Sri Lanka’s exports have surpassed the $ 1 billion mark in July 2021, the Export Development Board (EDB) said.
Releasing its monthly performance review on Friday (20), the EDB said the record was achieved after a period of four months, adding that a similar achievement was only recorded earlier in March 2021.
The Sri Lanka Customs reported that exports worth US$ 1,099.41 million were recorded in July 2021, the highest ever monthly achievement.
It said this shows an increase of 1.33% over the US$ 1,085 million that was recorded in July 2020 and an increase of 12.39% over the US$ 978.2 million that was reported in July 2019.
EDB Chairman Suresh D de Mel said Sri Lanka’s exports have shown a remarkable rise despite the current coronavirus pandemic across the world.
He said this was due to the utmost courage, determination, and continuous improvements shown by Sri Lankan exporters in sustaining export business during this crisis.
Major Exports in July 2021
Export earnings from Rubber and Rubber Finished products have increased by 13.6 % y-o-y to $ 96.65 million in July 2021 with a strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes and industrial & surgical gloves. However, exports of gaskets, washers, seals, etc. of Hard Rubber have declined by 42.78% y-o-y to $ 6.26 million in July 2021.
Export earnings from Spices and Essential Oils have increased by 11.47% y-o-y in July 2021 with significant increases in cinnamon (11.09%), pepper (7.37%), Cloves (21.11%), essential oils (11.57%), and oleoresin (45.45%). Further, export earnings from Spices and Essential Oils increased by 28.88 % in July 2021 in comparison to June 2021.
Meanwhile, export earnings from Electrical and Electronic Products (22.7%) and Seafood (119.05%) recorded increases during the month of July 2021 compared with July 2020.
Except for Coconut fibre products, Earnings from Coconut kernel and shell products increased in July 2021 compared with July 2020 and there is a notable performance in the export of coconut cream and activated carbon.
Although earnings from the Apparel and textile sector decreased by 3.1% y-o-y to US$ 452.55Mn in July 2021, earnings from Apparel and woven fabrics under the Apparel & Textiles sector have increased by 2.76% and 69.43% respectively in July 2021 compared with July 2020. Further, export earnings from apparel increased by 9.27 % in July 2021 in comparison to June 2021.
However, Export earnings from Made-Up Textile Articles and Other Textile Articles gained high export revenues last year have decreased by 72.64% and 26.34% respectively in July 2021 in comparison to July 2020.
Export earnings from Tea in July 2021 which made up 12% of merchandise exports decreased by 12.06% y-o-y to $ 115.13 million and export volume also decreased by 8.92% in July 2021 compared to July 2020. Moreover, export earnings from Tea recorded a 7.09% decrease in July 2021 in comparison to June 2021.
Major Exports during the period of January – July 2021
For the period of January to July 2021, merchandise exports increased by 22.17 % to US$ 6,661.13 million compared to the corresponding period of 2020, following increased exports of Apparel & Textiles, Rubber-based products, Coconut based products, Electronics & Electronic Components, Spices and Concentrates, Seafood and Ornamental fish as shown in the table below.
Export earnings from Rubber & Rubber finished products increased by 41.98 % to US$ 616.59 Mn in Jan-July 2021 due to the better performance of exports of Industrial & Surgical Gloves of Rubber (68.64%) and Pneumatic & Retreated Rubber Tyres & Tubes (44.96%).
Earnings from all the major categories of Coconut based products increased due to the improved performance in the export of Coconut Oil, Desiccated Coconut, Coconut Milk Powder, Liquid Coconut Milk, Coconut cream, Cocopeat, Mattress Fiber, & Activated Carbon.
Meanwhile, earnings from the export of Electrical and Electronic Components (EEC) increased by 36.99 % to US$ 241.45 Mn in the period of January to July 2021 compared to the corresponding period of 2020. Export of Insulated wires increased by 62.15 % during the period of January to July 2021 to US$ 40.7 Mn compared with the corresponding period of the previous year. In addition, export of other Electrical & Electronic Products increased by 31.09 % during the period of January to July 2021 to US$ 125.72 Mn compared with the corresponding period of the previous year.
Export earnings from Spices and Essential Oils increased significantly in the period of January to July 2021 compared to the year 2020 due to the better performance in all the subcategories; Cinnamon, pepper, cloves, nutmeg, essential oils & Oleoresins, etc.
