Sri Lanka surpassed US$ 1 billion exports in March 2021 after a lapse of six months. As per the Customs statistics, earnings from merchandise exports recorded double digit growth of 62.47% in March 2021 on y-o-y comparison –the March figure being US$ 1,066.1 million.
Earnings from merchandise exports increased by 11.51% in first quarter 2021 to US$ 2,954.53 million compared to first quarter 2020. This growth could be attributed to the gradual lifting of Covid 19 restrictions imposed within the country and globally. Export Development Board (EDB) Chairman Suresh De Mel (Pictured) said; “Sri Lanka’s exports show a remarkable rise despite the current pandemic situation across the World.”
Earnings from the export of major product sectors such as apparel, tea, rubber based products, coconut based, spices and electrical & electronic components were increased both in the month of March 2021 and during the first quarter of 2021. Export earnings from spices and essential oils in March 2021, increased significantly compared to March 2020- growth is mainly due to increased exports of cinnamon (1425.9%), pepper (140.58%) and cloves (226%). Both export earnings and volume of tea increased y.o.y. in March 2021 by 99.33% and 86.69% respectively. Tea exports of US$ 124.61million is 12% of total merchandise exports.
Earnings from all the major categories of coconut based products increased by 109.57% in March 2021 compared with March 2020 due to the improved performance in export of coconut oil, liquid coconut milk, cocopeat & activated carbon.
Similarly, earnings from the export of all the major categories of coconut based products increased by 42.18% during the first quarter of 2021.
Export earnings from rubber and rubber finished products increased by 80.45 % y-o-y to US$ 35.06 million in March 2021 due to the better performance of exports of industrial and surgical gloves of rubber (160.09%) and pneumatic and retreated rubber tyres and tubes (58.99%).
Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 83.09% to US$ 37.9 million in March 2021.
The single largest export destination of the United States of America recorded US$ 715.4 million worth of exports in first quarter 2021–a marginal increase of 0.94 % in comparison to US$ 708.76 million recorded in first quarter 2020.
The services exports estimated by EDB which includes ICT/BPM, construction, financial services and transport & logistics show exports of US $ 1,194.3 million for the first quarter of 2021 compared to US$ 993 million recorded in the corresponding period of 2020. Estimated service exports increased by 20.27% in the first quarter 2021 compared to the first quarter of 2020.
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