Market Info

Loss of GSP+ estimated to have cost Sri Lanka Rs. 150 - 250 billion

on: August 20 ,2018 In: Developing News

A study done by the Ministry of Development Strategies & International Trade has estimated the loss of export revenue during the period in which Sri Lanka lost its GSP+ concessions to be between 150 to 250 billion rupees. GSP+ concession for Sri Lanka was lost in August 2010 and was reinstated in May 2017 by the European Union.  

Prior to the loss of GSP+ concessions, Sri Lanka exported US$ 2.1 billion of apparel in 2009, ahead of Vietnam, Pakistan and Cambodia. After the loss of GSP+ concessions, despite the value of apparel exported from Sri Lanka to the EU increasing to US$ 2.4 billion in 2015, Vietnam, Pakistan and Cambodia were all ahead of Sri Lanka.

To read the full article visit http://www.dailynews.lk/2018/08/20/business/160103/sl-suffers-rs-150-250-bn-loss-due-gsp-withdrawal