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Media coverage on the online discussion on the impact of COVID-19 on the export industry
Advocata Institute hosted a panel discussion with eminent business leaders, Ashroff Omar (CEO, Brandix), Dilhan Fernando (CEO, Dilmah Tea), Romesh David (CEO, South Asia Gateway Terminals) and Prabhash Subasinghe (Chairman, Sri Lanka Export Development Board (EDB); moderated by Murtaza Jafferjee (CEO, JB Securities). The discussion explored the current challenges faced by Sri Lankan businesses and the road to recovery, with a special focus on merchandise exports.
Daily FT: Mixed bag for export industry from COVID-19 crisis
“Tasked with mitigating the recession facing the country in the months ahead, the panel discussion organised by think-tank Advocata, consisting of leaders from across a variety of industries, highlighted that a fundamental rethink of Sri Lanka’s export strategy as crucial for any revival”.
Economy Next: Sri Lanka to allow export inputs despite import controls: EDB Chief
“Sri Lanka will allow inputs for export industries despite an import ban, a top official said, after import controls were slapped as the rupee came under pressure from liquidity injections amid a Coronavirus crisis and politicians asked the public to grow ‘kollu’ (horse gram) and vegetables.
The import ban will hit exporters who need imports to produce goods for exports.
“The Export Development Board has been given authority to authorize any imports that is required for any export for Sri Lanka,” Chairman Prabash Subasinghe, told an online forum organized by Advocata Institute, a Colombo-based think tank.”
Daily Mirror: “Let’s be realistic on way forward,” says EDB chief
The Export Development Board (EDB) yesterday stressed that the local business community needs to be realistic about the post coronavirus (COVID-19) recovery path and attune their thinking to function in what is now the new normal.
Acknowledging that the country’s entire economic landscape has undergone drastic changes in the last six weeks, changes that were not expected at the beginning of the year, EDB Chairman Prabhash Subasinghe asserted the need to focus on long-term measures when charting the way forward.
Economy Next: Sri Lanka seafood exports swimming against Coronavirus tide to keep economy afloat
Sri Lanka seafood exports are seeing strong demand and higher prices during a global Coronavirus crisis though air freight rates have skyrocketed, as airlines are grounded worldwide, an official said.
“So, the good news is amongst COVID-19, the seafood industry has been able to operate, and the demand still seems to be decent,” Prabash Subasinghe, Chairman of Sri Lanka’s Export Development Board told an online forum organized by Advocata Institute, a Colombo-based think tank.
Daily News: Govt requests EDB to initiate opening up factories
The government has requested the Export Development Board (EDB) Chairman Prabhash Subasinghe to try to begin opening up factories back again. The EDB has been assigned a communication point and has been requested to work closely with Police and law enforcement authorities.
Speaking to the public through an Advocata sponsored webinar on April 16 he said, “we need to think about running a marathon and not a race. We are looking at a minimum of 18 months before we can come to some level of normalcy. The reality is that we are not going to have the business we had yesterday. You need to understand that and get with the program.”
Economy Next: Sri Lanka’s Colombo port hit by India, Bangladesh lockdowns
Container transshipment business at Sri Lanka’s Colombo port has been hit by lockdowns in India and Bangladesh over Coronavirus and vessel calls are expected to decline as lines try to balance demand, a logistics official said.
“About 55 to 60 percent of our total volumes come from India and Bangladesh,” Romesh David, Chief Executive of South Asia Gateway Terminals told an online forum organized by Advocata Institute, a Colombo based think tank.
China.org.cn: Sri Lankan seafood exports show strong demand amidst COVID-19 pandemic
Sri Lanka’s seafood export sector has shown a strong demand and higher prices in the global market even during the COVID-19 pandemic, local media quoted Prabhash Subasinghe, Chairman of Sri Lanka’s Export Development Board as saying here on Friday.
Speaking at an online forum organized by Advocata Institute, a Colombo-based think tank, Subasinghe said that the demand for local seafood exports in the global market amidst the virus outbreak was beneficial for the country but air freight rates had skyrocketed, as airlines were grounded worldwide.
Economy Next: Sri Lanka tea plantations to pay salaries of workers in April
Sri Lanka’s tea farms will be able to pay salaries to workers in April since tea is being plucked and prices have also risen in at auctions, but the sector is operating at 60 percent capacity, an industry official said.
