EDB targets US$ 13.39 billion for 2020

PRESIDENT OF SRI LANKA
PM - SRI LANKA
FOREIGN MINISTER
OPPOSITION LEADER, SL
High Commissioner
Consul General
President, CSLBC
Sir Christopher Ondaatje
CSLBC POLICY
Tourism Sri Lanka

EDB sets export target of US$ 13.39 bn for 2020
Wednesday, December 30, 2020.

The Export Development Board (EDB) has set up a revised export target of US$ 13.39 billion for 2020 and expects US$ 9.57 billion from merchandise exports and US$ 3.82 billion from services exports.

During the period January to November 2020, earnings from exports recorded US$ 11.84 billion including the estimated services data for July to November and 88.47% achieved from the revised export target.

Meanwhile, earnings from merchandise exports recorded a negative growth of 20.97% in November 2020 to US$ 747.58 million as compared to the value of US$ 978.80 million recorded in November 2019 due to the adverse impact of 2nd wave of Covid 19 pandemic within the country and globally. Reduction recorded in October exports due to the C19 outbreak in Sri Lanka had a direct impact on manufacturing and export facilities also continued in November 2020.

EDB, Chairman Suresh De Mel said; “During January to November 2020, earnings from exports recorded US$ 11.84 billion including the estimated services data for July to November which is 88.47% achievement from the revised export target of US$ 13.39 Billion set for 2020. Therefore, our resilient export community and all employees in the export sector should be admired for this remarkable performance in this crisis situation locally and globally.”

Export earnings in November 2020 amounted to US$ 748.58 million, which was 20.97% lower than the November 2019 and 11.84% lower than October 2020.

Decreases in exports were recorded in the top 10 export markets in November 2020 compared to November 2019. Although, exports to CIS Region recorded a marginal increase in November 2020 compared to November 2019, exports to other regions were declined. Export earnings from Apparel & Textiles declined by 32.75 % to US$ 324.92 million during the month of November 2020 compared with US$ 483.17 million recorded in November 2019.

Export earnings from tea which made up 12% of merchandise exports decreased by 5.17 % y-o-y to US$ 96.21 million in November 2020 compared to November 2019. Similarly, export earnings from tea recorded 14.21 % decrease in November 2020 in comparison to October 2020.

Earnings from all the major categories of Coconut based products increased in November 2020 compared with November 2019. Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 11.71% to US$ 25.42 million in November 2020. Earnings from export of PPE (Personal Protective Equipment) related products increased by 47.42 % to US$ 807.63 million in January to November 2020 compared with the value of US$ 547.85 million recorded in the corresponding period of previous year.

The top five export destinations were United States of America (US$ 2,267.48 million), United Kingdom (US$ 842.80 million), India (US$ 546.49 million), Germany (US$ 519.07 million) and Italy (US$ 406.81 million) absorbed over 50% of exports recorded.