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November, 13, 2020 Sri Lanka's exports declined in October amid second wave of pandemic As per the Customs statistics, earnings from merchandise exports recorded a negative growth of 14.9% in October 2020 to US$ 831.72 million as compared to the … As usual, Sri Lanka’s Apparel and textile industry was the top exporter product for the year 2019 with a USD 5.3 Billion worth of exports made mainly to the USA and EU. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Read More. The top imports of Sri Lanka are Refined Petroleum ($2.3B), Cars ($1.2B), Light Rubberized Knitted Fabric ($760M), Broadcasting Equipment ($367M), and Packaged Medicaments ($307M). Sep 12, 2020 (LBO) – Sri Lanka’s exports during the month of August 2020 recorded a downfall of 8.3% to US$ 947.7 Mn as compared to the value of … 107, Hunupitiya Lake Road, Colombo 2, Sri Lanka. Meanwhile, the Sri Lanka government and the EDB have set new investment and export targets for the year 2020, eyeing USD 2.5 Billion in foreign direct investments and USD 18.5 Billion in export revenue. The country’s exports registered a growth of 1.44% by the end of 2019 compared to 4.1% registered at the end of the year 2018. 2,481. Our Profile. Apparel exports to close 2020 at $ 4 b. December 06, 2020; By Madhusha Thavapalakumar. 5,023. This page provides - Sri Lanka Export Prices - actual values, historical data, forecast, chart, statistics, economic calendar and news. It was also the first time that Sri Lanka reached the final in the history of World Schools Debating Championships. This site uses cookies to deliver our services and to show you ads based on your interests. Sitemap. Projects implemented under the program will include railways, roads, secondary education, power system reliability, irrigation, water supply, urban development, and rural livelihoods.(9). 122,428. In the backdrop of recent developments in global trade, social and political stages, the International Monetary Fund (IMF) downward revised its global growth prediction to 3.7% in 2020. Mn 2018 US$. For example, a 40 ft container sent from China to Sri Lanka at the beginning of the year 2020 was $ 1,400 which increased up to $ 3,950 by the end of October. 131,256. However, the country’s industry sector marked a higher growth, registering 2.6% against 1.4% in the year 2018. Sri Lanka Economic Outlook. January – October 2020. Forbes & Walker was set up in 1881 as a partnership between James Forbes and Chapmen Walker. Trade: The top exports of Sri Lanka are Tea ($858M), Other Women's Undergarments ($635M), Knit Women's Undergarments ($556M), Knit Women's Suits ($493M), and Non-Knit Women's Suits ($476M). Ceylon Tea was the second-highest export earner for the year 2019. EDB sounds alarm on resurgence of COVID in key markets. 98,923. Economic Impact of COVID-19 in Sri Lanka i Key Insights ICRA Lanka expects the Sri Lankan economy to face a recession of magnitude -1.9% in 2020 with a U-shape recovery path returning to its pre-crisis level by Q1 of 2021. Snapshot of the Sri Lankan economy up to 2018, with an overview of GDP growth, exports, the balance of payments, the equity market, and inflation. Growth is projected to strengthen to 3.5 per cent in 2020, from 2.7 per cent in 2019, as tourist arrivals and related activities gradually recover.”, Among their recommendations for recovery, the IMF had included: sustained efforts to mobilize revenues in 2020 to reduce public debt, while preserving space for critical social and investment spending; establishment of an independent public debt management agency over the medium term to sustainably anchor and manage public debt, and the advancement state-owned enterprise reforms in the electricity sector to reduce fiscal risks.(8). 