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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Highest Export Income for the Month of February since 2016

Highest Export Income for the Month of February since 2016

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[size=33]Feb. exports up 2.5% to new high of Rs. 993.7 m despite challenges





Wednesday, 24 March 2021 00:00 -      - 91

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[/size]

  • Highest export figure for the month of Feb. since 2016
  • Exports to Netherlands, China, Canada and Spain increase 
  • Electronic and rubber glove exports record triple digit month-on-month growth
  • Apparel exports jump 27.43% but exports to UK and US show declines 
  • Estimates services exports rose 7% to Rs. 661 m 



Sri Lanka’s export earnings have produced a 2.52% growth to a new high of $ 993.73 million in February from a year earlier, maintaining the growth momentum recorded during the past 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 Sri Lanka Export Development Board said yesterday. 

“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,” it added.

EDB Chairman Suresh De Mel said: “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.”

EDB said exports of EEC and rubber gloves showed resilient performance, registering triple-digit growth for the period of January to February 2021 compared to the corresponding period of previous year. This growth was resulted by increased exports of transformers to Spain. 

Earnings from export of spices and essential oils, coconut based products, rubber based products, tea and food and beverages increased in the first two months of 2021 compared to the first two months of 2020.

Exports of rubber products, especially industrial and surgical rubber gloves, showed strong performance, registering double-digit growth (54.27%) for the period of January to February 2021 compared to the corresponding period of 2020.

Despite the decline in the export of Apparel, earnings from exports of other textiles and made-up textile articles increased by 27.43% and 5.69% during the period under review.

The United Kingdom left the European Union on 31 January 2020 and the transition period which applied the import tariff similar to EU, ended on 31 December 2020. Following BREXIT the UK introduced a new tariff regime, namely, UK Global Tariff (UKGT) with effect from 1 January. 

The exports to EU region which accounted for 28% of total merchandise exports of Sri Lanka increased by 29.32% to $ 532.10 m in the first two months of 2021 compared to the corresponding period of 2020. 

Exports to United Kingdom as the second largest trading partner recorded a decrease of 21.39% to $ 141.37 m during January to February 2021 compared to the period of January to February 2020.

Being the largest single export destination, exports to United States of America recorded $ 471.79 m which is a decline of 10.63% in comparison to $ 527.9 m recorded in January to February 2020. 

Increases in exports were recorded in Germany, Italy, Netherlands, China, Canada and Turkey during the period of January to February 2021 with the corresponding period of 2020.

Services exports estimated by EDB which includes ICT/BPM, construction, financial services and transport and logistics show exports of $ 707.96 m for the first two months of 2021 compared to $ 661.98 m 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.

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