gossip lanka

V- shape recovery of exports further up in July – EDB

Sri Lanka’s exports have surpassed the $ 1 billion mark in July after six months time period where a similar achievement was only recorded in January during this year.

Export Development Board (EDB) Chairman Prabhash Subhasinghe mentioned, “We have witnessed a phenomenal increase in exports in July 2020 with a new record for the year. Sri Lankas strategic location, its reliable manufacturing and export base and proactive and rapid action by the Sri Lankan Government to control Covid 19 have fulfilled our global customers needs. This is the reason for our remarkable recovery in exports, compared to when the crisis hit us. However, we need to be cautiously optimistic as we move towards year end due to the possible resurgence of Covid 19 in the US and European markets.”

As per the Customs statistics, earnings from merchandise exports recorded double digit growth rate of 11.31% in July 2020 to US$ 1,090.18 Mn compared to July 2019. Moreover,earnings from merchandise exports in July 2020 increased by 20.3 % compared with the value recorded in June 2020.

This strong performance is consistent with the gradual lifting of restrictions due to Covid 19 pandemic within the country and globally. Increases in exports were recorded as; Europe Region (21.17%), South Asia(11.47%) and Middle East (8.91%) in July 2020 compared to July 2019.