Friday Nov 15, 2024
Friday Nov 15, 2024
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Rubber gloves being produced at Dipped Products PLC. In the first 11 months, export earnings from Rubber and Rubber Finished products were up 35.6% to $ 999 million, attributed to higher exports of Industrial and Surgical Gloves of Rubber (53.31%) and Pneumatic and Retreated Rubber Tyres and Tubes (40.41%)
Record exports appear to be the sole silver lining for Sri Lanka, helping the country avert partly a direr foreign exchange crisis.
As per the latest provisional data released by the Export Development Board yesterday, November marked the fifth consecutive month of over $ 1 billion performance. The record figure of $ 1.215 billion comes hot on the heels of the October haul of $ 1.199 billion which broke the previous best of $ 1.137 billion.
The Export Development Board said from a year earlier, November 2021 performance reflected a robust 55% increase as per the data released by the Sri Lanka Customs. First nine months exports amounted to $ 11.11 billion, up by 22.4%.
“Sri Lanka’s exports continued its remarkable achievement in November 2021, registering another $ 1 billion monthly revenue. The growth in exports was not only due to the effective prevention and control of the pandemic in Sri Lanka, but the commitment of the exporter community to support the national economy by bringing in the much-needed foreign currency. I commend the exporters for their resilience and commitment at this time,” EDB Chairman and Chief Executive Suresh D. de Mel said.
He added that 2021 merchandise exports will surpass an all-time high of over $ 12 billion. Exports in 2020 declined by 15.6% to $ 10 billion from $ 11.94 billion in 2019.
EDB estimated the value of services exports in the first 11 months at $ 2.7 billion, up 27.6% from the corresponding period of 2020. The services exports estimated by EDB consist of ICT/BPM, Construction, Financial Services and Transport and Logistics.
EDB said the revised total export (merchandise and services) target for 2021 was $ 15.72 billion and of that, it expects $ 12.14 billion from merchandise exports and $ 3.58 billion from services exports.
Up to end-November, 88% of the revised target or $ 13.8 billion had been achieved.
Following are excerpts from EDB’s statement highlighting salient features of November and first 11 months export sector performance.
Major exports in November 2021: Export earnings from Apparel and Textile increased by 52.8 % year-on-year (Y-o-Y ) to $ 496.4 million in November 2021 with strong performance in exports of Apparel (61.9%) and Woven Fabrics (95.9%). On a Y-o-Y basis, exports of Made-Up Textile Articles and Yarn and Other Textile Articles declined by 40.2% and 26.5% respectively in November 2021 in comparison to November 2020.
Export earnings from Rubber and Rubber Finished products have up by 46.9 % Y-o-Y to $ 102.2 million in November 2021, with strong performance in exports of Industrial and Surgical Gloves (45.2%) and Pneumatic and Retreated Rubber Tyres and Tubes (57.2%).
Export earnings from kernel products, fibre products and shell products categorised under Coconut-based Products increased by 45.5%, 30.5% and 42.9% respectively in November 2021 compared to November 2020.
Y-o-Y export earnings from Coconut Oil, Desiccated Coconut, Coconut Milk Powder, Coconut Cream and Liquid Coconut Milk categorised under the Coconut Kernel Products were up by 37.24%, 72.78%, 52.07%, 79.5% and 19.41% respectively in November 2021.
Being the largest contributor to the coconut-based sector, Coco Peat, Fibre Pith and Moulded Products, which are categorised under coconut fibre products, increased by 42.4% to $ 16.7 million in November 2021 in comparison to November 2020. Earnings from Activated Carbon, which is categorised under the coconut shell products recorded $ 13.84 million in November 2021 compared to November 2020.
Export earnings from the Electrical and Electronics Components up by 43.53% Y-o-Y to $ 36.47 million in November 2021 with strong performance in exports of Insulated Wires and Cables (5.89%), Switches, Boards and Panels (31.37%) and Electronic Transformers (156.71%).
Export earnings from Seafood was up by 233.43% to $ 34.91 million in November 2021 compared to November 2020. This increase was mainly due to the increase in earnings from export of Frozen Fish, Shrimps and Prawns, Fish Fresh or Chilled and other edible fish.
Major exports during the period of January-November 2021: For the period of January to November 2021, merchandise exports were up by 22.39 % to $ 11,116.68 million compared to the corresponding period of 2020, following up exports of almost all the major product sector – Apparel and Textiles, Tea, Rubber-based products, Coconut-based products, Electronics and Electronic Components, Spices and Concentrates, Food and Beverages, Seafood and Ornamental fish.
