Emirates joins hands with SLTPB to promote tourism in SL
By: Isuru Parakrama
Colombo (LNW): In a bid to lead the promotion of the Tourism Industry in Sri Lanka amidst the dire need for economic revival against the worst recession suffered by the island nation since independence, Emirates has joined hands with the Sri Lanka Tourism Promotion Bureau (SLTPB), renewing the friendship that has existed for decades.
A Memorandum of Understanding (MoU) that outlines a host of initiatives designed to promote Tourism and trade industries within Sri Lanka was signed between Emirates and the SLTPB recently, reminiscing the airline’s long-standing commitment to the island nation spanning more than three decades.
The signing of the MoU has taken place between Ahmed Khoory, Emirates Senior Vice President Commercial West Asia and Indian Ocean and K.P.P. Siriwardena, Managing Director of the SLTPB, at Arabian Travel Market 2023.
The unfolding of a fruiting collaboration between the two parties comes in to attract more tourists to Sri Lanka, deepening a strategic cooperation between Emirates and the island nation’s tourism forged in the previous year, and paving the way for each party to enhance their marketing and promotional efforts to expand tourism.
The collaboration will aid Emirates in developing programmes to boost tourism in Sri Lanka by showcasing it to customers across its global network, engaging in efforts to promote Sri Lanka through its network of agents in key strategic markets, and developing special packages designed to appeal to various customer segments, in addition to collaborating on joint familiarisation trips to raise awareness of the destination’s offerings to audiences in key feeder markets.
Addressing the occasion, Ahmed Khoory, Emirates Senior Vice President Commercial West Asia and Indian Ocean said this partnership is a testament to their commitment to Sri Lanka’s tourism and trade industries and in playing a key role in the revival of these vital sectors. Sri Lanka will be promoted as a key leisure destination in the networks of Emirates, whilst the airline will also be looking forward to serving demand with their services, he added.
Emirates has played a major role in the revival of the country’s tourism sector and the new collaboration will make a positive impact in Sri Lanka, K.P.P. Siriwardena, Managing Director of the SLTPB said.
The signing event was also graced by Sri Lanka’s Tourism Minister Harin Fernando, Sri Lankan Ambassador to the United Arab Emirates Udaya Indraratna, Emirates Chief Commercial Officer Adnan Kazim, and Emirates Manager Sri Lanka and the Maldives Chandana De Silva.
Sri Lanka eyes adventure travel to attract ‘quality’ tourists
By: Staff Writer
Colombo (LNW): Adventure tourism is playing a key role in helping Sri Lanka rebuild its economy after a turbulent few years for the South Asian nation.
The country’s tourism sector was particularly affected in recent years due to a foreign currency crisis resulting from the impact of the Covid-19 pandemic which led to months of food and fuel shortages, along with runaway inflation and prolonged blackouts.
A year on, leading Sri Lankan figures, speaking at a Dubai conference, were optimistic about tourism helping the country’s recovery.One of the main strategies is to diversify their offerings and target those seeking adventure holidays.
“We are not going to try and make Sri Lanka expensive but we want to make it the destination of choice when it comes to affordable luxury”, said Harin Fernando, Sri Lankan Minister of Tourism and Lands.
“We have just launched the Pekoe Trail, a 23-day hike through the mountains — that’s just one of the adventures we are offering,” Harin Fernando, Sri Lankan Minister of Tourism and Lands, told a conference on the second day of the Arabian Travel Market at Dubai World Trade Centre.
“We’re also investing in marine diving, mountain climbing and hiking.“Another activity we are looking to bring to Sri Lanka is ski diving.”
Visitors from the GCC will play a key role in ensuring Sri Lanka continues to rebound from its troubles in recent years, the minister added.“The Middle Eastern market is going to be crucial for Sri Lanka,” he said.
He added“We were desperate to get tourists back to Sri Lanka but that was the short-term goal. Now we need to move to a long-term strategy.”
It means attracting tourists who were likely to spend more on their holidays.“The average spending of tourists in Sri Lanka] is $200-250, which is not enough,” said Mr Fernando.“The target is to move that number to $400-500 by next year.
“It has been a bumpy ride for Sri Lanka in the last 11 to 12 months but I am delighted to say we have bounced back from where we were a year ago,” said Mr Fernando.
Sri Lanka’s ambassador to the UAE said being a year-round destination makes it attractive to a visitor from the Middle East, where temperatures tend to soar during the summer months.
