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Sri Lanka Export Development Board (EDB) Chairman Suresh de Mel[/caption]
Sri Lanka’s annual export target for the current year is set to be revised after a consultation with all the export industries due to the prevailing third wave of the pandemic and resultant travel restrictions that have hindered day to day operations, The Morning Business learns.
Speaking to us in this regard, the Sri Lanka Export Development Board (EDB) Chairman Suresh de Mel stated that the export targets need to be revised for this year. It is because of the “twist” that has taken place due to the third wave of the pandemic which prevails in Sri Lanka since the last couple of months.
“We have to revise our (Sri Lanka’s) targets (export),” said de Mel, explaining that the pandemic has made the country’s situation chaotically unpredictable, especially when it comes to exports.
However, he said that at this point, the EDB has not yet finalised the new export target figures, stressing that they would be able to receive the feedback from the industry itself in order to come up with the revised target.
“We still don’t have the data,” he said, emphasising that during the last couple of months the export targets went awry with the third wave of the virus cases. Therefore, collecting of the data prior to the target revision has now become the need of the hour.
De Mel further said he cannot foresee how the changes may take place in the export targets implying that he cannot make remarks solely based on his opinion in an “over- enthusiastic” manner, but the decision is a collaborative effort of the industry overall.
“Maybe, after the end of the month, we will try to get some data,” he had said at the time. He said this is due to the unpredictability with the travel restriction that was then in effect till Monday, 14 June. Consequently, the research will be able to be conducted and completed by the end of the month of June, when the country is re-open for economic activities.
“We have no way to forecast,” he said, noting that the alteration in the target is doubtful to project as the exports have drastically slowed down.
Nevertheless, the EDB chairman said that the success of the vaccination drive would have an impact on the export targets as well as the lifting of the imposed restriction in order to contain the spread of the virus.
In the month of May 2021, de Mel pointed out that the apparel sector is the most affected industry in the process of manufacturing and exporting during the third wave.
It is noteworthy that Sri Lanka’s export performance during the period of January to April 2021 has had growth in most sectors. When it comes to the largest export merchandise, the apparel has achieved $ 1693. 31 million. Tea has earned $ 417.38 million during the same period. However, in comparison to the one in 2020, spice and essential oils have had the highest growth in percentage which is 136.76%. The apparel sector and tea have had a growth of 28.69% and 19.79%, respectively.