Sri Lanka records highest-ever export figure in any 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 the Sri Lanka Customs. Exports maintained above one billion for the fifth time this year.

“This is the highest-ever merchandise export figure in any October in our history,” EDB Chairman, Suresh D. de Mel said.

“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.”

Revised Export Target & Achievement

The revised export target of the Export Development Board for 2021 is US$ 15.72 billion and of that EDB expects US$ 12.14 billion from merchandise exports and US$ 3.58 billion from services exports. During the period January to October 2021, earnings from exports recorded US$ 12.6 billion including the estimated services data for July to October and 80 % achieved from the revised export target.

Further, earnings from Merchandise exports and services exports achieved 82.9 % and 70.3% respectively during the period of January to October 2021.

Table 1: Merchandise Export Performance

                                                                                                            Values in US$ Mns

Exports of Goods Jan-Oct 2019 Jan-Oct 2020 Jan-Oct  2021 % Growth (20-21) Oct  2020 Oct 2021 % Growth (20-21)
Apparel & Textile 4,612.6 3,630.4 4,388.5 20.9 356.5 509.0 42.8
Tea 1,139.1 1,031.8 1,096.1 6.2 112.2 109.5 -2.4
Rubber-based 753.7 667.13 896.89 34.4 80.3 91.91 14.5
Coconut-based 520.9 550.7 684.6 24.3 62.2 77.7 24.9
Diamond, Gems & Jewelery 263.0 126.9 211.7 66.8 7.9 25.4 219.9
Electronics & Electronic   Components 323.8 266.7 348.0 30.5 20.5 38.4 87.3
Spices and Concentrates 268.0 268.3 365.7 36.3 33.8 44.9 32.8
Processed Food & Beverages 304.7 300.6 339.8 13.1 24.7 63.0 154.8
Seafood 219.6 165.0 212.5 28.8 15.6 24.5 57.0
Ornamental Fish 12.8 11.3 15.5 37.8 1.5 1.7 10.6
Vegetables 26.7 21.8 21.4 -2.2 2.1 2.7 24.8
Fruits 36.0 30.5 31.8 4.1 2.8 3.2 13.8
Other Export Crops 30.0 63.8 55.8 -12.6 3.0 7.4 145.7
Flowers & Foliage 15.7 11.1 13.1 18.1 1.3 1.8 44.4
Boat Building 65.2 2.0 36.6 1703.9 0.0 33.7 112200.0
Petroleum Products 288.7 267.3 180.6 -32.4 10.1 16.7 65.4
Others 1,079.9 883.9 1,160.8 31.3 119.8 109.1 -8.9
Total Merchandize Exports     9,960.4 8,299.2 10,059.4 21.2   854.3 1,160.6 35.9

Table 2: Top 10 Export Destinations

  Country Jan-Oct 2020 Jan-Oct  2021 % Growth (20-21) Oct  2020 Oct 2021 % Growth (20-21)
1 United States 2,089.2 2,466.7 18.1 197.1 291.3 47.8
2 United Kingdom 766.7 768.0 0.2 102.5 88.5 -13.7
3 India 498.8 644.6 29.2 45.1 77.6 72.1
4 Germany 479.0 609.7 27.3 49.0 64.8 32.3
5 Italy 371.6 480.6 29.3 41.3 61.9 49.7
6 Netherlands 232.4 346.3 49.0 29.9 40.3 34.5
7 Belgium 237.7 272.7 14.7 24.9 29.6 19.1
8 Canada 172.6 255.3 47.9 16.0 26.5 66.0
9 China 178.0 228.0 28.1 18.7 20.3 8.6
10 UAE 160.5 229.2 42.8 14.3 28.2 97.5
  Others 3,112.7 3,758.3 20.7 315.6 431.7 36.8
  Total 8,299.2 10,059.4 21.2   854.3 1,160.6 35.9

Exports to FTA Partners

During the period of January to October 2021, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports increased by 28.8% to US$ 720.3 Mn.

Moreover, Exports to India and Pakistan increased by 29.2% and 24.9% y-o-y to US$ 644.6 Mn and US$ 75.4 Mn respectively during the first ten months of 2021.  Increased Exports to India is mainly supported by increased exports of Animal Feed (15.1%), Pepper (162.3%), Woven fabrics (1712%) and Bicycles Not Motorized (287.9%) in the first ten months of 2021.

In addition, better performance recorded in Pakistan led by Sheet Rubber, Desiccated Coconut, Other Articles of Stones, Woven Fabrics and Perfumes, Cosmetics, Shampoos & Makeup Preparations.     

Table 3: Export Regions

Region Jan-Oct 2020 Jan-Oct  2021 % Growth (20-21) Oct  2020 Oct 2021 % Growth (20-21)
European Union (EU) excluding UK 1,865.4 2,397.6 28.5 204.4 275.2 34.7
United States 2,089.2 2,466.7 18.1 197.1 291.3 47.8
South Asia 764.1 992.4 29.9 70.6 119.3 69.0
ASEAN 242.3 266.2 9.9 19.6 29.5 50.9
CIS Countries 230.1 209.1 -9.1 25.7 20.4 -20.8
African Countries 207.4 260.5 25.6 18.2 28.5 56.4
Middle East Countries (excl. Cyprus & Egypt) 593.3 747.5 26.0 51.4 122.5 138.4
Others 2,307.4 2,719.4 17.9 267.3 273.9 2.5
Total Merchandise Exports 8,299.2 10,059.4 21.2   854.3 1,160.6 35.9

  Export of Services

The estimated value of services exports for the period of January to October 2021 was 2,521.1 Million dollars, increasing 28.5 % over the corresponding period of 2020. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.