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2.5% Rise In February 2021 Exports Despite Challenges
Posted 24,March

By Chaveendra Dunuwille

In Local News

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“This is the highest export figure for the month of February during the last 5  year period” 

Sri Lanka Export Development Board  

With the increase in global demand for Electric and Electronic components and  Rubber gloves, additionally with the increase in exports to China, Canada and  Spain, Germany, Italy, Netherlands and Turkey, Sri Lankan export earnings  showed a 2.52% growth to reach a new high value of $ 993.73 million in February  when compared to February 2020. 

The increased growth in exports has allowed for the maintaining of the growth  momentum for the past 5 months according to Sri Lanka Customs. These  statistics are the highest noted export figures since February 2016. 

The earnings from the export of spices & essential oils, coconut based products,  rubber based products, tea, food and beverages have shown an increase in the  first two months of 2021 in comparison to the first two months of 2020.  

Sri Lankan exports to the European Union have shown an increase from 28% of  2020 to reach 29.32% in the first two months of 2021 to be valued at $ 532.10  million 

Although being considered as the second biggest trading partner to Sri Lanka  the export earnings in relation to the United Kingdom showed a decrease of  21.39% in the first two months of 2021. The decrease in earnings is valued at $  141.37 million compared to Jan – Feb of 2020 

USA considered as the largest single export destination showed a decreased in  exports from a recorded $ 527.9 million in the first two months of 2020 to $  471.79 million in Jan- Feb of 2021. This is a decrease of 10.63%  

Furthermore a growth from $ 661.98 million in 2020 to $ 707.96 million in the  same time period of 2021 was recorded in the service exports, construction,  financial services, transport and logistics sector