Sri Lanka exports down 20-pct in November 2020 amid Coronavirus surge, CIS up
ECONOMYNEXT – Sri Lanka’s exports dipped 20 percent in November 2020 from a year earlier to 747.5 million dollars with shipments to all regions except the Commonwealth of Independent States falling, the export promotion office said amid an upsurge in Coronavirus.
“Although the adverse impact of 2nd wave of Covid 19 pandemic on the export sector, Agriculture Exports such as Coconut based, Spices especially Cinnamon were much stronger than expected in November 2020,” Export Development Board (EDB) Chairman Suresh De Mel said in a statement.
Exports of apparel had fallen 32 percent to 483 million dollars, and exports of tea which was 12 percent of the total was down 5 percent.
Rubber and rubber products increased 12.6 percent to 69.7 million dollar in November with pneumatic tyres (up 8.11 percent), industrial and surgical gloves (up 39 percent). But rubber plates and gaskets were down.
Coconut bases products increased in November 2020, with coconut oil up 50 percent, nuts up 14.2 percent, coconut milk and kernel products also growing.
Earnings from Activated Carbon also rise 11.7 percent in November.
Spices and Essential Oils have increased by 40.64 percent to US34.02 dollar.
Exports to top 10 markets have shown poor performance during the month of November 2020 as well as January to November 2020.
The United States of America has bought 178.27 million US dollars worth of exports in November 2020 recording a decline of 33.21 percent in comparison to 266.91 million dollars in November 2019.
The United States of America had bought 2,267.48 million dollars of goods up to November 2020, United Kingdom US dollar 842.80, India 546.49 millioN, Germany 59.07 million, and Italy 406.81 million accounting for over half of total exports in the first 11 months of 2020.
Exports to the United Kingdom as the largest trading partner in the EU Region recorded a marginal decrease to 1.45 percent 76.07 million dollars in November 2020.
Except exports to CIS region (1.19 percent), Exports to regions; EU, South Asia, ASEAN, CIS, African and Middle East Countries have decreased 12.71 percent, 23.85 percent, 43.11 percent, 3.58 percent and 29.35 percent in November 2020 compared with November 2019.
Except for the EU Region (6.45%), exports to other regions;
Exports to South Asia had fallen 30.08 percent, ASEAN 21.44 percent, CIS 27.01 percent, Africa 7 percent, and the Middle East 39.13 percent.