SL exports exceed $1bln for 3rd consecutive month

Sri Lanka’s merchandise exports in August 2021 recorded an increase of 14.4 percent to US$1.1 billion compared to $947.2 million recorded in August 2020 as per the data released by the Sri Lanka Customs, the third consecutive month that exports have topped the $1 billion mark, according to the Export Development Board (EDB).

In an EDB statement, EDB Chairman Suresh de Mel said it was remarkable to see another month of exports over a billion dollars despite the ongoing pandemic, adding that moving forward, there is a need to add more value to exports, explore niche markets, and diversify the product basket and markets.

Export earnings from the Apparel Sector have increased by 12.13 percent y-o-y to $491.5 million in August 2021 with strong performance in exports of Apparel (12.84 percent) and Woven Fabrics (312.9 percent). On a year-on-year basis, exports of Made-Up Textile Articles & Yarn and other Textile Articles declined by 64.31 percent and 20.88 percent respectively. Further, export earnings from the Apparel Sector increased by 8.61 percent in August 2021 in comparison to July 2021.

Export earnings from Tea in August 2021 which made up 12 percent of merchandise exports increased by 13.41 percent y-o-y to $116.78 million and export volumes also increased by 16.1 percent in August 2021 compared to August 2020. Moreover, export earnings from Tea recorded a 1.43 percent increase in August 2021 in comparison to July 2021, the release said.

Export earnings from Rubber and Rubber Finished products have increased by 27.31 percent y-o-y to $92.34 million in August 2021 with strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (33.02 percent) and industrial & surgical gloves (36.89 percent). However, exports of gaskets, washers, seals, etc. of Hard Rubber have declined by 44.48 percent y-o-y to $ 4.93 million in August 2021.

Earnings from all the major categories of Coconut-based products increased in August 2021 compared with August 2020. Earnings from Desiccated Coconut, Liquid Coconut Milk and Coconut cream categorized under the Coconut Kernel Products increased by 42.82 percent, 13.8 percent and 72.94 percent, respectively. Being the largest contributor to the Coconut-based sector, Coco Peat, Fiber Pith & Moulded products categorised under the Coconut fibre products increased by 28.55 percent to $17.38 million in August 2021 in comparison to August 2020. Earnings from Activated Carbon, which were categorised under the Coconut shell products decreased by 1.72 percent in August 2021 compared to August 2020.

Export earnings from Seafood increased by 19.65 percent to $165.48 million in August 2021 compared to August 2020. This increase was mainly due to the increase in earnings from export of Fish Fresh or Chilled (29.44 percent), Shrimps and Prawns (125 percent), Lobsters (50 percent) and Crabs (27.27 percent).