2,352. Accept, Enable JavaScript in web browser to get full functionality, http://www.srilankaapparel.com/data-center/yearly-performance/, https://www.cbsl.gov.lk/en/statistics/statistical-tables/external-sector, https://www.icta.lk/projects/national-it-bpm-workforce-survey-2019/#1447655280990-9ce25279-b1279073-b290, https://www.imf.org/en/Publications/WEO/Issues/2020/01/20/weo-update-january2020, http://www.mtiworldwide.com/wp-content/uploads/2016/06/MTI%E2%80%99s-Business-Review-of-2019-Outlook-for-2020.pdf, https://www.imf.org/en/News/Articles/2020/02/07/pr2042-sri-lanka-imf-staff-concludes-visit-to-sri-lanka, https://www.imf.org/en/News/Articles/2019/11/01/pr19390-sri-lanka-imf-executive-board-completes-6th-review-extended-arrangement-eff, https://www.adb.org/documents/sri-lanka-country-operations-business-plan-2020-2022, Find Sri Lankan Export Products and Services, You can find information about cookies and their deactivation in our, The Trade & Export Landscape of Sri Lanka 2019 -2020, Floriculture and Ornamental Foliage Exports from Sri Lanka, The Export Potential of Clayware from Sri Lanka, The Export of Heirloom Rice from Sri Lanka, Printing, Prepress and Packaging Products, Trade Facilitation and Trade Information Division. 125,629. Please check your download folder. In addition, Sri Lanka is expected to push for expansions in the logistics sector and mineral excavation industries through private-public partnerships, presenting more possibilities for industry expansion. Instant Tea. Tea bags. Exports a billion dollars for the 3rd time in 2020 - Export Performance in September 2020. Green Tea. 21,578. The total exports, both merchandise and service maintained at US$ 9,693 million during January to September 2020, as against US$ 11,784 million recorded for a similar period in the last year – US$ 17.74 million decline – with a reduced gap, signaling that Sri Lanka is for a stronger recovery amidst unprecedented global economic downturn, the Export Development Board (EDB) said. 12/04/2020 The total exports, both merchandise and service maintained at US$ 9,693 million during January to September 2020, as against US$ 11,784 million recorded for a similar period in the last year – US$ 17.74 million decline – with a reduced gap, signaling that Sri Lanka is for a stronger recovery amidst unprecedented global economic downturn, the Export Development Board (EDB) said. The main economic sectors of the country are tourism, tea export, apparel, textile, rice production and other ag… As per the shipping lines, there is a tendency for this situation to continue until March 2021. Economic Indicators for Sri Lanka including actual values, historical data, and latest data updates for the Sri Lanka economy. 19/390, International Monetary Fund, November 1, 2019, https://www.imf.org/en/News/Articles/2019/11/01/pr19390-sri-lanka-imf-executive-board-completes-6th-review-extended-arrangement-eff, Sri Lanka: Country Operations Business Plan, Institutional Document, Asian Development Bank, July 2019, https://www.adb.org/documents/sri-lanka-country-operations-business-plan-2020-2022, Subscribe to receive free e-mail alerts on published articles. The USA was the main trade destination of Sri Lankan textile and apparel exports receiving a lion's share of 44.58% The sector’s growth was mainly supported by the benefits arising from the restoration of the EU's Generalized System of Preferences Plus (EU - GSP+) facility in spite of the trade diversion caused by the US-China trade tensions.(2). COLOMBO (News1st): Sri Lanka's export earnings in June have dropped by more than 16 percent compared to the same month last year despite the growth seen - … Oct 13, 2020 (LBO) – Sri Lanka’s merchandize exports have surpassed the US$ 1 billion mark in September after July during this year, statistics of the Export Development Board (EDB) showed. About F&W. 4,749. Sri Lanka registered a GDP growth of 2.8% during the last year against 3.3% recorded in 2018, while the global GDP also grew at a subdued rate of 2.5%, mainly due to Chinese and the USA trade tension and low growth recorded in the EU and Japan. Tue, Nov 10, 2020, 10:28 am SL Time, ColomboPage News Desk, Sri Lanka. Copyright © Export Development Board Sri Lanka. We expect the economy to stage a gradual recovery in 2021 after experiencing its worst-ever recession in 2020. You can find information about cookies and their deactivation in our Privacy Policy & Cookie Policy. According to the ADB’s Country Operations Business Plan (COBP) for the years 2020-22, the proposed