Exports hit a record $ 1.1 billion in July
- Marks second month of over $ 1 billion in 2021; first seven-month performance up 22% to $ 6.6 billion
Sri Lanka’s exports surpassed the billion dollar mark in July, for the second time in 2021, while the performance of the first seven months reflected a sharp increase of 22% according to provisional customs data released by Export Development Board.
Sri Lanka last exceeded the billion dollar export mark in March 2021.
EDB said exports of $ 1,099.41 million in July 2021 were the highest monthly achievement on record, which showed an increase of 1.33 percent from $ 1,085 million in July 2020 and a 12.39% increase from $ 978.2 million in July 2019.
In the first seven months of 2021, merchandise exports increased 22.17% to $ 6,661.13 million compared to the corresponding period of 2020, following increased exports of clothing and textiles, rubber products, coconut products, electronics and electronic components, spices. and concentrates, seafood and ornamental fish.
“Sri Lanka’s exports show a remarkable increase despite the current pandemic situation across the world, thanks to the greater courage, determination and continuous improvements shown by our exporters to support export activities during the pandemic” said EDB chairman Suresh de Mel.
In July, export earnings from rubber and finished rubber products increased 13.6% year-on-year to $ 96.65 million in July 2021, with strong performance in exports of tires and tubes. pneumatic and retired rubber air and industrial and surgical gloves. However, exports of hard rubber gaskets, washers, gaskets, etc. fell 42.78% year-on-year to $ 6.26 million in July 2021.
Export revenues from spices and essential oils increased by 11.47% yoy in July 2021 with significant increases for cinnamon (11.09%), pepper (7.37%), cloves (21.11%), essential oils (11.57%) and oleoresin (45.45%). In addition, the export revenue of spices and essential oils increased by 28.88% in July 2021 compared to June 2021.
At the same time, the export earnings of electrical and electronic products (22.7%) and seafood products (119.05%) registered increases during the month of July 2021 compared to July 2020.
With the exception of coconut fiber products, the revenue of coconut nut and coconut shell products increased in July 2021 compared to July 2020 and there is a notable performance in the export of coconut cream and activated charcoal.
Although the apparel and textile sector profits declined 3.1% year-on-year to $ 452.55 million in July 2021, the clothing and fabrics profits of the clothing and textiles sector rose 2.76% and 69.43%, respectively, in July 2021 compared to July. 2020. In addition, garment export revenue increased 9.27% in July 2021 compared to June 2021.
However, the export earnings of made-up textile articles and other textile articles generated high export earnings last year decreased by 72.64% and 26.34%, respectively, in July 2021 compared to July 2020.
Tea export earnings in July 2021, which accounted for 12% of merchandise exports, fell 12.06% year-on-year to $ 115.13 million, and the export volume also declined by 8.92%. in July 2021 compared to July 2020. In addition, tea export earnings recorded an increase of 7.09%. decrease in July 2021 compared to June 2021.
During January-July 2021, the export earnings of rubber and finished rubber products increased by 41.98% to $ 616.59 million in January-July 2021 due to the better performance of glove exports. industrial and surgical rubber (68.64%) and tires and fell. rubber tires and tubes (44.96%).
Profits of all major categories of coconut products increased due to improved export performance of coconut oil, desiccated coconut, powdered coconut milk, milk of liquid coconut, coconut cream, coconut peat, mattress fiber and activated charcoal.
Meanwhile, the export revenue of electrical and electronic components (EEC) increased 36.99% to $ 241.45 million during the period January to July 2021 compared to the corresponding period of 2020. Insulated wire exports increased 62.15% during the period January to July 2021 to $ 40.7 million compared to the corresponding period of the previous year.
In addition, exports of other electrical and electronic products increased by 31.09% during the period January to July 2021 to $ 125.72 million compared to the corresponding period of the previous year.
Export revenues for spices and essential oils increased significantly between January and July 2021 compared to year 2020 due to better performance in all subcategories; cinnamon, pepper, cloves, nutmeg, essential oils and oleoresins, etc.
Sri Lanka’s export performance in major markets
Strong export growth recorded for the top 10 export markets during the period January to June 2021. The largest export destination of the United States recorded $ 1,631.36 million in exports during the period from January to July 2021, a significant increase of 16.23 year-on-year. % from $ 1,403.54 million recorded in 2020.
Exports to the UK as the second largest trading partner saw an increase of 13.79% to $ 525.35 million during the period January to July 2021 compared to the corresponding period the previous year .
In a regional comparison, exports to all other regions increased except ASEAN countries and CIS regions during the period January to July 2021 compared to the corresponding period of the year former.
Export of services
EDB’s estimated service exports, which include ICT / BPM, construction, financial services, and transportation and logistics, recorded $ 1,885.88 million during the period January to July 2021 versus $ 1,482. , $ 41 million recorded in the corresponding period of 2020. Estimated service exports increased by 27.22% during the period January to July 2021 compared to the corresponding period of 2020.