External trade – 1st Quarter 2021
Highlights
Total Exports
Total exports proceeds, including ship's stores and bunkers amounted to Rs 17,353 million, showing a decrease of 10.9% compared to the previous quarter. This is mainly explained by decreases in exports of “Machinery and transport equipment" (-33.2%), “Chemicals and related products, n.e.s." (-29.6%), “Manufactured goods classified chiefly by material" (-27.0%), “Food and live animals" (-12.2%) and “Miscellaneous manufactured articles" (-9.6%), partly offset by an increase in the exports of
“Ship's Stores and Bunkers" (+24.9%) and “Crude materials, inedible, except fuels" (+36.6%).
Compared to the corresponding quarter of 2020, total exports for the first quarter of 2021 decreased by 8.7%. This is mainly explained by decreases in exports of “Ship's Stores and Bunkers" (-31.0%), “Food and live animals" (-9.8%), “Chemicals and related products, n.e.s." (-8.6%) and “Manufactured goods classified chiefly by material" (-7.8%), partly offset by increases in exports of “Miscellaneous manufactured articles" (+7.0%) and “Machinery and transport equipment" (+3.3%).
Total Imports
Total imports for the first quarter of 2021 amounted to Rs 44,390 million, showing a decrease of 6.3% compared to the previous quarter. This is mainly due to decreases in imports of “Miscellaneous manufactured articles" (-20.3%), “Chemicals & related products, n.e.s." (-19.1%), “Manufactured goods classified chiefly by material" (-15.1%), “Machinery and transport equipment" (-9.5%) and “Food and live animals" (-6.0%), partly offset by an increase in imports of “Mineral fuels, lubricants & related products" (+39.0%) and “Animals & vegetable oils and fats" (+36.6%).
Compared to the corresponding quarter of 2020, total imports for the first quarter of 2021 increased by 0.7%. This is mainly due to increases in imports of “Miscellaneous manufactured articles" (+39.8%), “Food and live animals" (+16.4%), “Manufactured goods classified chiefly by material" (+12.0%), “Chemicals and related products n.e.s" (+10.3%), partly offset by decreases in imports of “Mineral fuels, lubricants & related products" (-26.6%) and “Machinery & transport equipment" (-7.2%).
Balance of trade
The resulting trade deficit for the first quarter of 2021 worked out to Rs 27,037 million, 3.1% lower than the deficit of Rs 27,888 million of the previous quarter and 7.8% higher than the deficit of
Rs 25,092 million of the corresponding quarter of 2020.
Forecast for year 2021
Based on past trends, available trade data for the first three months and information from various sources, total exports for year 2021 will be around Rs 75,000 million and total imports (including one off items such as marine vessels, machinery for metro terminals, cranes and tugs) will be around
Rs 180,000 million, same as forecasted in February 2021.
The trade deficit for 2021 is forecasted to be around Rs 105,000 million compared to
Rs 95,944 million in 2020.
27 May 2021
