SL’s merchandise exports continue robust performance in October
Sri Lanka’s merchandise exports increased by 35.9% to US$ 1,160.62 million in October 2021 compared to October 2020 as per the data released by Sri Lanka Customs. Exports maintained above one billion for the fifth time this year.
EDB Chairman Suresh de Mel
EDB Chairman and CEO, Suresh D. de Mel said, “This is the highest-ever merchandise export figure in any October in our history. Opening up of Western markets together with the sustained production in Sri Lanka can be attributed to this increase. I commended our exporters for this outstanding performance during these difficult times’’
Export earnings from apparel and textile have increased by 42.8 % y-o-y to US$ 509 million in October 2021 with a strong performance in exports of apparel (43.4%), woven fabrics (86.6%) and made-up textile articles (116. 3%).On a year-on-year basis, exports of yarn and other textile articles declined by 26.4% in October 2021. Export earnings from rubber and rubber finished products have increased by 14.5 % y-o-y to $ 91.9 million in October 2021, with a strong performance in exports of industrial & surgical gloves (6.5%) and Pneumatic & Retreated Rubber Tyres and Tubes (32.9%).
Being the largest contributor to the Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 30.6% to US$ 17.1 million in October 2021 in comparison to October 2020.
Export earnings from the Electrical and Electronics Components increased by 87.3% y-o-y to US$ 38.4 million in October 2021. Export earnings from boat building recorded US$ 33.7 million in October 2021 with the increased earnings of exports to Iraq. From January to October 2021, merchandise exports increased by 21.2 % to US$ 10,059.4 million compared to the corresponding period of 2020, following increased exports of almost all the major product sectors. Earnings from export of Apparel & Textile increased by 20.9% to US% 4,388.5 million during the first ten months in 2021. Export earnings from Tea increased by 6.2% to US$ 1,096.1million from January to October 2021 compared with the corresponding period of 2020. Strong export performance was recorded for the 10 major export markets, which accounted for 63% of total merchandise exports during the period January to October 2021.
During the first ten months of 2021, exports to the United States of America, Sri Lanka’s single largest export destination, increased by 18.1 % to US$ 2,466.7 million. Exports to the United Kingdom as the second-largest trading partner recorded an increase of 0.2 % to US$ 768 million. The estimated value of services exports (ICT/BPM, Construction, Financial Services and Transport & Logistics) for the period of January to October 2021 was 2,521.1 million dollars, increasing 28.5 % over the corresponding period of 2020.