Sri Lanka’s merchandise exports down 7-pct in January 2020, services up: EDB

ECONOMYNEXT – Sri Lanka’s merchandise exports fell 7.4 percent from a year ago to 961.2 million US dollars in January 2020, though services were estimated to have gone up, the island’s export promotion agency said.

Apparel exports fell 0.5 percent to 472 million US dollars, tea fell 9.9 percent to 99.7 million US dollars, rubber based products 12.6 percent to 72.8 million US dollars but coconut based products grew 1.4 percent to 49 million US dollars, Sri Lanka’s Export Development Board said.

Services exports were projected to have grown 25.9 percent to 437 million US dollars provisionally with final data not yet available, the Export Development Board said.

Sri Lanka main export destinations were the United States of America (US$ 268 Mn) the United Kingdom (US$ 85Mn),India (US$ 63 Mn), Germany (US$ 52 Mn), Italy (US$ 46 Mn), Belgium (US$ 30Mn) and The Netherlands(US$ 23Mn).

Out of the top 10 export markets, Italy, China and Bangladesh had showed growth, in January 2020.

The top five markets brought 53 percent of Sri Lanka’s merchandise exports,

Key exports to the US were apparels (US$ 193Mn), which dropped US$10mn, pneumatic Rubber Tires & Tubes (US$ 14 Mn) and Gaskets, washers, seals of hard rubber (US$ 2Mn).

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