Sri Lanka’s merchandise exports achieve close to US$ 1 billion last three months
Sri Lanka’s merchandised exports for the last three months have reportedly achieved close to the US$ 1 billion mark despite global and local challenges.
“Provisional data shows that merchandise exports in August were US$ 969 million,” Sri Lanka’s Export Development Board (EDB) Chairman Prabhash Subasinghe has told the Daily FT.
Sri Lanka saw continuous pick-up in exports as against US$ 906 million in June and US$ 1.09 billion in July. Soon after COVID-19 pandemic erupted exports in April fell to US$ 277.4 million.
However, provisional data of US$ 969 million exports in August is down by 6 percent from US$ 1.03 billion achieved a year earlier.
However, Subasinghe has recently expressed the resilience post-COVID re-opening augurs well for a better performance in exports in 2021.
“We have managed and shown our resilience to the world with strong performance in our exports since April. Without serious interventions, businesses have done well. Export is one sector that the Government is now seriously interested in because it helped the economy with much-needed foreign exchange,” EDB Chairman had told the investor symposium organised by SC Securities Ltd., in partnership with Daily FT.
“For sure, this year, we will perform less than last year; but I do not think any of us expected such a strong recovery and stability in the sector, given the pandemic and its impact. We also must understand that we only cater to two markets, which are the US and Europe,” Subasinghe has added.
Sri Lanka’s single largest export market is the US, which accounts for 27 percent of total merchandise exports last year, while Europe accounts for 30 percent.
OSL take:
The achievement mentioned above proves the resilience and rebound of Sri Lanka’s economy, especially the exports sector. Sri Lanka’s exports sector has been on a positive path amidst the challenges posed by the global Covid 19 pandemic. Sri Lankan authorities have offered relief and incentives to the country’s export sector. Therefore, Sri Lanka’s exports sector poses many lucrative business/investment opportunities. The many trade agreements as well as trade concessions enjoyed by the country have further boosted the exports sector. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/20200916/Z_3 |