Sri Lanka’s exports surpass US$ 1 billion mark in July

Sri Lanka’s exports surpass US$ 1 billion mark in July

15 August 2020 11:12 am

Sri Lanka’s exports have surpassed the US$ 1 billion mark in July after a six-month time period where a similar achievement was only recorded in January during this year, Export Development Board (EDB) statistics revealed.

Total export earnings for January to July 2020 was US$ 5,452.53 Mn compared to US $ 6,909.12 Mn recorded in a similar period of the previous year – a decline of 21.08 %. However the gap created due to covid in April 2020 is further decreased. This is a 72.5% achievement of Revised Merchandise Export Target of US$ 7,521 Mn in 2020.

EDB Chairman Prabhash Subhasinghe mentioned, “the country has witnessed a phenomenal increase in exports in July 2020 with a new record for the year."

Sri Lanka's strategic location, its reliable manufacturing and export base and proactive and rapid action by the Sri Lankan Government to control Covid 19 have fulfilled  global customers needs.

This is the reason for remarkable recovery in exports, compared to when the crisis hit the country, he said, adding that it is essential to be cautiously optimistic as we move towards year end due to the possible resurgence of Covid 19 in the US and European markets.

As per the Customs statistics, earnings from merchandise exports recorded a double digit growth rate of 11.31% in July 2020 to US$ 1,090.18 Mn compared to July 2019. Moreover, earnings from merchandise exports in July 2020 increased by 20.3 % compared with the value recorded in June 2020.

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 (21.17%), South Asia (11.47%) and Middle East (8.91%) in July 2020 compared to July 2019.

Being the largest single export destination, the United States of America has absorbed US$ 256.09 Mn worth of exports in July 2020 recording a 5.67% increase in comparison to US$ 242.36 Mn absorbed in June 2020.