The US has renewed GSP facility for Sri Lanka. This has boosted Sri Lanka’s export development efforts. The US is the biggest consumer of Sri Lankan apparels. Sri Lankan exporters will gain duty free access for eligible products under the GSP program. The US GSP Program is in force until December 31, 2017. It provides preferential duty free entry into US market for nearly 5,000 products from 122 designated beneficiary countries and territories including Sri Lanka.

US importers are eligible to claim import duty paid by them for eligible products during the lapse in GSP coverage from July 31, 2013, with retrospective effect. Since 2010, Lankan exports to US have increased by 59 per cent. In 2014 Lankan exports to US were valued at $2.7 billion. In the same year, apparels comprised 73 per cent of Lankan exports to the US. In 2014, Lankan exports to the US rose year on year by 8 per cent in comparison to 2013.

Apart from apparels, Sri Lanka’s other leading exports to the US in 2014 were rubber tyres, plastic based packing materials, rubber gloves, activated carbon, coir products, and rubber floor coverings.