Exports in November drop 11.8-pct from October amidst second wave of Covid

Dec 24, 2020 (LBO) – Export earnings in November 2020 amounted to US$ 748.58 Mn, which was 20.97% lower than November 2019 and 11.84% lower than October 2020, the Export Development Board (EDB) announced.

As per the Customs statistics, earnings from merchandise exports recorded a negative growth of 20.97% in November 2020 to US$ 747.58 Mn as compared to the value of US$ 978.80 Mn recorded in November 2019 due to the adverse impact of 2nd wave of Covid 19 pandemic within the country and globally.

Reduction recorded in October exports due to the Covid 19 outbreak in Sri Lanka which has had a direct impact on our manufacturing and export facilities also continued in November 2020.

Further, adverse global market conditions for Sri Lanka’s key exports were aggravated by the second wave of the COVID-19 pandemic experienced by many countries, leading to low demand for exports of Sri Lanka.

Decreases in exports were recorded top 10 export markets in November 2020 compared to November 2019.

Although exports to the CIS Region recorded a marginal increase in November 2020 compared to November 2019, exports to other regions were declined.

“During the period January to November 2020, earnings from exports recorded US$ 11.84 billion including the estimated services data for July to November which is 88.47% achievement from the revised export target of US$ 13.39 Billion set for 2020. Therefore, our resilient export community and all employees in the export sector should be admired for this remarkable performance in the prevailing crisis situation in the country and globally,” EDB Chairman Suresh De Mel said.

“Although the adverse impact of 2nd wave of Covid 19 pandemic on the export sector, Agriculture Exports such as Coconut based, Spices specially Cinnamon were much stronger than expected in November 2020.”

Table 1 : Merchandise Export Performance

Values in US$ Mns

Exports of Goods Jan.- Nov. 2019 Jan.- Nov. 2020 % Growth Nov. 2019 Nov. 2020 % Growth
 Apparel 5,095.79 3,955.33 -22.38 483.17 324.92 -32.75
 Tea 1,240.59 1,127.98 -9.08 101.46 96.21 -5.17
 Rubber-based 815.45 736.68 -9.66 61.75 69.57 12.66
 Coconut-based 569.51 609.68 7.05 46.14 56.92 23.36
 Gems & Jewellery 288.01 131.74 -54.26 24.89 4.78 -80.80
 Electricals & Electronic Components 352.65 292.12 -17.16 28.79 25.42 -11.71
 Spices and Concentrates 292.25 302.36 3.46 24.19 34.02 40.64
 Food & Beverages 332.99 323.78 -2.77 28.26 23.26 -17.69
 Seafood 238.58 175.41 -26.48 19.00 10.47 -44.89
 Ornamental Fish 14.01 12.07 -13.85 1.18 0.81 -31.36
 Vegetables 28.95 23.94 -17.31 2.24 2.10 -6.25
 Fruits 37.90 31.13 -17.86 3.30 2.26 -31.52
 Other Export Crops 37.40 66.19 76.98 7.37 2.43 -67.03
 Flowers & Foliage 16.71 11.70 -29.98 1.06 0.62 -41.51
 Boat Building 65.28 2.16 -96.69 0.04 0.13 225.00
 Petroleum Products 314.41 271.26 -13.72 25.68 4.02 -84.35
 Others 1,054.68 907.25 -13.98 120.28 89.64 -25.47
 Total Merchandize Exports 10,795.16 8,980.78 -16.81 978.80 747.58 -20.97

Sources:  Sri Lanka Customs / Sri Lanka Export Development Board

Table 2: Sri Lanka’s Top 10 Export Destinations

Values in US$ Mns

  Country Jan.- Nov. 2019 Jan.- Nov. 2020 % Growth Nov. 2019 Nov. 2020 % Growth
1 United States 2,856.37 2,267.48 -20.62 266.91 178.27 -33.21
2 United Kingdom 925.66 842.8 -8.95 77.19 76.07 -1.45
3 India 702.98 546.49 -22.26 60.06 47.70 -20.58
4 Germany 594.31 519.07 -12.66 52.61 40.11 -23.76
5 Italy 490.4 406.81 -17.05 44.71 35.23 -21.20
6 Belgium 322.85 264.08 -18.20 31.72 26.36 -16.90
7 Netherlands 270.12 253.09 -6.30 28.83 20.67 -28.30
8 China 209.07 196.82 -5.86 21.06 18.82 -10.64
9 Turkey 192.92 186.54 -3.31 18.50 13.24 -28.43
10 Canada 220.04 189.49 -13.88 19.28 16.91 -12.29
  Other Markets 4,010.44 3,308.11 -17.51 357.93 274.2 -23.39
  Total 10,795.16 8,980.78 -16.81 978.80 747.58 -23.62

Sources:  Sri Lanka Customs / Sri Lanka Export Development Board

Table 3: Sri Lanka’s Export Regions

Values in US$ Mns

Country Jan.- Nov. 2019 Jan.- Nov. 2020 % Growth Nov. 2019 Nov. 2020 % Growth
European Union 3,262.80 2,882.10 -11.67 286.39 250.00 -12.71
United States 2,856.37 2,267.48 -20.62 266.91 178.27 -33.21
South Asia 1,031.81 833.31 -19.24 90.96 69.27 -23.85
Asean Countries 374.21 259.77 -30.58 30.76 17.50 -43.11
CIS Countries 253.70 249.66 -1.59 19.35 19.58 1.19
African Countries 239.79 226.51 -5.54 19.86 19.15 -3.58
Middle East Countries (Excl. Cyprus & Egypt) 835.70 643.28 -23.03 70.80 50.03 -29.34
Others 1,940.78 1,618.67 -16.60 193.77 143.78 -25.80
Total 10,795.16 8,980.78 -16.81 978.80 747.58 -23.62

Sources:  Sri Lanka Customs / Sri Lanka Export Development Board