“The country is a biodiversity hotspot with large forest coverage and a rich wildlife. It also boasts a unique cultural heritage.“It’s the best of Asia in one compact island.”
Hoteliers at the event believe that Sri Lanka is resurgent because of the diversification it offers tourists.
“The complexion of tourism in Sri Lanka is changing,” said Suresh Rajendra, president of leisure for the John Keells Group, the parent company of Cinnamon Hotels.
“The typical tourism in Sri Lanka has been beach stays and tours based on the culture and the hill country.
“That’s changing and we are seeing Colombo starting to attract the conference market which is bringing in more visitors from India and China.”Cinnamon Hotels unveiled plans for a new Colombo-based resort in Dubai on Tuesday.
SL government to preserve wildlife sanctuaries in the Northern Province
By: Staff Writer
Colombo (LNW): The present government is to take prompt action to set up a safari sanctuary in the Northern Province soon while focusing attention on five national parks, nine wildlife sanctuaries (four existing and five new) and five jungle corridors.
This will be Sri Lanka’s largest wildlife destination, promising sea and land experience. Declaring these proposed wildlife sanctuaries in the North will bring about, not only conservation, but many other sociol-cultural, political, economic and environmental benefits, official sources said.
It is believed that some important archeological sites are also located in the proposed areas. Some wetlands Chundikulam and Jaffna lagoon can be declared wetlands of international importance under the Ramsar Convention.
After the war’s end, the Department of Wildlife Conservation (DWC) with the support of United Nations Development Project (UNDP) and United Nations Environment Project (UNEP) did an ‘Integrated Strategic Environmental Assessment’ (ISEA) for the districts of Jaffna, Mullaitivu, Kilinochchi and Mannar.
The report suggested that three wildlife sanctuaries be upgraded to national park status. It also recommended two new national parks, five jungle corridors and five wildlife sanctuaries. It said the Vavunikulam wildlife sanctuary needed to be expanded by adding adjoining forest areas and removing human settlements.
President Ranil Wickremesinghe has instructed the Agriculture, Wildlife and Forest Resources Conservation, Minister Mahinda Amaraweera to look for suitable land for setting up a 1000-acre safari sanctuary in the Northern Province.
At present, no separate safari sanctuary has been established in the Northern Province .Most of the sanctuaries and zoos are located in other parts of the country. So the people of the 05 districts of the Northern Province have to come to visit the zoos in the south.
Minister Amaraweera in turn has directed the Ministry Secretary as well as the Wildlife Director General and the Forest Resources Department Director General to look into suitable land for the new safari sanctuary to be established in the Northern Province.
The Minister also informed that the possibility of introducing certain species of animals that are present in the national zoos as well as the species that are currently spread in urban areas and are harmful to people’s gardens to this park should also be investigated.
The Northern Province of Sri Lanka has a rich biodiversity of fauna and flora. Its various fauna species include elephant, leopard, bear and crocodile. Some varieties of flora are exclusive to the Province. Famous for birds, the region is the main entry point for migratory species.
The Province has a number of coastal and offshore habitats such as mangroves, sea grass beds, lagoons and estuaries, salt marshes, sand dunes and beaches, coral reefs, mud flats and isolated islands that function as critical habitats for marine mammals, birds and sea birds.
In the Northern seas, whales, including blue whales, turtles, dolphins, dugongs, sharks and other sea species can be found.
However, the region is yet to be fully explored in terms of conservation or tourism. The Government must declare its proposed wildlife reserves soon before these get exploited for commercial gain by unscrupulous business interests or other human interventions.
Since the Fauna and Flora Protection Ordinance No. 2 of 1937 was enacted, the Department of Wildlife Conservation (DWC) has been declaring wildlife reserves (as national parks, wildlife sanctuaries, jungle corridors) under its mandatory power. This Ordinance was amended several times, lastly in 2009.
The only seven wildlife sanctuaries declared in the Northern Province are the Madhu Road (1968), Chundikulam (1938), Giant Tank (1954), Vankalai (2008), Vavunikulam Tank (in 1963), Paraithivu (1973), and Kokkilai (1951) wildlife sanctuaries.
Egypt proposes Arab Sri Lanka Business Council to promote trade, investments
By: Staff Writer
Colombo (LNW): Arab Republic of Egypt is now keen to spearhead a campaign to form an Arab Sri Lanka Business Council to promote trade, tourism and investments
This was disclosed by Arab Republic of Egypt Ambassador Maged Mosleh when he last week paid a courtesy call on Prime Minister Dinesh Gunawardena and discussed matters of mutual interest.
