Sri Lankan exports down 50%


The export ratio to the Sri Lanka’s GDP has declined by 50% during the last 10 years, statistics reveal. The country’s exports have dropped to US$4965 mn in June 2012 from US$5075.9 mn in the same period last year. Economist and UNP MP Dr. Harsha de Silva told to the Colombo media “We are already in a great deal of trouble. Exports in to the EU and US are down. Our total apparel exports have fallen every month for the last six months. The loss of GSP+ is clearly visible with us unable to compete in the soft EU market as our cost structures are rigidly high.” He noted: “The government keeps telling the exporters to expand into new markets; by new markets they mean China and SAARC in the main, but there is hardly any trade, complementarily, with these two regions. The delayed policy response in terms of adjusting the exchange rates also had a very strong negative impact on the export story.”]]>


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