SL exports retains its momentum in May 2021
View(s):Sri Lanka’s export sector performance has been able to regain its growth momentum in May 2021 amidst the challenges of the pandemic. “We are happy to see that export levels are reaching fast to the pre-COVID-19 levels despite the continuous multiple challenges faced by our exporters with intermittent travel restrictions and local area isolations. Maximum efforts are be taken to secure the export orders in hand while attracting new orders to the country – the responsibility of the authorities are to facilitate the exporters in every possible way to keep them operating,” said Suresh de Mel, Chairman –Export Development Board (EDB), in a media release this week.
As per the statistics released by the Sri Lanka Customs, Sri Lanka’s merchandise exports in May 2021 was US$884.2 million, an increase of 50.71 percent against $586.7 million in May 2020. Sri Lanka’s merchandise exports in January-May 2021 was $4,583.56 million, an increase of 32.61 percent over $3,456.32 million in January-May 2020.
In May 2021, all the products recorded a positive growth except vegetables and other export crops. A strong export growth was recorded for almost all products during the period January to May 2021 except petroleum products, vegetables and other export crops.
Exports of rubber-based products, coconut products and spices concentrates recorded the highest export value thus far, the EDB said.
Major exports in May:
- Apparel, valued at $370.87 million and constituting 45 percent of total merchandise exports, increased by 69.48 percent from May 2020.
- Tea exports recorded a value of $109.23 million which constitutes 11.5 percent of total merchandise exports, remained as the value recorded in May 2020.
- Rubber-based products, $91.18 million, 9.3 percent of total merchandise exports, improved by 78.12 percent.
- Coconut products, $66.71 million, 7 percent of total merchandise exports, increased by 28.78 percent.
- Electronics and electronic components, $35.19 million, 3.6 percent of total merchandise, exports increased by 62.47 percent.
- Spices and concentrates, $25.24 million, 3.5 percent of total merchandise exports, increased by 30.84 percent.
Major exports in January-May:
For the period of January to May 2021, merchandise exports increased by 32.61 percent to $4,583.56 million compared to the same period of 2020, following increased exports of apparel, rubber-based products, electronics and electronic components, spices and concentrates.
Export earnings from rubber and rubber-finished products increased by 51.43 percent to $424.47 million in Jan-May 2021 due to a better performance of exports of industrial and surgical gloves of rubber (89.04 percent) and pneumatic and retreated rubber tyres and tubes (48.77 percent).
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, cocopeat, mattress fibre and activated carbon.
Meanwhile earnings from the export of electrical and electronic components increased by 45.29 percent to $164.28 million in the period January to May 2021 compared to the corresponding period of 2020. Export of insulated wires increased by 54.10 percent during the period January to May 2021 to $27.6 million compared with the corresponding period of previous year. In addition, export of other electrical and electronic products increased by 51.82 percent during the period January to May 2021 to $90 million compared with the corresponding period of previous year.
Export performance in major markets
Strong export growth was recorded for the top 10 export markets in the month of May 2021 and the period January to May 2021.
The single largest export destination of the US recorded $1,133.71 million worth of exports in the period January to May 2021– a significant year on year increase of 25.26 percent in comparison to $905.1 million recorded in 2020.
Exports to the UK as the second largest trading partner recorded an increase of 23.47 percent to $366.53 million during January to May 2021 compared with the corresponding period of the previous year.