“Due to the unexpected panic buying in last month there is an unexpected double-digit growth in the revenue in the tea industry,” Dilhan Fernando, chief executive of Dilmah Tea told an online forum organized by Advocata Institute, a Colombo-based think tank.
Economy Next: Sri Lanka’s Colombo port hit by India, Bangladesh lockdowns
Container transshipment business at Sri Lanka’s Colombo port has been hit by lockdowns in India and Bangladesh over Coronavirus and vessel calls are expected to decline as lines try to balance demand, a logistics official said.
“About 55 to 60 percent of our total volumes come from India and Bangladesh,” Romesh David, Chief Executive of South Asia Gateway Terminals told an online forum organized by Advocata Institute, a Colombo based think tank.
Economy Next: Sri Lanka apparel sector faces mass-unemployment, firms run out of cash
Many of Sri Lanka’s apparel firms have run out of working capital and credit lines to pay salaries in April and mass unemployment looms as prospects of a quick recovery is also dim with clothes being a discretionary purchase in Coronavirus hit countries, industry officials said.
Sri Lanka’s small apparel firms will not be able to pay salaries in April, though some of the bigger firms would be able to manage for one or two months, Ashroff Omar, Chief Executive of Brandix said at an online forum organized by Advocata Institute, a Colombo based think tank.
Adaderana Biz English: May will be a “tough month” – Brandix CEO
Sri Lanka’s apparel industry is bracing for a massive blow amid increased cancellations of orders as COVID-19 pandemic is crippling the economies of its key buyers. In the short term, there will be massive job losses in the apparel sector, Brandix CEO Ashroff Omar said and reiterated that May will be a very tough month for the industry.
“With the apparel industry you have factories with 500-5000 workers, and the trickle effect means the whole chain will get impacted. I believe May will be a very rough month for us. June will be tough. We do not see a good situation up until September at least,” Omar said during an online forum organized by Advocata Institute, a Colombo-based think tank.
Economy Next: Sri Lanka exports to fall 36-pct to US$7.5bn in 2020 on Coronavirus economic hit
Sri Lanka’s merchandise exports are projected to fall 36 percent to 7.5 billion US dollars in 2020, with services exports to fall 24 percent as Coronavirus devastates customer markets abroad and production at home, officials said. Sri Lanka’s Export Development Board is projecting exports of goods and services to fall to 10.75 billion dollars in 2020, Chairman Prabash Subasinghe told an online forum organized by Advocata Institute, a Colombo-based think tank.
Ceylon Today: SL exports to fall 36% to US$7.5B in 2020
Sri Lanka’s merchandise exports are projected to fall 36 per cent to 7.5 billion US dollars in 2020, with services exports to falling 24 per cent as Coronavirus devastates customer markets abroad and production at home, officials said.
Sri Lanka’s Export Development Board is projecting exports of goods and services to fall to 10.75 billion dollars in 2020, Chairman Prabash Subasinghe told an online forum organised by Advocata Institute, a Colombo-based think tank.
Economy Next: Coronavirus drives Sri Lanka towards e-clearance of cargo
Electronic clearance of cargo which can speed up exports and can bring Sri Lanka in line with advanced ports in the world is starting in a modest way after three decades of failure, an industry official said.
Sri Lanka’s shippers have been trying to push Customs and the port towards e-docs but the process had hit many roadblocks. “We had some developments, we switched to e-commerce, which also very fledgling,” Romesh David Chief Executive of South Asian Gateway Terminals told an online forum organized by Advocata Institute, a Colombo-based think tank.
Economy Next: Sri Lanka rubber exports retain bounce on Coronavirus crisis
Sri Lanka’s rubber sector has got a bounce from Coronavirus with glove output sold out, the demand for solid tyres in construction and logistics sectors abroad would drive the rest of the demand, an official said.
With production starting from mid-April factories were operating between 10 to 40 per cent of capacity, Sri Lanka saw a surge in demand once the factories opened. “At this time, we are seeing a pent-up demand because factories have just opened up and are moving goods out,” Sri Lanka’s Export Development Board Chairman Prabash Subasinghe told an online forum by Advocata Institute, a Colombo-based think tank.
