Sri Lanka records strong export performance in 10 major export markets
Sri Lanka has reportedly recorded a strong export performance in 10 major export markets last year. This has accounted for 63% of total merchandise exports during 2021.
According to reports, during the period of January to December 2021, exports to the US, which is Sri Lanka’s single largest export destination, has increased by 22.4 % to US$ 3.07 billion compared to the corresponding period of 2020. The better performance has been led by increase in exports of apparel and textile (17.89%), rubber based products (pneumatic and retreated rubber tyres and tubes (47.62%), industrial and surgical gloves of rubber (40.47%)), motor vehicles parts (151.34%), activated carbon (40.29%) and cinnamon (17.18%).
Meanwhile, exports to the UK as the second largest trading partner recorded an increase of 2.55 % to US$ 933.72 million in 2021 compared to 2020. This reflected with the increased exports of apparel and textile (15.22%), rubber based products sectors [pneumatic and retreated rubber tyres and tubes (39.23%), industrial and surgical gloves of rubber (19.25%)], frozen fish (33.33%) and other electrical and electronic products (12.64%).
Sri Lanka’s overall exports recorded US$ 15.12 billion last year (2021), which is 23% from 2020 sustaining its resilience, despite an unprecedented economic crisis. The year 2021 performance comes second only to US$ 15.91 billion recorded in 2018.
OSL take:
The country’s performance in 10 key foreign export markets is indicative of the expansion of Sri Lanka’s exports sector. The manufacturing and exports sectors in Sri Lanka has shown great resilience and a steady growth momentum despite pandemic challenges. The government of Sri Lanka has also provided support as well as access required for further development and value addition of the country’s exports. The ongoing development programme of the country has also supported the exports industry. Foreign businesses/investors could explore opportunities in Sri Lanka’s exports industry as well as look at forming partnerships or joint ventures with local businesses engaged in the manufacturing and exports sectors.
| Article Code : | VBS/AT/09022022/Z_2 |