Sri Lanka’s merchandised exports see continuous rise despite external and internal challenges
Despite global and local challenges, Sri Lanka’s merchandised exports have reportedly recorded a continuous rise for the last four months with September surpassing the US$ 1 billion mark once again despite external and internal challenges.
“I am extremely pleased to see US$ 1 billion of exports in September. I salute the entire export community, our resilient businesses and all employees in the export sector for this remarkable performance. It is the 3rd time this year we have seen a year-on-year (YOY) increase of merchandise exports,” Sri Lanka’s Export Development Board (EDB) Chairman Prabhash Subasinghe has been quoted as saying in the local media.
According to the Daily FT, Sri Lanka has recorded a steady recovery in exports, as against US$ 906 million in June, US$ 1.09 billion in July and US$ 947 million in August.
However, Subasinghe has expressed concerns about the recent escalation of COVID-19 in Sri Lanka, but was hopeful of a swift recovery and a stable level of business continuity.
“Our businesses must continue to be resilient whilst facing the unknown and must have strong COVID-19 preventive measures in order to bring in the much needed foreign currency for Sri Lanka,” Subasinghe has noted.
As per statistics of Sri Lanka Customs, earnings from merchandise exports had recorded a positive growth of 5.16% in September 2020 to US$ 1.01 billion compared to US$ 952.1 million in the same period last year.
This strong performance is consistent with the gradual lifting of restrictions due to COVID-19 pandemic within the country and globally, the Daily FT has stated.
“The revised export target for 2020 is US$ 13.39 billion and of that we expect US$ 9.57 billion from merchandise exports and US$ 3.82 billion from services exports. During the first nine months, earnings from exports recorded $ 9.69 billion, including the estimated services data for July to September. Thus achieving 72.4% from the revised export target,” the EDB has stated.
Sri Lanka’s exports sector is continuously proving its resilience and rebound from the blow dealt by the global Covid 19 pandemic. Given Sri Lanka’s trade concessions and agreements with many countries, the island nation’s exports sector is a hotspot for business/investment opportunities. Sri Lanka’s geographical positioning in the Indian Ocean and ease of doing business have also added to the country’s attraction as a business hub in the South Asian region. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka’s exports sector.
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