The merchandise export sector reported a slow start to 2021 as despite showing overall growth in various products on a year on year basis.
According to the information released by the Export Development Board (EDB) January 2021 showed a revenue of $ 908.07 billion while in comparison January of 2020 reported a revenue of $1004.9 billion showing a 9.6% drop in revenue in January 2021.
The drop in revenue corresponds with the drop in the absorption of products into the markets of nations such as the United States of America, United Kingdom and Germany which as well as Sri Lanka have taken major economic hits due to the Covid 19 pandemic.
The EDB highlights that the “…growth in exports in Jan 2021 is modest compared to the last five years”. While merchandise exports have shown a decline service exports in Jan were estimated at $ 353.98 million, a 7% increase from the revenue in the corresponding month of 2020.
Following the slow start the Minister of Trade Mr. Bandula Gunawardena has urged all stakeholders to assist exporters in every possible manner as part of further strengthening the economy as it emerges from the recession of Co-vid 19
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