July 8, 2015 (LBO) – Sri Lanka’s exports to United States are improving at a hectic pace helped by renewal of the GSP facility in June, Ministry of Industry and Commerce said in a statement.
“US is the biggest consumer of Sri Lankan exports in the world as well as Lankan apparels,” Minister of Industry and Commerce of Sri Lanka, Rishad Bathiudeen, said in a statement.
“In 2014, US took 24 percent of total Lankan exports and within this were 43 percent of our total apparel exports to the world,”
“Since 2010, Lankan exports to US has increased by 59 percent and the renewed US GSP would help our exports development efforts further.”
The US re-authorised the US GSP Programme in June this year providing preferential duty free entry into the US market for nearly 5000 products from 122 designated beneficiary countries and territories, including Sri Lanka.
The duty free access will be valid until 31 December 2017.
US importers are also eligible to claim the import duty paid by them for the eligible products under the USGSP Programme during the lapse in GSP coverage from 31 July 2013 with retrospective effect.
In 2014 Lankan exports to US was valued at 2.7 billion dollars of which apparels consisted of 73 percent.
Sri Lanka exported a total of 4.7 billion dollar apparels in 2014, ministry said.
Apart from apparels, Sri Lanka exports rubber tyres, plastic based packing materials, rubber gloves, activated carbon, coir products, and rubber floor coverings to US.