

By Kithmina Hewage &Harini Weerasekera Slow growth, declining export earnings and FDI inflows, and inadequate foreign exchange reserve cover characterize Sri Lanka’s current macroeconomic climate. The heavy dependency on non-tradables is a key factor slowing the country’s growth momentum. Apart from this structural feature, unfavourable weather conditions that are causing inflationary pressures could potentially dampen growth. Tightening of fiscal and monetary policy further restricts the space to provide stimulus for growth. On the plus side, over the past year, the economy has witnessed an improvement in macroeconomic fundamentals due to fiscal consolidation efforts, aided by a more prudent monetary policy framework and exchange rate management policy. To overcome debt, Sri Lanka ...
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