Sri Lanka’s exports sector sustains resilience despite pandemic challenges
Sri Lanka’s export sector has sustained its resilience despite the pandemic and other challenges posting robust growth year-on-year in June and in the first half of 2021, according to local media reports.
Sri Lanka’s Export Development Board (EDB) has reportedly stated that as per the latest statistics released by Sri Lanka Customs the export sector has been able to maintain its upward trend in June 2021 with exports increasing by 9.41 % to $ 978.2 million compared to June 2020. This upward trend was evident year-on-year for the last four months.
Sri Lanka’s merchandise exports in the first half of 2021 was US$ 5,561.72 million, an increase of 27.49% over US$ 4,362.34 million in the first half of 2020.
“Our appreciation goes to the exporters who are contributing their maximum to the economy, despite the severe third wave of COVID-19, amidst many restrictions and obstacles. The results are due to the sector specific interventions of all stakeholders and the Government, along with the commitment of our exporters,” EDB Chairman Suresh de Mel has been quoted as saying.
According to the EDB, in June 2021 exports of rubber-based products, electrical and electronic components, spices and concentrates, and gems and jewellery have recorded double-digit growth compared with the month of June 2020. In addition, on year-on-year basis exports of apparel, tea and coconut-based products have reportedly increased by 3.01%, 7.81% and 8.61% respectively.
For the period of January to June 2021, merchandise exports have increased by 27.49% to US$ 5,561.72 million compared to the same period of 2020, following increased exports of rubber-based products, electronics and electronic components, and spices and concentrates, the Daily FT has reported.
Export earnings from rubber and rubber-finished products have increased by 48.91 % to US$ 519.96 million in Jan-June 2021 due to the better performance of exports of industrial and surgical gloves of rubber (78.49%), and pneumatic and retreated rubber tyres and tubes (50.43%).
Earnings from all the major categories of coconut-based products have increased due to the improved performance in export of coconut oil, desiccated coconut, coconut milk powder, liquid coconut milk, coconut cream, cocopeat, mattress fibre, and activated carbon.
Sri Lanka’s manufacturing and exports sectors have shown a growth momentum despite challenges posed by the global Covid 19 pandemic. Several key economic sectors in the country continued to record a positive growth trend amidst the pandemic. In fact, Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery after facing the impact of Covid 19. The country’s manufacturing and exports sectors have received a boost by the many trade agreements as well as trade concessions enjoyed by the country. Foreign businesses/investors could therefore explore opportunities in Sri Lanka’s manufacturing and exports sectors.
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