Ambassador Mosleh said Egypt is pursuing the Arab Ambassadors Forum to establish an Arab Sri Lanka Business Council to promote trade, tourism and investments.
The groundwork has been prepared for this through discussions with relevant authorities and the Chambers of Commerce, he said.
The Prime Minister requested the Ambassador to explore potential investments in the hospitality industry as well as setting up export industries in export industrial zones in Sri Lanka as many incentives have been offered to foreign investors.
The Prime Minister briefed the Ambassador on the steps taken by the Government to overcome the economic crisis.
The Egyptian Ambassador congratulated the Government on the rapid success made to restore the economy in a short span of time and added that Sri Lanka has given a valuable example for other countries faced with similar crises to emulate.
It was also agreed to revive the Egypt-Sri Lanka Business Council originally founded in 2004, and to reconvene the Joint Commission on Trade and Economic Cooperation which last met in 2002.
Opportunities for Sri Lanka to benefit from Egyptian Technical Support in cultivating Citrus, pomegranate, mango, dates and expanding agricultural training opportunities from the Egyptian International Centre for Agriculture (EICA) was reviewed, while Egypt showed interest to obtain plant materials of Pineapple, red banana, custard apple.
Egypt has requested Sri Lankan investors to invest in the field of Agriculture, Tourism, textile and garment industries, Communication & Information Technologies, Oil refinement, while Sri Lanka welcomed Egyptian investors to the Colombo Port City.
Egypt is the 50th export destination for Sri Lanka. Total export value from Sri Lanka to Egypt was USD 31.27 Mn in 2022 and total imports from Egypt to Sri Lanka for the same period were USD 13.34 Mn. Egypt is the 52nd import origin for Sri Lanka in 2022.
Sri Lanka’s exports to Egypt has decreased by 13.41% in 2022 when compared to the year 2021. Imports from Egypt has also decreased by 69.44% in 2022 when compared to 2021.
Sri Lanka’s main export products to Egypt in 2022 were Desiccated Coconut, Tea, Pneumatic & Retreated Rubber Tyres & Tubes, Knitted Fabrics, Woven Fabrics, Men’s Outerwear, Transport Equipment, Defatted Coconut and Cartons, Boxes & Bags.
SL Biz confidence rises to new high amid the IMF US$3billion EFF unlock
By: Staff Writer
Colombo (LNW): A Month after the start of Q2 2023 in May, entrepreneurial confidence increased to 12 month high from s negative to positive following International Monetary Fund)IMF) US$ 3billion bailout loan.
The sentiment indicator rose across all sectors, except for real estate activities. In addition, expectations about the economic climate for the next three months were predominantly positive in early 2023.
The IMF’s US$ 3 billion Extended Fund Facility (EFF), which was approved on 20 March, has surely been instrumental in bolstering business confidence.
And efforts to restructure Sri Lanka’s mountain of debt has since taken a positive turn with three key sovereign creditors – India, Japan and the Paris Club of nations – announcing on 13 April that formal talks are underway.
So the only spoke in the wheel in the context of the debt restructuring process at the time of going to press is China’s reluctance to fall in line with what Sri Lanka is seeking. That China happens to be the island’s largest bilateral creditor cannot be ignored, it has to be said.
Nevertheless, the hype surrounding the long awaited IMF facility – in business circles at least – has translated into sending the LMD-NielsenIQ Business Confidence Index (BCI) skywards, even if the barometer has yet to reach its point of a year ago (116 basis points) as well as the all-time average of 124.
In the first week of April, NielsenIQ’s pollsters reported that the unique index had risen to a 12 month high.
As for the icing on the cake, it comes in the form of the 36 basis point spike in the BCI – the highest increase since January 2021, following news that Sri Lanka was to receive its first consignment of COVID-19 vaccines.
At the top of the list of sensitivities may well be the outcome of debt restructuring negotiations – and most importantly, whether local debt will also come into the equation as this could undermine confidence not only among the business community but the people as well.
The never ending uncertainly that surrounds the local government (LG) polls – not to mention what the political landscape portends in the months ahead – will also hold sway as far as more gains on the biz confidence front are concerned.
