With the release of April 2020 Customs provisional data, the country’s foreign exchange earnings show an overall decline of 26 %during January-April 2020 in comparison to the same period in 2019 reaching US $ 3,884.28 Mn from US $ 5,269.28 Mn respectively, recording a 36% achievement against the annual revised target of US$ 10,750 Mn for the year 2020. ... Commodities; Bonds; Earnings; Forecasts. Courtesy Xinhua. Sri Lanka Targets US $8.5 Billion in Apparel Exports Earnings by 2020. The EDB, following the outbreak of the pandemic, presented proposals to the Government to help exporters manage their cash flow issue and be competitive in the post Covid-19 global market. Read More. Tea(-22%), Rubber & Rubber Finished Products (-23%), Coconut Products (-19%), Electronics & Electronic Components (-28%), Food & Beverages (-29%) ,Seafood (-39%) ,Spices (-34%), Diamonds ,Gems & Jewellery (-48%) and etc show significant declining growth rates during January-April period in 2020 compared to previous year. All rights reserved. 2171/5', dated 16 April 2020.The revised import regulation retained the restrictions on non-essential items, including motor vehicles. Estimates in the services exports of ICT/ BPM, Construction, Financial services, Logistics and Wellness Tourism sectors show an overall achievement of US $ 1,030 million during the period compared to US $ 1,381 million last year. Furthermore, the overall results from Jan to April also reflects a decline in global demand of goods due to the global economic impact caused by the prevailing Pandemic situation in the world. Apparel sector has shown a sharp decline (-82%) during the month of April 2020 compared to the same month in the previous year. Copyright © Export Development Board Sri Lanka. 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. The Gross Domestic Product (GDP) in Sri Lanka was worth 84.01 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. We estimate that Sri Lanka’s spending on chicken will reach USD343.2mn in 2020 and expand to a … Tea Bags, Packeted tea and Bulk tea) have shown a decrease compared to the corresponding period of 2019. The COVID-19 pandemic has not had a major negative impact to the apparel exports revenue and Sri Lanka will secure around USS 3.7 billion revenue for 2021, the Sri Lanka Apparel Associated opined. Expenditure on merchandise imports declined by 10.9 per cent to US$ 1.525 billion in September 2020, compared to US$ 1.711 billion in September 2019, thus continuing the year-on-year declining trend observed since March 2020. EDB is taking continuous measures and working closely with the exporters to resolve their ongoing issues as well as finding new markets and new products to meet the current market needs created by Covid 19.”, Subscribe to receive free e-mail alerts on published articles, Subscribe by RSSInbound Marketing FeedCall Us : +94 11 2300705. However analysis at disaggregate level on Vegetable Plaiting Materials and Vegetable Products, Tamarind, Areca Nuts, Ginger, Oleoresins, Onions, Instant Tea, Coconut Husk Chips, Essential Oils, Coconut Shell Charcoal, Kiri Ala, Green Gram, Melons & Papayas, Other Natural Rubber, Gherkins, Organic Chemicals etc… show a positive growth during April 2020 compared to April 2019. The Export Development Board (EDB) and the Foreign Ministry are working closely together to increase the country’s export revenue and mitigate the negative impact of the COVID-19 pandemic on the export industry. He said the EDB has presented 11 project proposals for the 2021 Budget while continuing the National Export Strategy to develop a vibrant export industry. Experts of the export industry said there should be greater focus on the IT-BPM sector given the unexpected boost of digitisation as a result of the global pandemic to exploit the changing work ecosystems. Despite the decline in exports coconut-based products, electrical and electronic components, spices and essential oils and food and beverages recorded a positive growth of 22.88%, 8.32%, 19.4% and 11.45% in August compared to the corresponding period last year. PAYE WHT on interest, dividends, rent, and service payments to residents is abolished with effect from 1 January 2020. Saturday, 5 December 2020 00:05 - - {{hitsCtrl.values.hits}} The Sri Lanka Pavilion at the Third China International Import Expo (CIIE) held in Shanghai from 5-10 November attracted many business persons particularly in the food sector. According to ADB estimates as at 06 March 2020, the decline in tourism revenues for Sri Lanka could range from USD 107 mn – USD 319 mn. The Export Development Board (EDB) and the Foreign Ministry are working closely together to increase the country’s export revenue and mitigate the negative impact of the COVID-19 pandemic on the export industry. All main categories of exports (i.e. However, this was a dip of 19.2% to US$ 947.7 million