EDB forecasts near $ 16 b total exports in 2021

Monday, 15 February 2021 02:41 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

EDB Chairman Suresh de Mel

The Sri Lanka Export Development Board (EDB) is forecasting a performance of $ 15.68 billion in merchandise and service shipments in 2021.

EDB in 2021 expects $ 12 billion from merchandise exports and $ 3.58 billion from services exports.

Chairman Suresh de Mel told the Daily FT that of the exports forecast, EDB expects $ 5.4 billion come from apparel, $ 1.47 billion from tea, $ 998 million from rubber and $ 809 million from coconut.

From the other sectors, $ 427 million from food and beverage, $ 415 million from spices and concentrates and $ 398 million from electrical and electronic components. Additionally, seafood exports are estimated to bring $ 229 million and diamond, gems and jewellery a further $ 173 million.

In contrast, garments exports in 2020 were $ 4 billion, down by 24% from 2019. Rubber exports were $ 786 million, down by 9%; gems, diamonds and jewellery down by 31% to $ 211 million.

In 2020, merchandise exports were $ 10 billion, down 16% from 2019. Overall exports and Earnings from merchandise exports recovered to a great extent in December 2020 from the setback suffered in the previous two months due to the second wave of the pandemic.

Earnings from exports in December 2020 were recorded at $ 964 million with a marginal decline of 3.5% from $ 1,000 million recorded in December 2019.

De Mel said spices and concentrates, processed food and beverages, seafood and aquaculture, coconut-based products, rubber-based products, electrical and electronic components, ICT/ BPM are some of the growth sectors of exports in 2021.

Earnings from merchandise exports recovered to a great extent in December 2020 from the setback suffered in the previous two months due to the second wave of the pandemic. Earnings from exports in December 2020 were recorded at $ 964 million with a marginal decline of 3.5% from the $ 1 billion recorded in December 2019.

EDB said in 2020 services exports, which includes ICT/BPM, construction, financial services, transport and logistics, were $ 2,976 million compared to $ 3,888 million in 2019, reflecting a decline of 23.46%.