lending program for Sri Lanka for the 3-years period is estimated at USD 2.46 Billion. Having expressed the desire to continue export development based on the National Export Strategy (NES) developed for key sectors, to maintain policy consistency, the Minister of Industrial Export and Investment Promotion had revealed that the Sri Lankan government would continue to promote agri-based value-added exports and the boat and shipbuilding industries in the year 2020 as these industries have shown much promise in the global arena. As per the Sri Lanka Export Development Board, provisional data the merchandise exports were USD 11.9 billion, up 0.13% and service exports were USD 4.2 billion, up by 5.3% from 2018. "Sri Lanka's external sector recovered further in September 2020, supported by the continued improvement in the trade deficit, a notable increase in workers' remittances and the resultant stability in the domestic foreign exchange market," the CBSL said in a report published Monday. Sri Lanka Exports 1960-2020. Read More. Sri Lanka's GDP expected to contract by 5.5% in 2020 and grow by 4.1% in 2021 – ADO 2020 Update Sri Lanka's inflation rates forecasted at 4.5% in 2020 and 4.2% in 2021 – ADO 2020 Update GDP growth Read More. The total exports, both merchandise and service maintained at US$ 9,693 million during January to September 2020, as against US$ 11,784 million recorded for a similar period in the last year – US$ 17.74 million decline – with a reduced gap, signaling that Sri Lanka is for a stronger recovery amidst unprecedented global economic downturn, the Export Development Board (EDB) said. In partnership with the Joint Apparel Association Forum (JAAF) and the Sri Lanka Export Development Board (EDB), the program included two webinars for over 100 industry participants that prepared them to break into the U.S. market. TEXTILE AND APPAREL EXPORTS october 2020 IN US$ Mn. November 11, 2020 Sri Lanka will export three tons of electric and electronic waste today to Japan, says Minister of Environment Mahinda Amaraweera. Korean entrepreneur wins business rights for cable car project in Sri Lanka. November 17, 2020. Mn 2020 US$. 2020-11-27. Investments on the country’s transport infrastructure, finances and energy sector are expected to bring industrial development through diversification of the SMEs in the country. However, the country lacks regular ways to collect e-waste. All alternative scenario simulations point to recessionary outcomes – an escalation of the pandemic leading to a Export Prices in Sri Lanka is expected to be 148.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. 282,363. Moreover, the increased production of printing of fabrics mainly contributed to the positive developments in the textile industry while the manufacture of wearing apparel subsector also registered a satisfactory growth. The economy should have recovered somewhat in Q3 after it likely contracted at the height of the pandemic in Q2. (6), The same optimism has been conveyed by the IMF in projecting a real GDP of 3.7% for Sri Lanka for the year 2020. With less than a month left to conclude the year, the Sri Lanka Apparel Exporters’ Association (SLAEA) expects the country’s apparel export revenue to be around $ 4 billion for the year 2020, compared to $ … With less than a month left to conclude the year, the Sri Lanka Apparel Exporters’ Association (SLAEA) expects the country’s apparel export revenue to be around $ 4 billion for the year 2020, compared to $ 5.59 billion, a year ago. 292,657. The program is expected to focus on the development of transport infrastructure focus on, followed by water and other urban infrastructure and services (16%); agriculture, natural resources, and rural development (14%); energy (12%); education (8%); multisector (6%); and finance (5%). MAJOR IMPORTERS OF SRI LANKA TEA - JANUARY/OCTOBER 2020- in MT Exports from China continue to remain stable in spite of indications that production growth is modest compared with recent years and the average FOB price for exports at end of the third quarter is a healthy US$ 5.84 per kg. The waste was collected recently through a national drive early in October and the Minister says the programme will continue. In addition, destinations such as the USA, Germany, India and Saudi Arabia have shown significant growth in demand for Ceylon Tea during the year 2019 compared to 2018. Industrial production declined at a much softer rate in July–August relative to Q2. In the services sector, the tourism industry of Sri Lanka closed 2019 with a total revenue of USD 3.6 Billion. Bulk. 98,294. 