October exports top $ 924 m despite global COVID-19 rise

• EDB Chief commends resilience of exporters as October marks fifth month of near or over $ 1 b export performance
• Says order books full for most sectors

By Charumini de Silva 

EDB Chairman Prabhash Subasinghe

Despite the recent escalation of COVID-19 globally, Sri Lanka’s merchandised exports have sustained their momentum for the past five months with $ 924 million achieved in October as per provisional data,

proving continuous resilience.

In comparison to last year, October 2020 performance reflects a marginal $ 52 million decline but the achievement reinforces post-COVID track record of near $ 1 billion exports since June. 

Sri Lanka’s merchandise exports in June amounted to $ 906 million, $ 1.09 billion in July, $ 947 million in August and $1.01 billion in September. Soon after the COVID-19 pandemic-induced lockdown, exports in April fell to $ 277.4 million.

“The provisional figures of October merchandise exports is $ 924 million, which we think is excellent given the challenging times globally,” Export Development Board (EDB) Chairman Prabhash Subasinghe told Daily FT.

He commended the efforts made by the export community for their continuous contribution to ensure a stable economy during these challenging times. 

“The exporters are quite resilient and agile to the market conditions and have added value to the customers even during these most difficult times. I salute the entire export community, their resilient businesses and all employees in the export sector for this remarkable performance,” Subasinghe added.

He said apparel, tea, coconut, rubber, spices, fruits and vegetable sectors had done well post-COVID-19, and had great potential to grow further.

“The order book is full for most export sectors till the end of the year,” Subasinghe said.

The EDB is optimistic and anticipates that the steady growth trend will continue in the last few months as well. The apex body is bullish on food and agriculture exports and expressed confidence that these sectors would help Sri Lanka achieve the $ 10.5 billion target set for the year.