Sri Lanka's export earnings decline by over 20% in November

Sri Lanka's export earnings in November 2020 amounted to US$ 748.58 million, which was 20.97% lower than the November 2019 and 11.84% lower than October 2020, the Export Development Board (EDB) announced.

As per data from the Department of Customs, earnings from merchandise exports recorded a negative growth of 20.97% in November 2020 to USD 747.58 million as compared to the value of USD 978.80 million recorded in November 2019 due to the adverse impact of second wave of COVID-19 pandemic within the country and globally.

"During the period January to November 2020, earnings from exports recorded USD 11.84 billion including the estimated services data for July to November which is 88.47% achievement from the revised export target of USD 13.39 Billion set for 2020, Export Development Board (EDB) Chairman Suresh De Mel said.

Although there was an adverse impact on the export sector due to the second wave of the COVID-19 pandemic , Agriculture Exports such as Coconut based, spices specially Cinnamon were much stronger than expected in November 2020”, he added.

Further, adverse global market conditions for Sri Lanka’s key exports were aggravated by the second wave of the COVID-19 pandemic experienced by many countries, leading to low demand for exports of Sri Lanka.

Decreases in exports were recorded in the top 10 export markets in November 2020 compared to November 2019. Although, exports to CIS Region recorded a marginal increase in November 2020 compared to November 2019, exports to other regions declined.