SL exports retains its momentum in May 2021

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 JanuaryMay 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 JanuaryMay:

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).