2 August - Sri Lanka emerged as first runners-up in the 2020 Online School Debate Championship to Canada 8–1 in the finals. A combination of local and global terrorism, political turmoil and natural disaster saw the local, as well as the global economy, slowing down compared to the year 2018. Oct 09, Colombo: Sri Lanka’s trade deficit narrowed in August 2020, as imports declined at a faster pace than the decline in exports. Tea in packets. 3,512. 139,080. 122,844. The free-market economy of Sri Lanka is worth $92.111 billion by nominal gross domestic product (GDP) and $321.856 billion by purchasing power parity (PPP). Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. the Central Bank reported Friday in its External Sector Performance review for the month. Sri Lanka Export Prices - values, historical data and charts - was last updated on October of 2020. In addition to the top performers, Rubber & Rubber based products, Coconut & Coconut Based Products, Engineering Products and services, Petroleum-based Products, Food & Beverage products, Spices & Essential Oils, Gems & Jewellery including Diamond faceting recorded a significant export value in 2019. 288,984. The country has experienced an annual growth of 6.4 percent from 2003 to 2012, well above its regional peers. Total. On a macroeconomic perspective, Sri Lanka’s agriculture, forestry and fishing sectors registered a growth of 2.1% by the mid 4th quarter of the year 2019, against the 4.3% growth in the same period of 2018. +94 11 454 2231, +94 11 452 8494 info@jaafsl.com . SRI LANKA TEA PRODUCTION – JANUARY TO DECEMBER 2019, Tea Exporters Association (TEA), January, 2020,http://teasrilanka.org/market-reports, TEXTILE AND APPAREL EXPORTS IN US$ MN, Sri Lanka Apparel, January 2020, http://www.srilankaapparel.com/data-center/yearly-performance/, External Sector- Export, Imports and Trade, Central Bank of Sri Lanka, January 2020, https://www.cbsl.gov.lk/en/statistics/statistical-tables/external-sector, NATIONAL IT-BPM WORKFORCE SURVEY 2019, Information and Communication Technology Agency of Sri Lanka, 2019, https://www.icta.lk/projects/national-it-bpm-workforce-survey-2019/#1447655280990-9ce25279-b1279073-b290, Tentative Stabilization, Sluggish Recovery?, World Economic Outlook, January 2020, https://www.imf.org/en/Publications/WEO/Issues/2020/01/20/weo-update-january2020, MTI’s Business Review of 2019 & Outlook for 2020, MTI Consulting, 2020, http://www.mtiworldwide.com/wp-content/uploads/2016/06/MTI%E2%80%99s-Business-Review-of-2019-Outlook-for-2020.pdf, IMF Staff Concludes Visit to Sri Lanka, Press Release No 20/42, International Monetary Fund, February 7, 2020, https://www.imf.org/en/News/Articles/2020/02/07/pr2042-sri-lanka-imf-staff-concludes-visit-to-sri-lanka, IMF Executive Board Completes the Sixth Review of Sri Lanka’s Extended Arrangement under the Extended Fund Facility, Press Release N0. Service sectors of Sri Lanka registered a 2.8% growth last year against 4.4% recorded in 2018. Please check your download folder. 2,122. Sri Lanka was also awarded the top-performing ESL team for secondary English speaking countries. In addition, the Sri Lanka EDB Chairman Prabhash Subasinghe has revealed plans to diversify the country’s export basket through diversification and implementation of short to mid-term strategies to empower exporters and to bolster export revenue. 22,913. Exports in Sri Lanka increased to 1000 USD Million in September from 947 USD Million in August of 2020. source: Central Bank of Sri Lanka Exports in Sri Lanka averaged 757.29 USD Million from 2003 until 2020, reaching an all time high of 1137 USD Million in March of 2019 and … We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. (7) During its sixth review of Sri Lanka’s economic performance under the program supported by an extended arrangement under the Extended Fund Facility (EFF), IMF observed that “The Sri Lankan economy is gradually recovering from the impact of the Easter Sunday terrorist attacks. 