compared to US$ 1,033.3 million recorded the corresponding month last year. Export earnings from agricultural goods increased by 10.4 percent and export of industrial goods increased by 3.6 percent in September 2020 on a year-on-year basis. Sri Lanka's Apex Organisation for Export Promotion. Further, sectors that show a positive growth at disaggregate level includes export of  Onions (2133%), Areca Nuts (733%), Other Nuts (700%), Works of Art, Collectors Pieces (700%), Other Petroleum Products (500%), Tamarind (344%), Garlic (300%), Sweat Potatoes (300%), Ginger (175%). Subscribe to receive free e-mail alerts on published articles, Subscribe by RSSInbound Marketing FeedCall Us : +94 11 2300705. Income/ Institution: 2018/2019 and 2019/2020 CIT rate (%) 2020/2021: Small and medium enterprises (SMEs) that conduct business in Sri Lanka, which do not have an associate that is an entity and with an annual turnover less than LKR 500 million: 14: 14: Predominantly conducting of a business of exporting goods and services (exports includes specified undertakings *) 14: 14: Largest contributor during January- April is Apparel & Textiles and it has declined by 28% compared to the same period in the previous year. The Government of Sri Lanka published 'Gazette Extraordinary No. Other selected sectors that has recorded a significant decline during the same period includes; Tea (-21%), Coconut products (-35.2%), Rubber Products (-53%), Food & Beverages (-44%), Spices (-24%), Electronics & Electronic Components (-63%), Petroleum Products (-63%), Seafood (-72%) and Base Metal Products (-49%). According to Customs monthly provisional exports statistics, merchandize export earnings have recorded a historical decrease by nearly 64% to US $ 277.4 Mn from US $ 772.57 Mn documented in April 2019. The change in classification comes in the World Bank country classifications by income level: 2020-2021 report. If you wish to receive alerts on every newly published article, feel free to type in your email address and sign up here. Only Petroleum Products sector (11%) and Other Export Crops sector (53.52%) show positive growth rate during January- April 2020 with respect to January- April 2019. The following graph shows some sectors with negative growth. You can find information about cookies and their deactivation in our Privacy Policy & Cookie Policy. If you wish to receive alerts on every newly published article, feel free to type in your email address and sign up here. He said seafood and aquaculture sector, coconut based products, electronics and electrical components, ICT/BPM sector and rubber products will be developed as thrust industries. Read More. This page has economic forecasts for Sri Lanka including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Sri Lanka economy. Countries; Indicators; Currencies; Stocks; Commodities; Bonds; Sri Lanka - Economic Forecasts - 2020-2022 … ... Sri Lanka Embassy in China and Consulate General in Shanghai in coordination with Sri Lanka Export Development Board (EDB) and the Foreign Ministry … The privatization of the nationalized tea estates in the mid-90s and the rapid increase in the private tea factories in the same decade was the main reasons that encouraged the tea exporters to band themselves together under the banner of the T.E.A. … Following this change, you may now be required to file income tax return. Sri Lanka’s export income is to pick up following the easing of Covid-19 impact, a top Treasury official said. 2176/19', dated 22 May 2020 to amend the 'Imports and Exports (Control) Regulations No 1 of 2020', published in the 'Gazette Extraordinary No. Korean entrepreneur wins business rights for cable car project in Sri Lanka. Government Revenues in Sri Lanka decreased to 1898808 LKR Million in 2019 from 1932459 LKR Million in 2018. SRI LANKA TEA EXPORTS - JANUARY TO OCTOBER 2020 Tea Exports for the month of October 2020 totalled 23.1 million kgs, showing a decrease of 2.7 million kgs vis-à-vis 25.8 million kgs of October 2019. The revised export target of the Export Development Board for 2020 is US$ 13.39 billion and of that we expect US$ 9.57 billion from merchandise exports and US$ 3.82 billion from services exports, EDB Chairman Prabhash Subasinghe said. Sri Lanka Socio Economic Data 2020 – VoL umE xLiii Central Bank of Sri Lanka Statistics Department Tel. Sep 25, 2020 (LBO) – The commendable performance of Sri Lankan exporters and the resilience shown during an unprecedented COVID 19 pandemic is to be rewarded by the Sri Lanka Export Development Board, of the Ministry of Trade, through a proposed export stimulus Reward Scheme. This site uses cookies to deliver our services and to show you ads based on your interests. Exports in Sri Lanka averaged 756.07 USD Million from 2003 until 2020, reaching an all time high of 1137 USD Million in March of 2019 and a record low of 304.80 USD