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Sri Lanka exports rise 11-pct in July 2020 with Coronavirus control

ECONOMYNEXT – Sri Lanka’s exports in July 2020 grew 11 percent from a year earlier to 1,090 million US dollars, with stable production helped by the country’s control of Coronavirus, the island’s export promotion office said.

“Sri Lanka’s strategic location, its reliable manufacturing and export base and proactive and rapid action by the Sri Lankan Government to control Covid 19 have fulfilled our global customers needs,” Export Development Board chairman Prabash Subasinghe said.

“This is the reason for our remarkable recovery in exports, compared to when the crisis hit us. However, we need to be cautiously optimistic as we move towards yearend due to the possible resurgence of Covid 19 in the US and European markets.”

Sri Lanka has contained the spread of Coronavirus so far with aggressive tracing and quarantine.

Exports to Europe were up 21.17 percent, South Asia up 11.4 percent and the Middle East up 8.9 percent compared to last year,.

The United States of America had bought 256.09 million dollars up 5.67 percent from a year earlier.

The July export number was 20 percent higher than in June, EDB said.

Exports from January to July 2020, were 5,452 million US dollars, down 21 percent from 6,909 million US dollars in 2019, mostly due to the dip seen in April.

Exports of services from January to July made up of IT, construction, financial services, transport and logistics were estimated at 2,044.6 million US dollars, down 13.3 percent from 2,364.1 million dollars last year.

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