Sri Lanka’s total exports record increase in January 2020 in comparison to January 2019
Sri Lanka’s total in January 2020 has reportedly recorded a marginal increase of 0.96% in comparison to the same period of the previous year, the latest provisional data of Sri Lanka Customs have shown.
According to the state owned Daily News, the top markets for tea exports in January were Russia (US$12 mn), Turkey (US$ 12 mn), Iran (US$ 7 mn), Iraq (US$ 9 mn) and Saudi Arabia (US$ 5 mn).
Exports of Cinnamon (US$ 13mn), Pepper (US$ 2 mn), Cloves (US$ 1 mn), essential oils (US$ 1 mn) have recorded reduced figures, whilst Nutmeg and Mace had remained at the level exported in the last year during this period too. Cinnamon moved to Mexico, USA, Columbia, Peru and India in higher quantities, while Pepper, Cloves anf Essential Oils have moved to India.
The main export destinations in January were United States of America (US$ 268 mn) followed by United Kingdom (US$ 85mn), India (US$ 63 mn), Germany (US$ 52 mn), Italy (US$ 46 Mn), Belgium (US$ 30Mn) and Netherlands (US$ 23Mn).
It is notable to record that out of the top 10 export destinations only three markets namely Italy, China and Bangladesh recorded a year on year growth.
“The export turnover increase in January 2020 is indeed a positive note, however the significant drop in merchandise exports along with a significant drop in Rubber and Tea our key export items are a serious concern,” Sri Lanka’s Export Development Board (EDB) Chairman Prabhash Subasinghe has been quoted as saying.
OSL take:
Sri Lankan authorities are focused on further increasing the country’s export revenue. The many trade agreements as well as trade concessions enjoyed by the country will undoubtedly help further boost the country’s exports sector. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/20200306/Z_4 |