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Central Bank lowers export forecast

03 Oct 2021

 
  • Foresees $ 4.3 b for Oct.-Dec.
  • Far lower than EDB target
  By Imsha Iqbal  Despite the Export Development Board of Sri Lanka (EDB) anticipating export earnings of approximately $ 8 billion during the period from September to December 2021, the Central Bank of Sri Lanka (CBSL) anticipates only around half of the amount during the period from October to December 2021.  During his announcement of the Six-Month Road Map For Ensuring Macroeconomic and Financial System Stability last Friday (1), CBSL Governor Ajith Nivard Cabraal, presenting the anticipated export earnings for the remainder of the year 2021, which is the period from the month of October to December, disclosed this forecast. In accordance with the Road Map, out of this $ 4.3 billion, merchandise export earnings would be $ 3.3 billion, while the service exports earnings, excluding tourism, would be $ 1 billion.   However, when The Morning Business contacted the EDB last month (September), EDB Director of Policy and Strategic Planning Kumudunie Mudalige stated that the EDB’s target for this year is expected to be $ 15.72 billion while by the end of August 2021, Sri Lanka has been able to earn approximately $ 7.88 billion. Accordingly, the export earnings expectation for the remaining months of the year, which is the duration from September to December, is $ 7.84 billion. The export revenue during the month of August was reported at $ 1.08 billion. The  merchandise exports of the country are mainly apparel and textile, tea, rubber-based products, coconut-based products, electronics and electronic components, spices and concentrates, and seafood and ornamental fish. With regard to service exports, Sri Lanka’s revenue is created from information and communication technology (ICT), business process management (BPM), construction, financial services, and transport and logistics, apart from the tourism sector. 

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