Sri Lanka’s EDB records export earnings of US$ 11.84 billion in first 11 months of 2020
Chairman of Sri Lanka’s Export Development Board (EDB) Suresh de Mel has reportedly said the country has achieved 88.5% of the revised target of merchandise and services exports within the first 11 months of last year.
He has been quoted in the local media saying that during the period of January to November 2020, earnings from exports recorded US$ 11.84 billion including the estimated services data for July to November 2020. This is 88.47% achievement from the revised export target of US$ 13.39 billion set for 2020.
“Our resilient export community and all employees in the export sector should be admired for this remarkable performance in the prevailing crisis situation in the country and globally,” de Mel has stated.
According to the EDB Chairman, the services exports estimated by EDB, which includes ICT/BPM, construction, financial services, and transport and logistics, had reportedly amounted to US$ 2.88 billion during January to November last year.
He has further stated that the revised export target of the EDB for 2020 is US$ 13.39 billion, comprising US$ 9.57 billion from merchandise exports and US$ 3.82 billion from services exports.
Sri Lanka’s exports sector is showing strong signs of rebound despite challenges posed by the global Covid 19 pandemic. The country’s exports sector has managed to almost meet the revised targets set for the year, which is a great feat given the external and internal challenges faced by the country. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region. All these are indicative of the potential of further growth and expansion of Sri Lanka’s exports sector. The government of Sri Lanka has also proposed many concessions and incentives to foreign businesses/investors looking at investing/forming joint ventures in Sri Lanka’s exports sector.
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