Million in April of 2003. The current account deficit is expected to remain low (at 2.2 percent of GDP in 2020) thanks to low oil prices and strict import restrictions, which should largely offset the reduction in receipts from garment exports, tourism and … Exports a near billion dollars for the 3rd consecutive month in a row - Export Performance in August 2020. Gross National Income PRICES AND WAGES43 Expenditure on Gross National Income 44 Quarterly Growth of GDP and GNI 45 Provincial GDP – Shares and Growth 47 ... Debt service payments as a percentage of receipts from merchandise exports, services, income and … 2015-03-10. Sri Lanka is a lower-middle-income country with a GDP per capita of USD 3,852 (2019) and a total population of 21.8 million. 2020-10-13. Algeria and Sudan are the other two countries that have shifted to a lower category along with Sri Lanka. ... exports, private consumption and investment. A Memorandum of Understanding (MOU) was signed on 6 th November 2020 between the Sri Lanka Export Development Board and COFCO Womai Investment Co., Ltd to establish an online National Exhibition Hall to promote Sri Lanka’s export products in the www.womai.com e-commerce platform as a parallel activity to the Sri Lanka’s participation at the 3 rd China International Import … EDB targets over USD 13 b export income this year 2020-09-27 The revised export target of the Export Development Board for 2020 is US$ 13.39 billion and of that we expect US$ 9.57 billion from merchandise exports and US$ 3.82 billion from services exports, EDB Chairman Prabhash Subasinghe said. Export Development Board (EDB) Chairman Prabhash Subasinghe mentioned, “It is understood that we are witnessing a decline in exports during the month of April 2020 which is mainly caused by the shutdown of many operations due to the prevailing COVID 19 crisis and also to the fact that the Sri Lankan Government taking strict measures in controlling the situation. Sri Lanka's Apex Organisation for Export Promotion. Introduction of tea growing to boost income of Sri Lanka’s coconut plantations Posted on November 29th, 2020. It is also evident that products such as Pineapples, Coconut Ekels, Manioc, Sugars, Sugar Confectionery & Bakery Products, Industrial & Surgical Gloves of Rubber, Instant Tea, Other Spices and Spice Mixtures, Liquid Coconut Milk, Gherkins, Coconut Cream show a very marginal decline during this year. A Memorandum of Understanding (MOU) was signed on 6th November 2020 between the Sri Lanka Export Development Board and COFCO Womai Investment Co., Ltd to establish an online National Exhibition Hall to promote Sri Lanka’s export products in the www.womai.com e-commerce platform as a parallel activity to the Sri Lanka’s participation at the 3rd China International Import Expo (CIIE) 2020. View our Data Protection & Privacy Policy. By using our website, you agree to the use of cookies. The World Bank … Tea and Rubber Estates Related Crops … By using our website, you agree to the use of cookies. The exports in 2020 were also boosted by around US$ 750 million coming from Personal Protection Equipment … We project this to continue with disposable incomes in the country projected to expand by a further 9.1% out to 2024. Exports a billion dollars for the 3rd time in 2020 - Export Performance in September 2020. The Tea Exporters Association was incorporated to promote and protect the common interests of members who are engaged in tea exports. Read More. Sri Lanka's apparel industry is well on its path to meet the apparel export target of US $8.5 billion by 2020. However, this will likely to be greater if the public health measures continue. COLOMBO, Nov. 28 (Xinhua) — Sri Lanka’s coconut plantations stand to increase revenue by 60 percent with the introduction of tea as an undergrowth crop, state media citing a government official reported here Saturday. Apparel exports which bring the largest export income to the country have recorded an increase of 9.26% YoY by earning US $4.9 billion in the year of 2014. Accept, Enable JavaScript in web browser to get full functionality, Find Sri Lankan Export Products and Services, You can find information about cookies and their deactivation in our, Korean entrepreneur wins business rights for cable car project in Sri Lanka, Webinar and Networking Session between Sri Lanka and Turkey to enhance bilateral trade, tourism and investment, Highlights Of The Budget 2021 & Impact On The Export Sector, Sri Lanka to receive same benefits of EU GSP+ for UK from 2021, Printing, Prepress and Packaging Products, Trade Facilitation and Trade Information Division. This page provides - Sri Lanka Government Revenues- actual values, historical data, forecast, chart, … The project proposals for 2021 comprise a program to set up export production villages (EPV), export oriented supply chain development through organic