Sri Lanka's Apex Organisation for Export Promotion
Sri Lanka’s export sector performance has been able to managed its growth momentum in May 2021 with the challenges of this pandemic. “We are happy to see that export levels are reaching fast to the pre-Covid 19 levels despite the continuous multiple challenges faced by our exporters with intermittent travel restrictions and local area isolations. Maximum efforts are be taken to secure the export orders in hand while attracting new orders to the country – the responsibility of the authorities are to facilitate the exporters in every possible way to keep them operating”, Chairman, EDB.
The Consulate General of Sri Lanka to Victoria, South Australia and Tasmania together with the Sri Lanka Export Development Board (EDB) and the Sri Lanka and Australia Chamber of Commerce (SLACC) organised a webinar titled – Exporting to Australia – What you need to know - on the 20th May, 2021. Kalum De Silva, President of SLACC, moderated the session. He is the founding national president of SLACC.
EDB Chairman Suresh de Mel stated that the export target would certainly witness a revision due to the week-long travel restrictions that have come into effect and several areas being caught under the isolation. However, he said it is too premature to assess the impact or divulge the revised target. He noted that the revision is ‘absolutely necessary’.
Sri Lanka’s export performance continued its upward momentum in the first three months of 2021. Due to the Covid-19 pandemic induced lockdown last year, exports were contracted by a record 64.63 per cent in April 2020. However in April this year, exports grew up by 183 per cent to US$ 798.9 Mn in comparison to the previous year.
Consequent to the official visit of the Ambassador of Sri Lanka in the Russian Federation and his delegation to the Republic of Belarus in December 2020, bilateral relations between Sri Lanka and Belarus has been intensifying in every field, particularly in trade and investment.
Sri Lanka High Commission in South Africa initiated a new series of B2B meetings in collaboration with the Department of Commerce and the Exports Development Board of Sri Lanka to find new opportunities for the Sri Lankan exporters in the new normal post-Covid situation.
The Sri Lanka Export Development Board (EDB) has made arrangements to facilitate export-oriented industries based on the circulars issued by the Government Health Authorities to continue operations of their activities during lockdown of specific areas in the country and inter-provincial travel restrictions subject to stringent health regulations.
As an initiative of FYIstival South Asia Edition of Global Connect at the Singapore Business Federation (SBF), a webinar on “Accelerating Growth of Food Sector and a Buyer Seller Meet” was organised together with Enterprise Singapore and the Sri Lanka High Commission on 27th April 2021.
Sri Lanka surpassed $ 1 billion exports in March 2021 after a lapse of six months period. As per the Customs statistics, earnings from merchandise exports recorded double digit growth of 62.47% in March 2021 on y-o-y comparison – the March figure being US$ 1,066.1 Mn.
Sri Lanka’s export earnings registered a growth of 2.52% with US$ Mn 993.73 in February, compared to the previous year, maintaining the growth momentum recorded during the last five months as per the provisional statistics released by Sri Lanka Customs. This is the highest export figure recorded for the month of February during the last five-year period.
Hon. Bandula Gunawardana, Minister of Trade urged the whole stakeholders to actively engage in assisting all exporters of the country in every possible manner during this turbulent period enabling exporters to strengthen our economy.
Sri Lanka Export Development Board (SLEDB) new Chairman Suresh de Mel this week expressed confidence of giving the best shot at realising a near $ 16 billion target for 2021 despite domestic and global challenges. This confidence stems from a plethora of new initiatives as well as fine-tuning existing endeavours to develop and boost exports.
The Sri Lanka Export Development Board (EDB) is forecasting a performance of $ 15.68 billion in merchandise and service shipments in 2021.
The US$ 13.5 billion export target set for merchandise export sectors in early 2020 remains challenging, requiring not only strong efforts from local enterprises, but also the recovery of global demand amid complicated Covid-19 situation. Amid severe impacts of the Covid-19 pandemic, Sri Lanka’s merchandise exports remain at US$ 9.9 billion in 2020, which is a 104 % achievement from the revised forecast of US$ 9.5 billion.
Embassy of Sri Lanka in Turkey and the Sri Lanka Export Development Board (EDB) jointly organized a Webinar and Business Networking Session last week in collaboration with the Turkish Economic Relations Board (DEIK). More than 85 participants attended the webinar.
Since the UK is the main market for Sri Lanka’s exports to the EU region and the second largest export market after the USA, it is important for Sri Lanka to receive the same tariff preferences it was enjoying prior to Brexit when trading with the UK in the post Brexit period.
Due to the difficulties of organizing physical export promotion programmes during this pandemic situation, the Sri Lanka Export Development Board (EDB) in collaboration with Foreign Ministry and the Sri Lankan Missions overseas has initiated online sessions to enable foreign buyers and Sri Lankan exporters meet via virtual platforms with the objective of creating trade linkages between Sri Lanka and the rest of the world, as it is imperative to sustain the nation’s export promotional activities in spite of severe challenges caused by COVID-19.
Earnings from merchandise exports rebounded in June 2020 to US $ 906.02 Mn as per the Customs statistics, with the export sector progressively commencing actions following the relaxation of lockdown measures and the recovery of both domestic and global supply and demand chains to some extent.
Merchandise exports for the month of May 2020 has bounced back to US$ 602 Mn, compared to the previous month of April which was only US $ 277 Mn according to the customs provisional statistics.
According to Customs monthly provisional exports statistics, merchandize export earnings have recorded a historical decrease by nearly 64% to US $ 277.4 Mn from US $ 772.57 Mn documented in April 2019.
