Sri Lanka records USD 799 mn exports in April

Sri Lanka’s export performance continued its upward momentum in the first three months of 2021. Due to the Covid-19 pandemic induced lockdown last year, exports were contracted by a record 64.63 per cent in April 2020. However in April this year, exports grew up by 183 per cent to US$ 798.9 Mn in comparison to the previous year.

This growth could be attributed to the gradual lifting of Covid 19 restrictions imposed within the country and globally. It must be noted that the year-on-year growth in April 2021 was largely due to the negative growth a year ago.

Sri Lanka’s export performance continued its upward momentum in the first three months of 2021. Due to the Covid-19 pandemic induced lockdown last year, exports were contracted by a record 64.63 per cent in April 2020. However in April this year, exports grew up by 183 per cent to US$ 798.9 Mn in comparison to the previous year.

This growth could be attributed to the gradual lifting of Covid 19 restrictions imposed within the country and globally. It must be noted that the year-on-year growth in April 2021 was largely due to the negative growth a year ago.

As shown in the table below, earnings from the export of major product sectors such as Apparel, Tea, Rubber based Products, Coconut based, Spices and Electrical & Electronic Components were increased both in the month of April 2021 and during the period of January to April 2021 compared to the previous year.

Export earnings from Spices and Essential Oils in April 2021, increased significantly compared to April 2020 – growth is mainly due to increased exports of cinnamon, pepper and cloves. The significant increase of 115.4 % recorded in the period of January to April 2021 compared to year 2020 – is an increase beyond the corresponding period of 2019 too.

Export earnings of tea increased y.o.y. in April 2021 by 1.14 % compared to April 2020. First four months comparison records at 19.79 % increase – The higher performance is due to demand growth of UAE, China and Libiyan markets.

Earnings from all the major categories of Coconut based products increased by 100 % in April 2021 compared with April 2020 due to the improved performance in export of Coconut Oil, Liquid Coconut Milk, Cocopeat & Activated Carbon. Similarly, earnings from the export of all the major categories of Coconut based products increased by 51.99 % during the period of January to April 2021 compared to the corresponding period of 2020.

Export earnings from Rubber & Rubber finished products increased by 151.22 % y-o-y to US$ 64.74 Mn in April 2021 due to the better performance of exports of Industrial & Surgical Gloves of Rubber (188.87%) and Pneumatic & Retreated Rubber Tyres & Tubes (172.72%). In parallel Export earnings from Rubber & Rubber finished products increased by 45.47 % during the period of January to April 2021 compared to the 2020.

Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 186.05 % to US$ 27.06 Mn in April 2021 in comparison to April 2020. Also, earnings from export of EEC increased by 41.21% to US$ 129.09 Mn in the period of January to April 2021 compared to the corresponding period of 2020. Export of Insulated wires increased by 148.81 % in y-o-y to US$ 4.18 Mn in April 2021 also increased by 34.04 % during the period of January to April 2021 to US$ 22.17 Mn compared with the corresponding period of previous year.