Sri Lanka Plans to Extend Its Coconut Exports

Fisheries and Aquatic Resources Development Minister and Mahaweli Development State Minister Mahinda Amaraweera displaced to mass media the plans of the country, and namely the fact that the Coconut Cultivation Board (CCB) will launch a program to distribute 1.5 million coconuts at the price of Rs.65 each.

The program will commence on October 2, and coconuts will be sold by mobile vans of the CCB in Colombo, Hambantota and Matara Districts.

Further speaking the Minister said that Consumer Affairs Authority (CAA) had been instructed by the President to take action against the organizations and businessmen who are unnecessarily harassing customers.

Various organizations are deliberately trying to raise the prices of certain goods. The coconuts will be purchased from Kurunegala District. About 2,000 Coconut Planters’ Societies have been set up countrywide.

Other important Sri Lanka exports are:

1. Textiles and apparel;

2. Tea and spices;

3. Diamonds;

4. Emeralds;

5. Rubies;

6. Rubber products;

7. Fish.

Incredible Popularity of Electric Cars All Around The Globe

It’s 10 years since Apple Inc. unleashed a surge of innovation that upended the mobile phone industry. Electric cars, with a little help from ride-hailing and self-driving technology, could be about to pull the same trick on Big Oil. 

The rise of Tesla Inc. and its rivals could be turbo charged by complementary services from Uber Technologies Inc. and Alphabet Inc.’s Waymo unit, just as the iPhone rode the app economy and fast mobile internet to decimate mobile phone giants like Nokia Oyj. 

The culmination of these technologies — autonomous electric cars available on demand — could transform how people travel and confound predictions that battery-powered vehicles will have a limited impact on oil demand in the coming decades. 

Most forecasters see the shift away from oil in transport as an incremental process guided by slow improvements in the cost and capacity of batteries and progressive tightening of emissions standards. But big economic shifts are rarely that straightforward.

Professional traders see electric cars as the main destroyer of international oil industry. International energy suppliers, on the contrary, predict the success of this project that would bring them huge income. 

Tesla Cars are going to come in different sizes, colors and capacities so, every family will have the possibility to buy it for daily use!

First US Crude Oil Export to India Comes From Texas

India purchased US crude oil for the first time after the four-decade ban on exports of US oil was lifted. In August, Texas Governor Greg Abbott received papers of the shipment from Indian Ambassador to the United States Navtej Sarna for the first oil trade, which was worth $100 million.

India is the world’s third largest oil importer — behind China and the United States — as well as the largest contributor to incremental oil consumption in 2016 among major economies. With huge demand of oil consumption and low domestic production, India is expected to increase oil imports over the next 20 years. Senator Ted Cruz stated that Texas will export crude oil to India as a reliable and stable partner.

Indian Oil Corporation, India’s largest private enterprise, and Bharat Petroleum, a state-controlled oil company, have started ordering crude oil from the United States. Last month, these two oil companies have ordered over 6 million barrels of US crude oil. In June, Indian Prime Minister Modi and President Trump promoted a fair bilateral trade relationship to boost economic growth on both sides during Modi’s visit to the White House. Under the closer bilateral trade relationship, and low prices on American oil, Indian oil companies are warming to the prospect of importing US crude oil. 

While this is the first crude oil import from Texas, India has made significant purchases of petroleum, chemical, and coal products from Texas previously. In 2016, Texas exported $2.1 billion in goods and services to India, ranking as the third largest exporting state to the country. As a top exporter to India and a leader in crude oil reserve and production in the United States, Texas is expecting a growing economic relationship with India. 

Raw Materials on The Top of Iran’s Export

Raw materials still share the dominant part of Iran’s non-oil export basket. Gas condensates, propane, butane and some other raw petroleum products - which Iran puts in the non-oil exports basket- made the country’s top exported goods during the 4-month period. 

It is also notable that the exports from the petrochemical, and industry, the two ‎key sectors in the economy show a decline of 3.7 and 17.7 percent in value ‎during this period compared with the similar period a year earlier whilst the ‎mining sector and traditional commodities (carpets and traditional craft) show ‎increases in the value of 36.7 and 6.6 percent. 

A prosperous economy in Iran could act as an engine of growth for the region as ‎well as benefiting the advanced industrial economies of the world to expand their ‎trade links in the region.

Other important exports of the country are:

1. Nuts

2. Fruits

3. Salt

4. Chemicals

5. Stones

6. Cement

7. Carpets

8. Industrial Supplies

9. Plastic

10. Saffron