Sri Lanka’s earnings from exports reached USD 908Mn in January

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

Author LBO – Posted on March 8, 2021 | Commodity, Economy
As per the Customs statistics, earnings from merchandise exports recorded a negative growth of 9.64% in January 2021 with US$ 908.07 Mn compared to US$ 1,004.9 Mn recorded in January 2020. The exports which started to grow since last July continued the positive performance till September 2020 with minor contractions with reduced figures from October to December 2020. However, growth in exports in January 2021 is still modest compared to last five years.

Export Performance of Major Sectors
Table 1 : Merchandise Export Performance (Values in US$ Mns)
Exports of Goods Jan 2020 Jan 2021 % Growth
Apparel 472.07 421.28 -10.76
Tea 99.73 100.99 1.26
Rubber-based products 72.89 84.16 15.46
Coconut-based products 49.03 54.18 10.50
Diamond, Gems & Jewelry 28.20 28.93 2.59
Electronics & Electronic Components 28.23 31.85 12.82
Spices and Essential Oils 19.54 45.24 116.17
Food & Beverages 27.00 31.35 16.11
Seafood 23.66 16.91 -28.53
Ornamental Fish 1.45 0.88 -39.31
Vegetables 2.63 1.70 -35.36
Fruits 3.84 2.86 -25.52
Other Export Crops 8.19 2.47 -69.84
Flowers & Foliage 1.05 1.09 3.81
Boat Building 0.40 0.05 -87.50
Petroleum Products 35.64 0.46 -98.71
Others 131.35 83.67 -36.30
Total Merchandize Exports 1004.9 908.07 -9.64
Sources: Sri Lanka Customs / Sri Lanka Export Development Board

Sri Lanka’s Trade Performance in Major Markets
Table 2: Sri Lanka’s Top 10 Export Destinations (Values in US$ Mns)
Country Jan 2020 Jan 2021 % Growth
1 United States 267.61 233.53 -12.73
2 United Kingdom 85.31 61.49 -27.92
3 India 63.21 55.65 -11.96
4 Germany 51.89 53.45 3.01
5 Italy 45.46 53.04 16.67
6 Belgium 29.61 23.70 -19.96
7 Netherlands 22.71 34.86 53.50
8 China 19.25 21.98 14.18
9 Canada 17.07 23.83 39.60
10 Turkey 15.13 22.37 47.85
Other Markets 387.65 324.16 -16.38
Total 1004.9 908.07 -9.64
Sources: Sri Lanka Customs / Sri Lanka Export Development Board

Table 3: Sri Lanka’s Export Regions (Values in US$ Mns)

Region Jan 2020 Jan 2021 % Growth
European Union 298.01 (212.70*) 234.03 10.03
United States 267.61 233.53 -12.73
South Asia 100.02 81.58 -18.44
Asean Countries 36.66 19.63 -46.45
CIS Countries 24.89 21.04 -15.47
African Countries 18.75 17.95 -4.27
Middle East Countries (Excl. Cyprus & Egypt) 60.45 60.90 0.74
Others 198.51 239.41 20.60
Total Merchandise Exports 1004.9** 908.07 -9.64
*excluding UK ** including UK
Sources: Sri Lanka Customs / Sri Lanka Export Development Board

Export of Services
The services exports estimated by EDB which includes ICT/BPM, Construction, Financial services and Transport & Logistics show exports of US $ 353.98 Mn for the month of January 2021 compared to US$ 331 Mn recorded in January 2020. Estimated service exports increased by 6.94 % in January 2021 in comparison January 2020.