Sri Lanka’s export earnings pass US$ 1 billion mark in September
Daily News: Sri Lanka’s merchandise exports in September 2021 recorded US$ 995.8 million as per the data released by the Sri Lanka Customs.
EDB Chairman, Suresh D. de Mel said, “Observing the export figures of September, it is remarkable to see that our exporters performed this well amidst travel restrictions and lockdowns due to the third wave of the Covid-19 pandemic in Sri Lanka.’
“Exports show a strong resilience with both merchandise and services exports performing well. We are confident that this trend will continue.’
The revised export target of the Export Development Board for 2021 is US$ 15.72 billion and of that we expect US$ 12.14 billion from merchandise exports and US$ 3.58 billion from services exports.
During the period January to September 2021, earnings from exports recorded US$ 11.1 billion including the estimated services data for July to September and 70.63% achieved from the revised export target.
Merchandize exports recorded during the third Quarter of 2021 increased by 5.0% to US$ 3,182.83 million compared with the same period in 2020. Similarly, exports increased by 6.7% compared with the same period in 2019.
Export earnings from Apparel and Textile have increased by 5.83 % y-o-y to US$ 457.05 million in September 2021 with strong performance in exports of Apparel (7.71%) and Woven Fabrics (62.73%).On a year-on-year basis, exports of Made-Up Textile Articles and Yarn and other Textile Articles declined by 40.26% and 34.14% respectively.
Export earnings from Rubber and Rubber Finished products have increased by 20.04 % y-o-y to US$ 96.09 million in September 2021, with strong performance in exports of industrial and surgical gloves (47.65%), Pneumatic and Retreated Rubber Tyres and Tubes (15.31%) and gaskets, washers, seals, etc. of hard rubber (28.72%).
Export earnings from Seafood increased by 39.21% to US$ 22.58 million in September 2021 compared to September 2020.
For the period of January to September 2021, merchandise exports increased by 19.3 % to US$ 8,881.93 million compared to the corresponding period of 2020, following increased exports of almost all the major product sectors; Apparel and Textiles, Tea, Rubber-based products, Coconut based products, Electronics and Electronic Components, Spices and Concentrates, Seafood and Ornamental fish as shown in the table below.
Earnings from export of Apparel and Textile increased by 18.5% to US$ 3,879.43 million during the first nine months in 2021 compared to the same period of 2020, export of apparel and woven fabrics expanded by 21.4% and 104.62% while exports of Made-Up Textile Articles and Yarn and other Textile Articles were down by 51.31% and 3.74%, respectively.
Export earnings from Tea increased by 7.29% to US$ 986.56 million during the period of January to September 2021 compared with the corresponding period of 2020.
In parallel, export earnings from Rubber & Rubber finished products increased by 37.19% to US$ 805.06 million in Jan-September 2021.
For the first nine months of 2021, export earnings from Coconut and Coconut based products expanded by 24.14% to US$ 608.76 million from the same period last year.
Meanwhile, earnings from export of Electrical and Electronic Components (EEC) increased by 25.75% to US$ 309.62 million in the period of January to September 2021 compared to the corresponding period of 2020.
Export earnings from Spices and Essential Oils increased by 36.78% to US$ 320.8 million in the period of January to September 2021.
Strong exports were recorded for the 10 major export markets, which accounted for 63% of total merchandise exports during the period January to September 2021.
During the first nine months of 2021, exports to the United States of America, Sri Lanka’s single largest export destination, increased by 14.97 % to US$ 2,175.46 million compared to the same period of 2020.
Exports to the United Kingdom as the second largest trading partner recorded an increase of 2.31% to US$ 679.55 million during the period of January to September 2021 compared with the corresponding period of previous year.
During the period of January to September 2021, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports increased by 25.25% to US$ 635.43 million.
Sri Lanka’s manufacturing and exports sectors have shown a growth momentum even amidst the challenges posed by the global Covid 19 pandemic. It is indicative of the strength and growth of Sri Lanka’s economy and the overall expansion of business/investment opportunities in the country, especially in the manufacturing and exports sectors. The many trade agreements as well as concessions enjoyed by the country have also helped boost Sri Lanka’s exports sector. Given the positive growth in the country’s exports sector, foreign businesses/investors could confidently explore the growing opportunities in the sector.
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