Sri Lanka’s merchandise exports up 10% in February to new high of US$ 1.05 billion
Daily FT: Sri Lanka’s export earnings have produced a 10% growth to a new high of $ 1.05 billion in February from a year earlier, maintaining the growth momentum in merchandise shipments during the past nine months and in 2022, as per provisional statistics released by Sri Lanka Customs.
“This is the highest export figure recorded for the month of February since 2016,” the Export Development Board (EDB) Chairman Suresh de Mel told the Daily FT. He said Sri Lankans are strong in facing challenges, and the exporters have shouldered the task of placing the economy of the country on the right track with immense difficulties.
“A tribute to exporters for their commendable performance during unstable circumstances,” de Mel added.
The data also showed that the latest performance of last month is an increase of 5.8% compared to the pre-COVID era of February 2020, but slightly lower than the $ 1.06 billion achieved in January.
The estimated value of services exports for the month of February was $ 290 million, increasing 31.66% year-on-year (YoY). The services exports estimated by EDB consist of ICT/BPM, Construction, Financial Services and Transport and Logistics.
“Sri Lanka’s merchandise exports maintained the above $ 1 billion mark continuously from the beginning of this year, recording an increase of 9.91% to $ 1.05 billion in February compared to last year. This was also the ninth consecutive month of having over $ 1 billion in revenue. We hope the same trend will continue,” EDB Chief said.
OSL take:
Sri Lanka’s manufacturing and exports sectors have shown a steady growth even amidst the global pandemic. The many trade agreements and concessions enjoyed by the country have also helped boost Sri Lanka’s exports sector. With Sri Lanka’s ongoing development programme and the positioning of the country as a growing business destination in the South Asian region have all expanded the business potential in Sri Lanka’s exports sector. Given Sri Lanka’s economic resilience amidst internal and external challenges and the positive movement in the country’s exports sector, foreign businesses/investors could look at the opportunities in the country and also look at forming partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/19042022/Z_2 |