The USD 13.5 billion export target set for merchandise export sectors in early 2020 remains challenging, requiring not only strong efforts from local enterprises, but also the recovery of global demand amid the complicated Covid-19 situation, the Export Development Board (EDB) said.
However, the EDB pointed out that even amidst severe impacts of the Covid-19 pandemic, Sri Lanka’s merchandise exports remain at USD 9.9 billion in 2020, which is a 104 % achievement from the revised forecast of USD 9.5 billion.
“Amidst the outbreak of COVID-19, a notable rebound of the export sector was recorded from mid - 2020 with the proactive measures introduced by the Government. The growth in exports was not only due to the effective prevention and control of the epidemic in Sri Lanka, the commitment of the exporter community to support the national economy by bringing in the much-needed foreign currency at a crisis situation is commendable," EDB Chairman Suresh De Mel said.
Export Performance in December 2020
Further, adverse global market conditions for Sri Lanka’s key exports were aggravated by the second wave of the COVID-19 pandemic experienced by many countries, leading to low demand for exports of Sri Lanka.
When considering the top 10 export markets, other than the United States, United Kingdom and Germany, increases in exports were recorded in other markets. Exports to China and Turkey increased 30.97% and 31.01% in December 2020 compared with December 2019 respectively.
Exports to EU (4.86%) and CIS (5.92%) Regions recorded increases in December 2020 compared to December 2019, exports to other regions were declined.
Export Performance of Major Sectors in December 2020
Export earnings from Apparel & Textiles declined by 6.46 % to USD 450.49 Mn during the month of December 2020 compared with USD 481.59 Mn recorded in December 2019. In parallel, 38.95 % increase was recorded in December 2020 in comparison to November 2020.
Export earnings from tea which made up 12% of merchandise exports increased by 6.78 % y-o-y to USD 112.97 Mn in December 2020 compared to December 2019.
Similarly, export earnings from tea recorded 17.42 % increase in December 2020 in comparison to November 2020.
In addition, Export earnings from Rubber & Rubber finished products have increased by 6.22 % y-o-y to USD 79.52 Mn in December 2020 due to the better performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (6.34%) and Industrial & Surgical Gloves of Rubber (27.70%).
Earnings from all the major categories of Coconut based products increased in December 2020 compared with December 2019.
Export earnings from Spices and Essential Oils have increased by 57.61 % to USD 33.13 Mn in December 2020 compared with the value of USD 21.02 Mn recorded in December 2019 due to the better performance recorded in exports of Cinnamon (13.82 %) and Pepper (315.15 %).
Meanwhile, earnings from export of Electrical and Electronic Components (EEC) increased by 26.58% to USD 36.14 Mn in December 2020 in comparison to December 2019.
In parallel, earnings from export of EEC increased by 42.07 % in December 2020 compared with November 2020.
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