Sri Lanka’s agricultural output in December-January showed declines in paddy, coconut, and fish, while tea and rubber production increased. The stock market displayed minimal changes. An inclusivity initiative for differently-abled passengers was launched, alongside an educational roadshow from U.S. universities aimed at Sri Lankan students, reflecting ongoing development across multiple sectors.
ECONOMYNEXT reports that Sri Lanka’s agricultural sector experienced mixed results during the December-January period. Specifically, paddy, fish, and coconut production saw declines, whereas tea and rubber production increased. According to the Central Bank’s Agriculture Data Bulletin for February 2025, paddy production for the 2024/2025 Maha season is forecasted at 2.57 million metric tons, marking a 5.7% decrease from last year’s figures.
In contrast, the 2024 Yala season’s paddy forecast shows promise with an anticipated yield of 2.02 million metric tons, indicating an 11.4% rise from the previous season. Coconut production has suffered a notable downturn, with decreases of 33.1% in December 2024 and 32.3% in January 2025. Concurrently, fish production fell by 12.0% in December, mainly due to reduced inland fishing activities.
On a positive note, domestic tea production enjoyed a significant upswing, with increases of 9.6% in December and 14.6% in January 2025, despite a decline in global tea prices. Rubber production also flourished, climbing by 32.4% in December, although it experienced a drop in January 2025. Additionally, domestic sugar production rose by 21.0%, influenced by favorable international supply and market conditions.
Market conditions for several export crops improved in January 2025; prices for crops such as pepper, coffee, cinnamon, cocoa, cardamom, nutmeg, and turmeric increased. However, prices for clove and ginger fell. The Central Bank highlighted that earnings from spice exports rose during this month, particularly due to the strong performance of pepper and cloves.
In financial markets, Sri Lanka’s stock indices closed relatively unchanged on March 14, 2025. The ASPI experienced a slight dip of 0.70 points, settling at 15,860.44, while the S&P SL20 Index increased by 0.14%. The total market turnover dropped to 1 billion rupees, with notable contributions from Aitken Spence, Sampath Bank, and others.
On social initiatives, a new support center for differently-abled passengers has opened at the Makumbura Multi Modal Centre, aimed at improving public transportation accessibility. This initiative employs individuals with special needs and offers various services including emergency notifications and communication aids.
Additionally, a U.S.-Sri Lanka educational initiative features a road show involving several esteemed American universities. This event aims to connect Sri Lankan students with representatives from these institutions, promoting opportunities in undergraduate and graduate programs. US Ambassador to Sri Lanka, Julie Chung, noted a 10% increase in Sri Lankan students enrolling in U.S. colleges, highlighting the growing educational exchange between the two nations. The road show’s schedule is set from March 20-22, 2025.
In conclusion, Sri Lanka’s agricultural production demonstrated a mixture of growth and decline across various sectors in December and January. While paddy, coconut, and fish production faced reductions, tea and rubber showed positive trends. Additionally, the stock market maintained stability amid changes in export crop prices. Social initiatives for inclusivity are also being established, alongside increased educational outreach from American universities, reflecting ongoing progress in key sectors.
Original Source: economynext.com
