Calculation errors have crept in inadvertently to our front page report last week titled “GSP + suspension will cost Rs 570 billion.”
Whilst the total loss from the withdrawal of EU duty-free concessions for Sri Lankan exports from August 15, confirmed now by the Joint Apparel Exporters Forum, is at US dollars 500 million, the rupee equivalent is 56.5 billion and not Rs 570 billion.
Similarly, the Forum says, “Apparel exports from Sri Lanka to the EU in 2009 was US $ 3.2 billion.”
It estimates that “Sri Lanka’s apparel exports may decline by about 12 percent due to the loss of GSP Plus tariff concessions as well as for other competitive reasons.”
They point out “thus in 2010 apparel exports could be in the range of US $ 2.7 billion to US $ 2.8 billion, which will be a decline of US dollars 400 million (Rs 45.2 billion) to US dollars 500 million (Rs 56.5 billion). |
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