August marks three consecutive months of near $ 1 b in exports

Monday, 7 September 2020 01:28 - - {{hitsCtrl.values.hits}}

EDB Chairman Prabhash Subasinghe

EDB Chief expresses confidence 2021 will definitely be a better year for exports
Raises concerns on exports if COVID-19 worsens in key markets

Despite global and local challenges, Sri Lanka’s merchandised exports for the last three months have nearly achieved the $1 billion mark, proving its resilience and rebound.

“Provisional data shows that merchandise exports in August were $969 million,” Export Development Board (EDB) Chairman Prabhash Subasinghe told the Daily FT.

Sri Lanka saw continuous pick-up in exports as against $906 million in June and $1.09 billion in July. Soon after COVID-19 pandemic erupted exports in April fell to $ 277.4 million.

However, provisional data of $969 million exports in August is down by 6% from $1.03 billion achieved a year earlier.

Separately, Subasinghe last week expressed the resilience post-COVID re-opening augurs well for a better performance in exports in 2021.

“We have managed and shown our resilience to the world with strong performance in our exports since April. Without serious interventions, businesses have done well. Export is one sector that the Government is now seriously interested in because it helped the economy with much-needed foreign exchange,” EDB Chairman told the investor symposium organised by SC Securities Ltd., in partnership with Daily FT.

“For sure, this year, we will perform less than last year; but I do not think any of us expected such a strong recovery and stability in the sector, given the pandemic and its impact. We also must understand that we only cater to two markets, which are the US and Europe,” Subasinghe added.

Sri Lanka’s single largest export market is the US, which accounts for 27% of total merchandise exports last year, while Europe accounts for 30%.

The EDB Chairman was concerned about resurgences of COVID-19 in the main export markets. In that context, he commended the Government’s early and strict measures implemented to control the spread of COVID-19 in Sri Lanka as well as for the continued focus, support and strength extended to the export sector. (CdeS).