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Friday December 3rd, 2021
Economy

Sri Lanka exports down 9.6-pct in January, Brexit, lockdowns hit UK market

ECONOMYNEXT – Sri Lanka’s merchandise exports fell 9.64 per cent in February 2021, with apparel exports down 10.7 per cent and shipments to the UK plunging 27 per cent amid a Brexit disruption and a Coronavirus lockdown, the state export promotion office said.

Services exports made up of ICT, construction, financial services, transport and logistics were estimated at 353.98 million dollars for January 2021, up 6.94 per cent from 331 million a year earlier.

Merchandise exports to the UK fell 27.9 per cent to 61.4 million US dollars.

From January 2021, UK had introduced UK Global Tariff after Brexit in place of the former EU trade regime.

“Most of the drop in exports to the UK was due to Brexit, but January 2021 also saw the re-imposition of lockdown in the UK, which undoubtedly had some impact,” Sri Lanka’s Export Development Board said.

Exports to the US, Sri Lanka’s largest buyer had dropped 12.7 per cent to 233.5 million US dollars.

Exports to India, the third-largest market also fell 11 per cent to 55.5 million US dollars.

Tea exports grew 1 per cent to 100.9 million US dollars.

Rubber-based products grew 15 per cent to 84.1 million US dollars, Coconut base products grew 10.5 per cent to 54 million US dollars, diamonds and jewellery grew 2.5 per cent to 28.9 million US dollar and electronic components grew 12 per cent to 31 million US dollars.

Spices and essential oils surged 116 per cent to 45 million US dollars, food and beverages grew 16 per cent to 31.3 million US dollar.

Seafood fell 28 per cent to 16.9 million US dollars and petroleum products fell to 4 million US dollars from 35 million dollars. (Colombo/Mar08/2021-sb)

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