Sri Lanka’s export earnings grew by 2.5-pct in February

Sri Lanka’s export earnings registered a growth of 2.52% with US$ 993.73 Mn in February, compared to the previous year, maintaining the growth momentum recorded during the last five months as per the provisional statistics released by Sri Lanka Customs. This is the highest export figure recorded for the month of February during the last five-year period.

The growth of exports was supported by increase in global demand notably for products such as Electrical and Electronic components (EEC) and Rubber Gloves. Notable increases in exports were observed to Netherlands, China, Canada and Spain.

Export Development Board (EDB) Chairman Suresh De Mel opined; “Sri Lankans are strong in facing challenges, and the exporters have shouldered the task of placing the economy of the country on the right track with immense difficulties. A tribute to exporters for their commendable performance during unstable circumstances”.

Sources: Sri Lanka Customs / Sri Lanka Export Development Board

Export Performance of Major Sectors

Table 1 : Export Performance of Major Sectors

Exports of Goods Jan-Feb 2020 (US$ Mn) Jan-Feb 2021 (US$ Mn) % Growth % Share to Total Merchandise Exports 2021
 Apparel 938.76 862.91 -8.08 45.37
 Tea 207.54 213.52 2.88 11.23
 Rubber-based Products 147.54 167.84 13.76 8.83
 Electronics & Electronic Components 61.26 131.63 114.87 6.92
 Coconut-based Products 98.68 114.58 16.11 6.02
 Diamond, Gems & Jewelry 46.36 45.05 -2.83 2.37
 Spices and Essential Oils 38.35 75.59 97.11 3.97
 Food & Beverages 57.51 60.66 5.48 3.19
 Seafood 44.22 30.97 -29.96 1.63
 Other Export Crops 16.82 6.59 -60.82 0.35
 Fruits 6.93 5.50 -20.63 0.29
 Vegetables 4.91 3.27 -33.40 0.17
 Flowers & Foliage 2.53 2.15 -15.02 0.11
 Ornamental Fish 2.71 1.91 -29.52 0.10
 Petroleum Products 77.53 1.16 -98.50 0.06
 Boat Building 0.53 0.31 -41.51 0.02
 Others 178.33 178.15 -0.10 9.37
 Total Merchandize Exports 1,930.51 1,901.79 -1.49 100.00

Source: Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Table 2: Sri Lanka’s Top 10 Export Destinations

Values in US$ Mns

  Country Jan – Feb 2020 Jan – Feb 2021 % Growth
1 United States 527.90 471.79 -10.63
2 United Kingdom 179.83 141.37 -21.39
3 India 136.61 116.23 -14.92
4 Germany 102.79 112.70 9.64
5 Italy 85.67 97.44 13.74
6 Belgium 53.26 52.71 -1.03
7 Netherlands 46.33 65.05 40.41
8 China 35.84 47.71 33.12
9 Canada 38.27 47.84 25.01
10 Turkey 32.76 38.02 16.06
  Other Markets 691.25 710.93 2.85
  Total 1,930.51 1,901.79 -1.49

Table 3: Sri Lanka’s Export Regions

Values in US$ Mns

Region Jan – Feb 2020 Jan – Feb 2021 % Growth
European Union (excl. UK) 411.45 532.10 29.32
United States 527.90 471.79 -10.63
South Asia 205.94 167.81 -18.52
Asean Countries 68.55 37.44 -45.38
CIS Countries 47.17 44.39 -5.89
African Countries 43.22 42.91 -0.72
Middle East Countries (Excl. Cyprus & Egypt) 137.47 120.13 -12.61
Others 488.81 485.22 -0.73
Total Merchandise Exports 1,930.51 1,901.79 -1.49

Sources:  Sri Lanka Customs / Sri Lanka Export Development Board

Export of Services

The services exports estimated by EDB which includes ICT/BPM, Construction, Financial services and Transport & Logistics show exports of US $ 707.96 Mn for the first two months of 2021 compared to US$ 661.98 Mn recorded in the corresponding period of 2020. 2020. Estimated service exports increased by 6.95% in the period of January to February 2021 compared to the corresponding period of 2020.