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Tuesday April 23rd, 2024

Sri Lanka exports maintain momentum in April 2021

ECONOMYNEXT – Sri Lanka had exported 789.9 million US dollars in April 2021, recovering from steep a fall to 282.3 million dollars last year at the beginning of a Coronavirus pandemic and reaching the level of 789.1 million seen in 2019, just as a third wave hit the country.

Export earnings from January to April 2021 grew 29.62 per cent to 3,699.34. million US dollars, helped by the easing of Coronavirus restriction in the country and in the world, Sri Lanka’s Export Development Board said.

In April 2021, apparel exports grew 49 per cent to 462.38 million US dollars, tea grew 1.14 per cent to 79.26 million dollars, rubber-based products were 151.22 per cent to 64.74 million dollars.

“Increased performance of rubber-based exports in April 2021 is due to the better performance of exports of Industrial & Surgical Gloves of Rubber (188.87 per cent) and pneumatic and retreated rubber tyres and tubes (172.72 per cent),” the EDB said.

Coconut based products grew 100 per cent to 55.76 million dollars, spices and essential oils were rose 85.77 per cent to 22.46 million US dollars.

“Export earnings from Spices and Essential Oils in April 2021, increased significantly compared to April 2020 – growth is mainly due to increased exports of cinnamon, pepper and cloves,” the EDB said.

Spice exports in the period January to April has generated 136.76 million dollars.

“The significant increase of 115.4 per cent recorded from January to April 2021 compared to 2020 – is an increase beyond the corresponding period of 2019 too.”

Exports to the United States, Sri Lanka’s top export market grew from 303.78 per cent to 205.20 million US dollars, exports to the UK grew 68.34 per cent to 68.34 million dollars and to India 365.54 per cent to 53.91 million US dollars.

Exports to China increased 77.79 per cent to 18.81 million dollars and the Netherlands increased by 222.77 per cent to 28.21 million dollars in April 2021.

Exports to the Netherlands was helped by apparel and liquidity coconut milk. Export growth to China was driven by bulk tea, mineral sands, activated carbon and cocopeat (Colombo/May20/2021)

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Iran President to open Sri Lanka $514mn irrigation, hydro power project

MULTIPURPOSE: Uma Oya multipurpose development project is the largest since the end of the Mahaweli projects.

ECONOMYNEXT – Iran President Seyyed Ebrahim Raisi will inaugurate an irrigation and hydropower project that was designed and built by Iranian engineering firm and was also initially financed before international sanctions hit the project.

The Uma Oya (River) project will irrigate 4,500 acres of new agricultural land, generate 290 Gigawatt hours of electricity and also provide drinking water, a government statement said.

Sri Lanka had awarded an engineering, procurement, construction (EPC) to Iran’s FARAB engineering group to design and construct the 514 million dollar multipurpose project in 2010.

The project was funded until 2013 with a million US dollar credit from the Export Development Bank of Iran but international sanctions prevented the country from continuing financing, a government statement said.

The project continued with funding from Sri Lanka. Sri Lanka had since repaid 19.3 million dollars of the credit and 35.2 million remains outstanding.

The Uma Oya project has a 120MW of hydro power generators, which can generate 290 Giga Watt hours of energy.

Each year 145 million cubic metres of water will be taken from Uma Oya to the Kirindi Oya river valley after generating electricity in an underground power station.

It will irrigate 1,500 hectares of existing agricultural and 4,500 hectares of new land in the Moneragala district, where crops can be cultivated in both the Maha and Yala seasons.

About 39 million cubic meters of water will be used for drinking and industrial purposes.

Two reservoirs built at Dyraaba and Puhulpola in Uma Oya basin is connected by a 3.98 kilometre conveyance tunnel and water is taken through a 15.2 kilomtre headrace tunnel to an underground power station. A tailrace tunnel takes water from the power station to the Kirindi Oya basin.

The project was originally expected to be completed in 2015, but due to financing delays and later water leaking into the headrace tunnel and the Covid pandemic had delayed it. The project completion date was extended to March 31, 2024 and defect liability date to March 31, 2025.

(Colombo/April23/2024 – CORRECTED Iran President Seyyed Ebrahim Raisi will inaugurate an irrigation and hydropower project that was designed and built by Iranian engineering firm.)

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Sri Lanka state oligopoly allowed to import some black gram

ECONOMYNEXT – Sri Lanka has allowed the import of some black gram, by three state agencies, according to a gazette notice issued under the hand of President Ranil Wickremesinghe.

Import licenses will be given for 2,000 metric tonnes of the seed classified under HS Code 7312.31.22 and 29.

Sri Lanka State Trading Corporation, National Food Promotion Board and Sri Lanka Hadabima Authority is to be given import licenses.

Traders have resorted to smuggling some types of black gram (ulundu) mis classified as chick peas, to get over high taxes and import restrictions.

Tamil legislators have also protested the import controls, which they go into several key ethnic foods they consume. (Colombo/Apr23/2024)

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Sri Lanka Foreign Ministry consular division shifted to Battaramulla

ECONOMYNEXT – Sri Lanka’s Foreign Ministry said it consular division would be shifted to the Suhurupaya building in Subuthipura, Battaramulla from May 02, 2024.

Document authentication services provided by the Consular Affairs Division in Colombo will be suspended on 29 and 30 April 2024 held transfer the Electronic Document Authentication System (e-DAS) to the new premises at Suhurupaya.

Urgent applications for authentication to the Consular Division in Colombo, or any Regional Consular Offices by 4.15 pm on 26 April 2024, the Foreign Ministry said.

Regional Consular Offices in Jaffna, Trincomalee, Kurunegala, Kandy and Matara will remain open to accept applications.

Authenticated documents will be delivered to the applicants only on Thursday, 02 May 2024.

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