4,620. According to the Central Bank of Sri Lanka, revenue from tourism slipped by 18% following the Easter Sunday attack and the tourist arrival was at 1.9 million last year, against the 2.3 million arrivals and USD 4.4 Billion revenue recorded last year.(3). 2019 US$. The United States is helping Sri Lankan apparel producers to export Personal Protective Equipment (PPE) to the United States. Sri Lanka’s very creditable health response to COVID-19 gives it an early advantage to tackle the economic fallout of the pandemic. Sri Lanka recorded a total value of USD 16.4 Billion of exports during the year of 2019, with the apparel sector recording a USD 5.3 Billion, a 5.1 per cent year on year (YoY) increase despite a slight decline in the figures in December. Sri Lanka’s trade performance in major markets The top five export destinations during the period of January-September 2020 were the US ($ 1,892.14 million), UK ($ 664.21 million), India ($ 453.67 million), Germany ($ 430.0 million), and Italy ($ 330.24 million), which absorbed over 50% of exports recorded in the period. 134,509. 221,415 With an income per capita of 12,811 PPP Dollars (2018 World Bank) or 4,103 nominal US dollars, Sri Lanka is an upper middle income nation. According to the MTI Business Review of 2019 and Outlook for 2020,  over 50% of the surveyed CEOs and business leaders from Sri Lanka predicted the economy to stabilize in the year 2020. Mn 2017 US$. 18,334. All rights reserved. Mn 2019 / 2020 Change % Total Exports: 416 ... Joint Apparel Association Forum Sri Lanka (JAAFSL) No. Mn 2016 US$. Data are in current U.S. dollars. Mahinda Rajapaksa's Sri Lanka Podujana Peramuna (SLPP) won the parliamentary election on August 5th with a huge majority. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments. It is now well placed to make constitutional amendments with the support of its allies. While IMF attributed its revision mostly to the slow growth predicted in India, the third-largest economy in Asia, the organisation has also predicted a better growth for some of Sri Lanka’s leading trade partners including the EU, China and the USA. 3,071. Sri Lanka: State of the Economy 2020 Pandemics and Disruptions: Reviving Sri Lanka’s Economy COVID-19 and Beyond. Having expressed the desire to continue export development based on the National Export Strategy (NES) developed for key sectors, to maintain policy consistency, the Minister of Industrial Export and Investment Promotion had revealed that the Sri Lankan government would continue to promote agri-based value-added exports and the boat and shipbuilding industries in the year 2020 as these … View our Data Protection & Privacy Policy. By using our website, you agree to the use of cookies. 21,701. Fri, Oct 9, 2020, 11:54 pm SL Time, ColomboPage News Desk, Sri Lanka. If you wish to receive alerts on every newly published article, feel free to type in your email address and sign up here. (5), With fairly favourable predictions from the global arena, Sri Lankan industries and service providers also have expressed optimism for the year 2020. Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. The country exported just over 300 million kg of tea to the global market earning revenue of USD 1.24 Billion, with major importers being Turkey, Iraq, Russia and Iran. COLOMBO (News1st): Prime Minister Mahinda Rajapaksa has said that the government will focus on improving fisheries exports to generate revenue to the - … Exports of goods and services represent the value of all goods … Sri Lanka's Apex Organisation for Export Promotion. 2020-10-13. By Madhusha Thavapalakumar. Although its growth was marred by a series of trade union action and the decline of tea prices, Sri Lanka’s tea industry also recorded a USD 1.24 Billion worth of exports.(1). If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. 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