Sri Lanka’s exports surpass USD 1bn mark in July after four months

* Sri Lanka’s exports surpass USD 1bn mark in July after four months

Fri, Aug 20, 2021, 09:11 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 20, Colombo: Sri Lanka’s exports have surpassed the $ 1 billion mark in July after four months’ time period where the similar achievement was only recorded in March during this year, the Export Development Board (EDB) said in its monthly performance review released Friday.

As per the figures released by the Sri Lanka Customs, Sri Lanka recorded exports worth of US$ 1,099.41 million in July 2021, the highest ever monthly achievement, which showed an increase of 1.33% over US$ 1,085 million in July 2020 and an increase of 12.39 per cent over US$ 978.2 million in July 2019.

“Sri Lanka’s exports show a remarkable rise despite the current pandemic situation across the World, thanks to the utmost courage, determination and continuous improvements shown by our exporters in sustaining export business during the pandemic,” EDB Chairman Suresh D de Mel said.

Major Exports in July 2021

Export earnings from Rubber and Rubber Finished products have increased by 13.6 % y-o-y to $ 96.65 million in July 2021 with strong performance in exports of Pneumatic & Retreated Rubber Tires & Tubes and industrial & surgical gloves. However, exports of gaskets, washers, seals, etc. of Hard Rubber have declined by 42.78% y-o-y to $ 6.26 million in July 2021.

Export earnings from Spices and Essential Oils have increased by 11.47% y-o-y in July 2021 with significant increases in cinnamon (11.09%), pepper (7.37%), Cloves (21.11%), essential oils (11.57%) and oleoresin (45.45%). Further, export earnings from Spices and Essential Oils increased by 28.88 % in July 2021 in comparison to June 2021.

Meanwhile, export earnings from Electrical and Electronic Products (22.7%) and Seafood (119.05%) recorded increases during the month of July 2021 compared with July 2020.

Except Coconut fiber products, Earnings from Coconut kernel and shell products increased in July 2021 compared with July 2020 and there is a notable performance in export of coconut cream and activated carbon.

Although earnings from the Apparel and textile sector decreased by 3.1% y-o-y to US$ 452.55million in July 2021, earnings from Apparel and woven fabrics under the Apparel & Textiles sector have increased by 2.76% and 69.43% respectively in July 2021 compared with July 2020. Further, export earnings from apparel increased by 9.27 % in July 2021 in comparison to June 2021.

However, Export earnings from Made-Up Textile Articles and Other Textile Articles gained high export revenues last year have decreased by 72.64% and 26.34% respectively in July 2021 in comparison to July 2020.

Export earnings from Tea in July 2021 which made up 12% of merchandise exports decreased by 12.06% y-o-y to $ 115.13 million and export volume also decreased by 8.92% in July 2021 compared to July 2020. Moreover, export earnings from Tea recorded a 7.09% decrease in July 2021 in comparison to June 2021.

Major Exports during the period of January – July 2021

For the period of January to July 2021, merchandise exports increased by 22.17 % to US$ 6,661.13 million compared to the corresponding period of 2020, following increased exports of Apparel & Textiles, Rubber-based products, Coconut based products, Electronics & Electronic Components, Spices and Concentrates, Seafood and Ornamental fish as shown in the table below.

Export earnings from Rubber & Rubber finished products increased by 41.98 % to US$ 616.59 million in Jan-July 2021 due to the better performance of exports of Industrial & Surgical Gloves of Rubber (68.64%) and Pneumatic & Retreated Rubber Tires & Tubes (44.96%).

Earnings from all the major categories of Coconut based products increased due to the improved performance in export of Coconut Oil, Desiccated Coconut, Coconut Milk Powder, Liquid Coconut Milk, Coconut cream, Cocopeat, Mattress Fiber, & Activated Carbon.

Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 36.99 % to US$ 241.45 million in the period of January to July 2021 compared to the corresponding period of 2020. Export of Insulated wires increased by 62.15 % in during the period of January to July 2021 to US$ 40.7 million compared with the corresponding period of previous year. In addition, export of other Electrical & Electronic Products increased by 31.09 % during the period of January to July 2021 to US$ 125.72 million compared with the corresponding period of previous year.

Export earnings from Spices and Essential Oils increased significantly in the period of January to July 2021 compared to year 2020 due to the better performance in all the sub categories; Cinnamon, pepper, cloves, nutmeg, essential oils & Oleoresins, etc.

Sri Lanka’s Export Performance in Major Markets

Strong Export Growth recorded for top 10 export markets in the period of January to June 2021. The single largest export destination of United States of America recorded US$ 1,631.36 million worth of exports in the period of January to July 2021– a significant year on year increase of 16.23 % in comparison to US$ 1,403.54 million recorded in 2020.

Exports to United Kingdom as the second largest trading partner recorded an increase of 13.79 % to US$ 525.35 million during the period of January to July 2021 compared with the corresponding period of previous year.

On a region wise comparison exports to all other regions increased except ASEAN Countries and CIS regions during the period of January to July 2021 compared with the corresponding period of the previous year.

Export of Services

The services exports estimated by EDB which includes ICT/BPM, Construction, Financial services and Transport & Logistics recorded worth of US $ 1,885.88 million during the period of January to July 2021 compared to US$ 1,482.41 million recorded in the corresponding period of 2020.

Estimated service exports increased by 27.22 % during the period of January to July 2021 compared to the corresponding period of 2020.

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