Sri Lanka records 42% increase in sea food exports between 2016 and 2017
The Central Bank of Sri Lanka has noted that the country has recorded a 42% increase in export earnings from sea food in 2017 when compared with 2016. The amount received from sea food exports has been recorded as US$ 241 million in 2017.
Seafood exports have reportedly increased by 23.5% to US$ 21.5 million in December 2017 alone from the previous year.
“Earnings from sea food and minor agricultural products, particularly fruits and betel leaves, also contributed towards the enhanced export earnings in December 2017,” the local media has quoted a Central Bank statement as saying.
The recovery in sea food exports followed the withdrawal of a ban on fisheries exports in June 2016, reports state.
Seafood exports from Sri Lanka, which had been the second biggest exporter of fresh and chilled swordfish and tuna to the European Union (EU), plunged after the ban was imposed in 2014.
According to reports, on a cumulative basis, export earnings have hit a high of US$ 11.4 billion in 2017 mainly due to notable increase in tea, textiles and garments, and petroleum products exports, as well as spices and sea food exports.
Increased exports to the EU followed the restoration of the GSP+ facility in May 2017, the Central Bank has stated.
OSL take:
The removal of the ban on fish imports from Sri Lanka by the EU would result in a buoyant growth in Sri Lanka’s fisheries sector. The 2018 Budget has also made several proposals to uplift the local fisheries sector and the Fisheries Ministry in Sri Lanka also has several projects to promote the fisheries industry in the pipeline. Interested investors could explore the opportunities in the continuously growing fisheries sector in Sri Lanka.
| Article Code : | VBS/AT/20180226/Z_2 |