LMD-Nielsen noterd ,While we revel in the knowledge of a notable uptick in business sentiment, it would be prudent to keep an eye on the watch list – for example, whether the brain drain will gradually subside and fuel quotes be relaxed further; and crucially, where any relief will come from, to ease the big squeeze on disposable incomes.
As it reports in this edition of LMD, consumer confidence is eroding because of shrinking disposable incomes.
“An improvement in consumer confidence will depend on how the pockets of consumers are going to be affected by the fluctuating prices of essentials and other goods,” asserts NielsenIQ’s Director – Consumer Insights Therica Miyanadeniya.
That said, Miyanadeniya expects business confidence to remain strong: “With the country slowly beginning to pick up once again and as socioeconomic indicators continue to improve, it is expected that the BCI will continue to gain ground.”
She claims If we were to bet on the future direction of the index, the confidence boost from the EFF and news that as many as seven major state owned entities (SOEs) are under consideration for divestiture may have the gumption that is needed to maintain the momentum of the last two months.
Sri Lanka Original Narrative Summary: 04/05
1. President Ranil Wickremesinghe leaves for the UK to attend the coronation of King Charles III being held at Westminster Abbey on 6th May.
2. Foreign Minister M U M Ali Sabry asks ADB for a downgrade of Sri Lanka’s status from the currently classified “upper middle income country” status to access “low interest concessionary loans”: SL’s per capita GDP has plunged from USD 3997 in 2021 to USD 3474 by 2022 in the wake of the debt default announcement on 12th April 2022: SL’s per capita GDP was a promising USD 3819 at end 2014.
3. PUC Chairman Janaka Ratnayake warns CEB’s revenue has fallen below the set target due to the massive decline in demand for electricity following 2 sharp upward revisions to the tariff: says demand fell by 20% after the 1st tariff hike in Sept’22, leading to a Rs.15 bn shortfall in revenue from the targeted Rs.60 bn: says the CEB was forced to take a Rs.15 bn loan from a major bank as a result.
4. Energy Minister Kanchana Wijesekara says the Govt expects to review the expensive electricity prices and revise by Jul’23, in a possible move to calm the public who have protested against exorbitant tariff hikes: analysts says the move also comes as the Govt will have to face elections next year.
5. Secretary General of the Joint Apparel Association Forum Yohan Lawrence says apparel exports in Mar’23 was the lowest in 3 years: expecte USD 1 bn reduction for 2023 from last year’s exports of USD 6 bn: also says it could be 5 to 6 more months before a recovery takes place in global demand: in the 1st quarter, exports to USA, EU and UK dropped by 22%, 13% & 10% respectively: also says the steep 66% power tariff hike in Feb’23 has hit competitiveness.
6. Cabinet approves the Finance Minister to seek Parliamentary approval to issue Rs.6,000 bn worth of Treasury Bills, up from the current limit of Rs.5,000 bn: as at 31 Mar’23, T-Bill maturities amounted to Rs. 4,636 bn: at yesterday’s Rs.160 bn weekly T-Bill auction, CBSL sold only 41% of the 364-day maturity, even with yields increasing for the 3rd consecutive auction.
7. Cabinet Media Spokesman Minister Dr Bandula Gunawardena says that “due to various spurious claims made by people with vested interests, the public had started to rise against the Govt concerning the issue of re-structuring debt”: State Finance Minister Dr Ranjith Siyambalapitiya says the blueprint on re-structuring debt will be announced within this month, thereby pushing back the release of its debt re-structuring plan from April to May.
8. Nestlé Lanka announces its decision to go “private” ending 40 years as Public Listed Company in the Colombo Stock Exchange: majority shareholder Nestle SA owning 91.95% of the stock to purchase the remaining shareholding from those wishing to divest.
9. Colombo High Court grants permission to the Attorney General to amend the indictments filed against Swiss Embassy employee Ganiya Bannister Francis for allegedly making a false claim that she has been abducted and sexually harassed.
10. Minister of Ports and Aviation Nimal Siripala de Silva says the Ministry is planning to convert the Hingurakgoda Air Force airport into an international airport: key priorities identified as extending the present 2,287m runway to 2,800m, construction of a taxiway, setting up an air navigation system, and building an Air Traffic Control tower & passenger terminal.
CB misappropriates Rs. 235 bn of profit – A daylight scandal on public property?
The Central Bank (CB) has released its Annual Report over the bankrupt economy in 2022. Unlike in the recent past, there was no photo shoot of presenting it to the Minister released to the media with a note of highlights. As such, the Monetary Board seems to have covered up its shame of driving the economy into bankruptcy while sleeping on the Monetary Law Act (MLA) by releasing the annual report covertly.
