Sri Lanka’s exports for October top US$ 924 million despite internal and external challenges
Sri Lanka’s Export Development Board (EDB) has reportedly stated that despite the recent re-emergence of Covis-19 globally, the country’s merchandised exports have sustained its momentum for the past five months.
The local media has reported that according to provisional data, Sri Lanka has recorded exports earnings of US$ 924 million in October proving continuous resilience.
In comparison to last year, October 2020 performance reflects a marginal US$ 52 million decline but the achievement reinforces post-Covid 19 track record of near US$ 1 billion exports since June, local media reports stated.
Sri Lanka’s merchandise exports in June amounted to US$ 906 million, US$ 1.09 billion in July, US$ 947 million in August and US$ 1.01 billion in September.
“The provisional figures of October merchandise exports are US$ 924 million, which we think is excellent given the challenging times globally,” EDB Chairman Prabhash Subasinghe has told Daily FT.
He has commended the efforts by the export community for their continuous contribution to ensure a stable economy during these challenging times.
“The exporters are quite resilient and agile to the market conditions and have added value to the customers even during these most difficult times. I salute the entire export community, their resilient businesses and all employees in the export sector for this remarkable performance,” Subasinghe has added.
He has further noted that apparel, tea, coconut, rubber, spices, fruits and vegetable sectors had done well post-COVID-19, and had great potential to grow further.
“The order book is full for most export sectors till the end of the year,” Subasinghe has said.
The EDB is optimistic and anticipates that the steady growth trend will continue in the last few months as well.
OSL take:
The performance of Sri Lanka’s exports sector is a clear indication of the resilience of the sector despite facing internal and external challenges posed by the global Covid 19 pandemic. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have helped the exports sector continue with its manufacturing process. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/12112020/Z_5 |