Jan-Oct exports $12.5B Govt hopes for $15B by year end

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By 2017-12-08

Ministry of Development Strategies & International Trade said that merchandize exports during the first ten months of this year had increased 10.3 per cent to US$ 9.5 billion, from US$ 8.6 billion a year ago, while service exports had surged 5.9 per cent to US$ 3 billion, totalling the export earnings to US$ 12.5 billion.

The Ministry said that the country had managed to export merchandize worth more than US$ 1 billion during three months of this year, and that the Government hopes for total export earnings by end of this year would reach US$ 15 billion.
The Ministry attributed the increase to pro-growth reforms and the improving external economic environment. Accordingly, fisheries exports grew 42 per cent, agriculture grew 18.5 per cent and industrial exports were up 5.9 per cent.

Further, 'priority sectors' identified under the new National Export Strategy has seen a substantial increase in export revenue. Accordingly, electronics and electrical exports were up 17.8 per cent, spices up 34 per cent and boat-building up 370 per cent.
However, food and beverages exports had fallen 13.3 per cent.

Export to the European Union has increased 4.1 per cent, USA up 1.5 per cent during the first ten months of this year.
The Ministry said, that Exports to the ASEAN region had increased 45 per cent, while exports to neighbouring India had increased 24 per cent during the period under review.

However, exports to the UK have declined 1.8% as a result of the depreciation of the GBP and the consumer market uncertainty due to Brexit.

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