As usual, this annual report is also just a report over the economy in 2020. Therefore, it is not a report of the Monetary Board as required in the MLA on the condition of the CB and a review of the policies and measures adopted by the Monetary Board in the economic context in 2022.
This article only highlights how the Monetary Board has hidden the profit on money printing by not transferring the profit to the government as required in the MLA.
MLA Requirement on Profit Distribution
The Part IV of the MLA sets out the procedure for calculation and distribution of the CB’s profit before the expiration of 60 days after the end of each financial year.
- According to the note 35 to financial statements of the CB for the year 2022, the CB’s distributable profit is Rs. 235,034,628, i.e., Rs. 235 bn.
- As per 39 (c) of the MLA, this profit should be either be applied in liquidation of obligations of the government to the CB or be paid and credited to the Consolidated Fund in consultation with the Minister.
- However, this total profit has been transferred to the CB’s surplus (or capital) which is a gross violation of the section 39 sated above.
- Therefore, the Monetary Board has not only violated the MLA but also the provisions of the Public Property Act by misappropriating or converting to own use the funds belonging to the government (pubic property), especially at present bankrupt condition of the government caused by the policy default of the Monetary Board itself.
- According to the CB annual report 2021, the Monetary Board similarly has concealed Rs. 27,526,076 or Rs. 27.5 bn. of profit by not transferring to the Consolidated Fund.
- Further, CB’s financial statements show a transfer of profit of Rs. 30,000,000 or Rs. 30.0 bn. to the Government in 2020 However, no accounting is seen how this was effected.
Therefore, it has been a habit of the Monetary Board to misappropriate public property or profit transferable to the Government. What an independence is given to the Monetary Board to rob the government.
CB’s financial condition summary in 2022
CB’s financial statements are prepared and presented in terms of International Financial Reporting Standards and audited by the Auditor General. Accordingly, selected financial highlights for the year 2022 are as follows.
- A historic loss of Rs. 374.2 bn, from the profit of Rs. 158.2 bn reported in 2021. The fair value loss of Rs. 737.4 bn on foreign currency assets is the major contributor. The increase in net interest income on local currency assets to Rs. 445.1 bn from Rs. 60.1 bn in 2021, mainly on government securities portfolio which was the only policy action of the CB, in response to extra tight monetary policy has contained the profit negativity to some extent. Meanwhile, CB’s operating expense has doubled to Rs. 20 bn.
- Assets of Rs. 4,510.3 bn, increased from Rs. 3,046.3 bn reported in 2021. The increase in government securities portfolio from Rs. 1,377.8 bn to Rs. 2,499 bn is the major contributory factor.
- A total equity of Rs. 82.2 bn, declined from Rs. 463.6 bn reported in 2021. Other reserves fallen to negative Rs. 191.2 bn from Rs. 315.1 bn reported in 2021 is the contributor.
Concluding Remarks
Financial statements are reflective of the management efficiency of any institution, private or public. However, it is not a secret that mismanagement is hidden behind creative financial reporting techniques that are not easy to detect.
The profit calculation, distribution of profit and accounting entries of the CB’s financial statements violate not only relevant legal provisions in Sri Lanka as highlighted above but also accounting principles.
The adoption of financial reporting standards that are not of any practical use for the CB is also a major problem. For example, the profit/loss on the CB’s operations does not accrue to the owner.
Further, the management of a central bank, despite its money printing monopoly and world famous economists, at losses to the owner/government is a question of common sense as managers always hide behind the monetary policy to explain financial outcomes while the monetary policy itself has defaulted on public duties.
Therefore, it is pertinent to carry out an external investigation into financial outcomes of the CB before all go under the carpet of the new central bank waiting in the Parliament as part of the IMF programme approved by it.
Given the extent of statutory violations of the CB, no doubt that this also will go under the carpet as the government is least interested in the compliance and good governance of public institutions.
(This article is released in the interest of participating in the professional dialogue to find out solutions to present economic crisis confronted by the general public consequent to the global Corona pandemic, subsequent economic disruptions and shocks both local and global and policy failures.)
