Jan-Feb exports down 3.6% to $ 1.9 billion

• EDB expects exports to further decrease in coming months 
• Apparel leads the way, tea and coconut follow

 Sri Lanka’s merchandise exports in the first two months have declined by 3.6% to $ 1,931 million from the corresponding period of last year.

“The decrease of 3.6% in exports of the total merchandise exports is due to the prevailing global economic slowdown and we could anticipate the exports will further reduce in the coming few months,” Export Development Board Chairman Prabhash Subasinghe said.

The EDB said that apparel exports comprised of $ 939 million shipped to main markets of the US, UK, Italy, Germany and Belgium. Tea exports amounted to $ 208 million with major buyers being Turkey, Iraq, Saudi Arabia, and Russia for packeted tea. The bulk tea exports has moved to Iran, Russia, Turkey and Iraq. 

The Coconut and Coconut based products revenue which comprises of three subsectors namely Kernel, Shell and Fibre was $ 100 million during the first two months of this year. These products were mainly exported to the US, Germany, India, China, Mexico and Japan.

The Rubber Finished Products sector recorded $ 142 million which has seen a drop by $ 9 million. The products include Pneumatic and Re-treated Rubber Tires and Tubes, Industrial and Surgical Rubber Gloves, Gaskets, Washers, Seals of hard rubber, Plates, Sheets, Rods exported to the US, Germany Italy, Belgium, Vietnam and Saudi Arabia.

The exports of Insulated Wires were $ 12 million to India, Maldives and Mexico. Switchboards and Panels, Electrical Transformers were the other Electric and Electronic and Mechanical products that were exported. 

The Indigenous agricultural product Cinnamon exports $ 25 million, Pepper $ 3 million, Cloves $ 3 million and Essential Oils $ 3 million. These products recorded a negative growth compared to a similar period of the previous year.

The export earnings from Fruits and Vegetables was $ 7 million and the export earnings from Confectionery and Bakery products was $ 4 million. The exports of such products have increased respectively by 9% and 19% in comparison to the mentioned two months during the previous year. The Edible Fish and Fisheries Products exports were $ 44 million during the period under review. 

EDB said Sri Lankan exporters have shipped 2,429 products line at six-digit HS number to 174 destinations during the first two months of the year 2020 which included the US – $ 260 million, UK – $ 95 million, India – $ 73 million, Germany – $ 51 million and Italy – $ 40 million.