Earnings from export of Apparel and Textile up by 23.5% to $ 4,884.86 million during the period of January to November 2021 compared to the same period of 2020, export of apparel and woven fabrics expanded by 26.66% and 101.86% while exports of Made-Up Textile Articles and Yarn and Other Textile Articles were down by 45.69% and 9.15%, respectively.
Export earnings from Tea increased by 7.6% to $ 1,213.75 million during the period of January to November 2021 compared with the corresponding period of 2020. Exports of all the subcategories of tea sector – Tea packets, Bulk Tea, Teabags, Instant Tea and Green Tea – were up by 11.28%, 3.19%, 83.33%, 19.74% and 27.76% respectively, during the period of January to November 2021 compared with the same period of 2020.
In parallel, export earnings from Rubber and Rubber finished products were up by 35.62 % to $ 999.1 million in January-November 2021 compared with the same period of 2020, attributed to higher exports of Industrial and Surgical Gloves of Rubber (53.31%) and Pneumatic and Retreated Rubber Tyres and Tubes (40.41%).
For the period of January to November 2021, export earnings from Coconut and Coconut based products expanded by 25.77% to $ 766.81 million from the same period last year. Earnings from all the major categories of Coconut based products were up in the period of January-November 2021 compared with the corresponding period of 2020 due to the improved performance in export of Liquid Coconut Milk, Coconut Cream, Coconut Milk Powder, Cocopeat, Mattress Fibre and Activated Carbon, Coconut Oil and Desiccated Coconut.
Earnings from export of Electrical and Electronic Components (EEC) increased by 31.6 % to $ 384.5 million in the period of January to November 2021 compared to the corresponding period of 2020. Export of Insulated Wires increased by 45.35% during the period of January to November 2021 to $ 64.4 million compared with the corresponding period of the previous year. In addition, exports of Electrical Transformers, Switches, Boards and Panels and Other Electrical and Electronic Products increased by 65.0%, 34.9% and 26.9 % respectively, during the period of January to November 2021 compared with the corresponding period of the previous year.
Export earnings from Spices and Essential Oils were up by 36.6% to $ 412.9 million in the period of January to November 2021 compared to 2020, due to better performance in all the subcategories – Cinnamon (11.8%), Pepper (139.5%), Cloves (149.7%), Nutmeg and Mace (10.6%) and Oleoresins (73.3%), etc.
Sri Lanka’s export performance in major markets: Strong export performance was recorded for the 10 major export markets, which accounted for 63% of total merchandise exports during the period January to November 2021.
During the period of January to November 2021, exports to the United States of America, Sri Lanka’s single largest export destination, increased by 22.1 % to $ 2,768.67 million compared to the same period of 2020. The better performance led to an increase in exports of Apparel and Textile, Rubber-based Products (Pneumatic and Retreated Rubber Tyres and Tubes, Industrial and Surgical Gloves of Rubber), Motor Vehicles Parts, Activated Carbon, Tea Packets and Cinnamon.
Exports to the United Kingdom as the second-largest trading partner recorded an increase of 1.17 % to $ 852.66 million during the period of January to November 2021, compared with the corresponding period of the previous year. This performance has resulted in the up Exports recorded in Apparel and Textile, Rubber-based Products sectors (Pneumatic and Retreated Rubber Tyres and Tubes, Industrial and Surgical Gloves of Rubber) and Other Electrical and Electronic Products.
Exports to FTA partners: During the period of January to November 2021, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports up by 31.51% to $ 807.75 million.
Moreover, Exports to India and Pakistan rose by 32.64% and 22.36% Y-o-Y to $ 724.89 million and $ 82.86 million respectively during the period of January to November 2021. Up Exports to India was mainly supported by up exports of Animal Feed (22.15%), Pepper (170.65%), Woven Fabrics (162.32%) and Bicycles Not Motorised (269.81%) in the period of January to November 2021.
In addition, better performance was recorded in Pakistan, led by Sheet Rubber, Desiccated Coconut, Other Articles of Stones, Woven Fabrics and Perfumes, Cosmetics, Shampoos and Makeup Preparations.
Sri Lanka’s export performance in regions: On a region-wise comparison, exports to all other regions up except CIS regions during the period of January to November 2021 compared with the corresponding period of the previous year.
Exports to the European Union (EU) which comprised 24% of Sri Lanka’s exports during the period of January to November 2021 were up by 31.46 % Y-o-Y to $ 2,680.78 million.
Breakdown of exports to the top five EU markets, which accounted for 80% of Sri Lanka’s total exports to the EU, were Germany $ 678.54 million (up by 30.72%), Italy $ 533.3 million (up by 31.09%), the Netherlands $ 388.95 million (up by 53.68 %), Belgium $ 302.46 million (up by 14.53%) and France $ 225.97 million (up by 36.61%).