P Samarasiri
Former Deputy Governor, Central Bank of Sri Lanka
(Former Director of Bank Supervision, Assistant Governor, Secretary to the Monetary Board and Compliance Officer of the Central Bank, Former Chairman of the Sri Lanka Accounting and Auditing Standards Board and Credit Information Bureau, Former Chairman and Vice Chairman of the Institute of Bankers of Sri Lanka, Former Member of the Securities and Exchange Commission and Insurance Regulatory Commission and the Author of 10 Economics and Banking Books and a large number of articles published.
The author holds BA Hons in Economics from University of Colombo, MA in Economics from University of Kansas, USA, and international training exposures in economic management and financial system regulation)
Source: https://economyforward.blogspot.com/2023/05/cb-hides-profit-from-government.html
Sri Lanka apparel exports to drop by $1 bln in 2023-trade body
COLOMBO, May 3 (Reuters) – Sri Lanka’s apparel export earnings could slump by $1 billion this year, a top industry expert said on Wednesday, as slowing global demand hits the crisis-hit South Asian country.
Apparel is Sri Lanka’s largest industrial export and earned $5.95 billion in 2022, helping the country as it weathered its worst financial crisis since independence in 1948, triggered by a record reduction in foreign exchange reserves.
But the industry’s first-quarter performance in 2023 has struggled with textiles and garment exports dropping 13.8% to $1.3 billion, data from Sri Lanka’s central bank showed.
Exports in March marked the lowest in three years, said Yohan Lawrence, Secretary General of the Joint Apparel Association Forum (JAAF), which is the industry’s apex body.
“Given the slowdown in demand we are seeing now, a $1 billion reduction in exports this year is not unreasonable,” he told Reuters.
“Our projection is it could be five to six more months before we see a recovery in global demand.”
Shipments to the Unites States, the country’s biggest buyer, dropped by 22% to $470 million in the first quarter.
Exports to the European Union fell 13% to $344 million while first-quarter exports to the United Kingdom were down 10% to $167.7 million, according to the latest JAAF data.
A steep 66% power tariff hike in February has also hit Sri Lanka’s competitiveness, Lawrence added.
However, the industry is not expecting significant job losses from the downturn but small and medium companies could see difficulties as the sector adapts to deal with a slowdown in orders.
The island’s apparel sector has about 300,000 employees, most of whom are women.
Reporting by Uditha Jayasinghe; Editing by Raju Gopalakrishnan
Two new mushroom species to hit the Colombo market soon
By: Staff Writer
Colombo (LNW): Two new mushroom species and a new record of a mushroom species have been identified from Sri Lanka.
The new species of mushroom were discovered by Dr. Aseni Navoda Ediriweera from the Mae Fah Luang University in Thailand, and the Chinese Academy of Sciences and her research team.
The research was guided by Professor Samantha C. Karunarathna. The new species from Sri Lanka have been named as Candolleomyces ruhunensis and Termitomyces srilankensis.
A new record of Crepidotus striatus was reported from the wet zone of Sri Lanka, mainly in Kanneliya, and it previously only recorded in China.
“In 2023, we discovered two new mushroom species and a new record of a species. Sri Lanka’s records on mushrooms date back to the 1700s.
It was only after the year 2000, that a proper research on mushrooms was carried out. This is also the first time that a mushroom species was named after a university.
This was the first record of a Candolleomyces species. In addition, we also discovered Termitomyces srilankensis.
The other record was of Crepidotus striatus from the Kanneliya forest. This is the second ever record of this species. It was identified as a new species in China,” elaborated Dr. Aseni Navoda Ediriweera.
Market prices for Sri Lanka mushrooms have varied across the years. Before 2019, one kilo of mushrooms was going for US$7.50 in 2017 and US$5.67 in 2018. In 2019 the export price changed to $5.00 per kilo, by -11.765%.
Some of the best performing markets in 2019 for Sri Lanka mushrooms for each kilo were fetched from exports to Australia, United Arab Emirates (UAE) and the Maldives.
The exports of mushrooms from Sri Lanka are categorized as:Mushrooms of the genus “Agaricus”, prepared or preserved otherwise than by vinegar or acetic acid (HS code 200310).
The other varities were Dried mushrooms of the genus “Agaricus”, whole, cut, sliced, broken or in powder, but not further prepared (HS code 071231)Mushrooms of the genus “Agaricus”, provisionally preserved, e.g., by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions, but unsuitable in that state for immediate consumption (HS code 071151)
The total values in export for mushrooms in Sri Lanka were US$ 14, US$ 15, US$ 51 and US$ 78 in US dollar thousand for the years 2016, 2017, 2018 and 2019 in that order.