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Sri Lanka’s export earnings from the EU up 27 per cent

Sri Lanka’s earnings from garment exports to the EU increased 27.2 per cent year-on-year in December 2017. Garment exports to the US and other non-traditional markets increased by 18 per cent and 14.1 per cent, respectively, during December 2017. The increased exports to the European Union followed restoration of GSP Plus facility in May 2017.

The leading markets for merchandise exports from Sri Lanka in 2017 were: the US, the UK, India, Germany and Italy, accounting for about 50 per cent of total exports. Due to the combined effect of higher volumes and prices of bunker and aviation fuel, export earnings of petroleum products increased significantly in December 2017. Earnings from rubber products increased during the month mainly due to the export of tires. Earnings from exports surpassed a billion dollars in December 2017 for the fifth time during the year and recorded a double-digit growth year-on-year for the sixth consecutive month.