EDB Chairman upbeat on quick rebound | Daily News


 

Despite COVID 19 debilitating Lanka’s exports in Jan - Mar 2020:

EDB Chairman upbeat on quick rebound

Prabhash  Subasinghe
Prabhash Subasinghe

Albeit Sri Lanka’s January – March 2020 exports have declining over the corresponding period a year ago on account of the COVID -19 pandemic, Export Development Board (EDB) Chairman Prabhash Subasinghe expressed confidence yesterday , that he and the EDB firmly believed that exports will be rebound in the near future.”

“However the EDB is taking every effort to assist the exporters to resume operations, despite this decline, he asserted.

“Even though there is a decline in exports during the month of March 2020, such a decline is expected due to the global economic and trading environment,” he said.

According to monthly exports statistics, merchandize export earnings have decreased by nearly 42% to US $ 646 Mn from US $ 1112 recorded in March 2019. Commenting on detailed product-wise categories, the EDB Chief said:”The apparel sector being the largest contributor to exports has shown a 41% decline during the month of March 2020 compared to the same month in the previous year. Some of the other sectors that has recorded a significant decline during the same period includes; Tea (-22%), Rubber Products (-15.7%), Coconut products (-14.2%), Spices (-36.5%), fruits & vegetable products (-17.4%), fish & fisheries products (-29%) etc.

However analysis at disaggregate level on Coconut Milk Powder, Defatted Coconut, certain Coconut Kernel Products, Coconut Shell Charcoal, Essential Oils, Oleoresins, Ginger, Lemons, Melons & Papayas, Onions, Sweat Potatoes, Processed Food, Rice, Green Gram, Lentils, Organic Chemicals, Electrical Transformers, Boat Building, Petroleum Products etc… show a positive growth during March 2020 compared to March 2019.

With the release of March 2020 data, the country’s foreign exchange earnings show an overall decline of 19 % during Jan- March 2020 in comparison to the same period in 2019 reaching US $ 3,382 Mn from US $ 4176 Mn respectively, recording a 32% achievement against the annual revised target of US$ 10750 million for the year 2020. Merchandise export earnings have recorded US$ 2,577 million during Jan- March 2020, compared to 3,116 million last year.

Estimates in the services exports of ICT/ BPM, Construction, Financial services, Logistics and Wellness Tourism sectors show an overall achievement of US $ 805 million during the period compared to US $1060 million last year.

 


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