SL export revenue in 2020 to be lower than in 2019

Sri Lanka’s export targets for 2020 have been revised to achieve US$13.39 billion, a media release issued by the Export Development Board (EDB) stated today. Last year Sri Lanka achieved US$16.14 billion in both merchandise and service exports.
As per the revised targets the EDB expects merchandise exports to achieve US$9.57 billion and $3.82 billion from service exports for this year. The previous target was set at US$18.5 billion for this year.
Exports in September crossed the US$1 billion mark after July this year, a media release said.
As per the Customs statistics, earnings from merchandise exports recorded a positive growth of 5.16 per cent in September 2020 to US$ 1,001.27 Mn as compared to the value of US$ 952.1 Mn recorded in September 2019. This strong performance is consistent with the gradual lifting of restrictions due to Covid 19 pandemic within the country and globally. Increases in exports were recorded as; Europe Region (20.19%), CIS Countries (19.59%) and African Region (56.4%) in September 2020 compared to September 2019. Moreover, earnings from merchandise exports in September 2020 increased by 5.65  per centcompared with the value recorded in August 2020.

Major exports such as Apparel & Textiles (US$ 3,273.9 Mn), Tea (US$ 919.56 Mn), Rubber & Rubber based products (US$ 586.58 Mn) and Spices and Essential Oils recorded decrease of 21.54%, 10.32%, 14.01 per cent and 0.4 per cent respectively during January - September 2020 compared to the similar period of previous year.

However, export of Coconut & Coconut Based Products (US$ 490.24 Mn), Food & Beverages (US$ 275.82 Mn), Petroleum Products (US$ 257.14 Mn), Other Export crops (US$ 60.77 Mn) recorded positive growth rates during the period.

The revised export target of the Export Development Board for 2020 is US$ 13.39 billion and of that we expect US$ 9.57 billion from merchandise exports and US$ 3.82 billion from services exports.