Export sector grows in January-April 2021, EDB says
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File picture of tourists at the airport. Tourism earnings have been badly affected by the pandemic.
Sri Lanka’s export performance continued its upward momentum in the first four months of 2021 with exports in April this year growing by 183 percent to US$ 798.9 million in comparison to the previous year.
In April last year, due to the COVID-19 pandemic induced lockdown, exports contracted by a record 64.63 per cent, the Export Development Board (EDB) said this week in releasing the latest economic and trade data.
The EDB said the year-on-year growth in April 2021 was largely due to the negative growth a year ago.
The latest growth could be attributed to the gradual lifting of COVID-19 restrictions imposed within the country and globally, the EDB said though the figures might change in May due to a series of lockdowns.
EDB Chairman Suresh de Mel said, “in comparison to the lowest point in April 2020, exports are up by 183 per cent in April 2021. We thank the entire export community for serving the national economic needs at this vulnerable time. The EDB staff and I stand committed to help our exporters through this crisis in the best way possible”.
Earnings from the export of major product sectors such as Apparel, Tea, Rubber based Products, Coconut based, Spices and Electrical and Electronic Components increased both in the month of April 2021 and during the period of January to April 2021 compared to the previous year.
Export earnings from Spices and Essential Oils in April 2021, increased significantly compared to April 2020 – growth was mainly due to increased exports of cinnamon, pepper and cloves. The significant increase of 115.4 percent recorded in the period of January to April 2021 compared to year 2020 – is an increase beyond the corresponding period of 2019 too.
Export earnings of tea increased y.o.y. in April 2021 by 1.14 percent compared to April 2020. The first four months comparison records a 19.79 percent increase – the higher performance was due to demand growth from the UAE, China and Libyan markets.
Export earnings from Rubber and Rubber finished products increased by 151.22 percent y-o-y to $64.74 million in April 2021 due to the better performance of exports of Industrial and Surgical Gloves of Rubber (188.87 percent), and Pneumatic and Retreated Rubber Tyres and Tubes (172.72 percent). In parallel export earnings from Rubber and Rubber finished products increased by 45.47 percent during the period of January to April 2021 compared to the 2020.
The single largest export destination – the US – recorded $920.6 million worth of exports in the period January to April 2021– a significant year on year increase of 21.2 percent in comparison to $759.58 million in 2020.
Exports to the UK as the second largest trading partner recorded an increase of 16 percent to $294.23 million during the period of January to April 2021 compared with the corresponding period of previous year.
A strong performance made by Apparel and Liquid Coconut Milk exports has resulted in increased exports to Netherlands and better performance of export of Bulk tea, Mineral Sands, Activated Carbon and Cocopeat has resulted in increased exports to China.
The services exports estimated by EDB which includes ICT/BPM, Construction, Financial services and Transport and Logistics show exports of $1,194.3 million for the period of January to April 2021 compared to $1,021.9 million recorded in the corresponding period of 2020.