certification as per the Sri Lanka Organic Standard SLS 1324:2018, facilitation of Ceylon Cinnamon Geographical Indication (CCGI) Registration, implementation and promotion, development of a sustainable supply base to enhance export earnings of value added rubber products, development and promotion of ICT/BPM sector, developing holistic branding strategy, development and promotion of the electronics and electrical sector, proposal for National Export Brand Development Program to build Sri Lankan brands in overseas markets, intensive farming of Vannamei shrimps in the Puttalam district, under a interest-free one-year loan scheme, (a joint project with NAQDA), organising a training program for young graduates as Export Development Officers and organise two international trade fairs per year in Sri Lanka. * Sri Lanka trade deficit widens in April 2020 as decline in exports exceeds decline in imports expenditure Mon, Jun 22, 2020, 08:59 pm SL Time, ColomboPage News Desk, Sri Lanka. Between 1977 and 1994 the country came under UNP rule in which under President J.R Jayawardana Sri Lanka began to shift away from a socialistorientation in 1977. Sri Lanka is among ten economies that are moving to a different category this year and is one of three countries that are moving to a lower category from the previous year. EDB sounds alarm on resurgence of COVID in key markets. 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 Sri Lankan Army (SLA) (Sinhala: ශ්‍රී ලංකා යුද්ධ හමුදාව, romanized: Śrī Laṃkā yuddha hamudāva; Tamil: இலங்கை இராணுவம், romanized: Ilankai iraṇuvam) is the oldest and largest of the Sri Lanka Armed Forces.Established as the Ceylon Army in 1948, it was renamed when Sri Lanka became a republic in 1972. The GoSL has taken actions to provide a six month debt moratorium to support the sector. Sri Lanka’s exports during the month of August 2020 recorded a downfall of 19.2% to US$ 947.7 Mn as compared to the value of US$ 1,033.3 Mn recorded same month of last year. Merchandise export earnings have recorded US$ 2,853 million during Jan- April 2020, compared to US$ 3,888 million last year. Accept, Enable JavaScript in web browser to get full functionality, Find Sri Lankan Export Products and Services, You can find information about cookies and their deactivation in our, EDB targets over USD 13 b export income this year, Korean entrepreneur wins business rights for cable car project in Sri Lanka, Webinar and Networking Session between Sri Lanka and Turkey to enhance bilateral trade, tourism and investment, Highlights Of The Budget 2021 & Impact On The Export Sector, Sri Lanka to receive same benefits of EU GSP+ for UK from 2021, Printing, Prepress and Packaging Products, Trade Facilitation and Trade Information Division. June 22, Colombo: Sri Lanka’s trade deficit widened in April 2020 as decline in export earnings exceeded the decline in expenditure on imports, the Central Bank reported Monday in its External Sector Performance review … 2020-11-27. Sri Lanka would grow 1.5 percent in 2020, down from 2.3 percent a year earlier amid a … Estimates in the services exports of ICT/ BPM, Construction, Financial services, Logistics and Wellness Tourism sectors show an overall achievement of US $ 1,030 million during the period compared to US $ 1,381 million last year. Sri Lanka’s average disposable income has risen by 38% since 2010, from USD1,542 to an estimated USD2,132 in 2020. In 2010, the Army had approximately 200,000 regular personnel, between … Lentils (106%), Coconut Vinegar (100%) and etc. GDP in Sri Lanka averaged 20.83 USD Billion from 1960 until 2019, reaching an all time high of 88.43 USD Billion in 2018 and a record low of 1.24 USD Billion in … Copyright © Export Development Board Sri Lanka. Since becoming independent from Britain in February 1948, the economy of the country has been affected by natural disasters such as the 2004 Indian Ocean earthquake and a number of insurrections, such as the 1971, the 1987–89 and the 1983–2009 civil war. When looking at the disaggregate level of products, even though some of the major sectors show a decline in earnings, certain other sectors show a positive growth during the period under consideration. View our Data Protection & Privacy Policy. Read More. Sri Lanka had an apparel export revenue of US$ 5.6 billion in 2019. Merchandise export earnings have recorded US$ 2,853 million during Jan- April 2020, compared to US$ 3,888 million last year. Click and know the answers to the frequently asked questions and better understand the change in the regulation. 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. ... December 5, 2020 0 COMMENTS Sri Lanka focuses on eliminating COVID-19 from the country in 2021: FM December 5, 2020 0 COMMENTS Archives. Exports touched the USD one billion mark for the third consecutive month since June recording close to USD 1 billion in August.