Sri Lanka’s merchandise export earnings exceed US$1 billion in July 2022

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Sri Lanka’s merchandise export earnings exceed US$1 billion in July 2022

Wednesday, August 31, 2022, 11:02 a.m. SL time, ColomboPage News Desk, Sri Lanka.

August 31, Colombo: Sri Lanka’s revenue from merchandise exports topped US$1 billion for the third consecutive month in July 2022, as export revenue rose 2.25% year-on-year (YOY) to reach 1.123 billion US dollars during the month, mainly due to the increase in earnings from the export of garments and textiles.


Main exports in July 2022

Main product sectors, except rubber products, coconut products and spices and concentrates; Apparel and Textiles, Tea, Electrical and Electronic Components, Diamonds, Gemstones and Jewelry, and Food and Beverages, as shown in Table 1 below, recorded an increase in exports in July 2022.

Apparel and textiles exports increased 21.55% year-on-year to reach US$550.05 million in July 2022. The increase was driven by both apparel and textiles.

Tea export earnings in July 2022, which accounted for 11% of merchandise exports, rose 2.08% year-on-year to $117.52 million. This was mainly due to the increase in tea bag exports (13.57%).

Export revenue of electrical and electronic components increased by 4.36% year-on-year to reach US$41.18 million in July 2022, with a strong performance of insulated wire and cable exports (8.26%) and other electrical and electronic products (15.5%).

However, export revenue from rubber and finished rubber products decreased by 7.67% year-on-year to $89.24 million in July 2022, with a poor performance of rubber industrial and surgical gloves exports. (-20.96%).

In monthly analysis, excluding in-shell products, the export earnings of almond products and fiber products classified as coconut products decreased by 25.62 % and 15.45% respectively in July 2022 compared to July 2021.

Seafood export earnings decreased by 48.99% to $20.65 million in July 2022 compared to July 2021. With the exception of shrimp, export earnings from frozen fish and fresh fish decreased by 59.5% and 61.36% respectively in July 2022.

In addition, ornamental fish export earnings decreased by 72.47% to US$1.36 million in July 2022 compared to July 2021.

In addition, Spices and Essential Oils export revenue decreased by 26.2% to US$33.91 million in the month of July 2022 compared to the month of July 2021 due to the poor performance of Cinnamon exports. (-17.45%), Pepper (-38.36%), oleoresins (-4.78%) and cloves (-51.87%).

Main exports during the period from January to July 2022

For the period January to July 2022, merchandise exports increased by 11.8% to reach $7,604.12 million compared to the corresponding period of 2021. Main product sectors except for tea, rubber products and spices and concentrates; Clothing and textiles, coconut products, electronics and electronic components, gemstones and jewelry, food and beverages and seafood, as shown in Table 1 below, recorded an increase in exports.

Exports of garments and textiles increased by 20.01% to reach US$3,517.44 million during the period from January to July 2022 compared to the same period of 2021. Excluding made-up clothing accessories (-7 .07%), woven fabrics (-17.52%), yarns (-1.48%) and textile floor coverings (-5.88%); exports of other sub-categories of clothing and textiles increased.

For the period January to July 2022, export earnings of coconut and coconut products increased by 7.98% to US$501.47 million. Revenues from all major coconut product categories increased in the period January to July 2022 compared to the corresponding period of 2021 due to improved export performance of liquid coconut milk , coco peat, mattress fibers, activated carbon, coconut oil and desiccated. Coconut.

Meanwhile, revenue from the export of electrical and electronic components (EEC) increased by 11.53% to reach US$269.3 million in the period from January to July 2022 compared to the corresponding period. of 2021. The export of insulated wire increased by 17% during the period of January to July 2022 to US$47.62 million compared to the corresponding period of the previous year. In addition, exports of switches, switchboards and panels, electrical transformers and other electrical and electronic products increased by 3.27%, 13.13% and 10.03% respectively during the period from January to July 2022 compared to compared to the corresponding period of the previous year.

Seafood export revenue increased by 10.88% to reach US$162.82 million in the period from January to July 2022 compared to the year 2021 due to the better performance in all subcategories except frozen fish and lobsters; Fresh fish (27.96) and Shrimps (67.47%).

However, income from export of ornamental fish decreased slightly by 1.03% to US$11.52 million in the period January to July 2022 compared to the year 2022.

In addition, tea export earnings decreased by 9.24% to US$694.9 million during the period January to July 2022 compared to the corresponding period of 2021. Exports of all sub – categories of the tea sector with the exception of tea bags; Tea bags (-7.99%), loose tea (-10.14%), instant tea (-25.11%) and green tea (-35.11%) declined during the period from January to July 2022 compared to the same period of 2021.

Export revenue of finished rubber and rubber products decreased slightly by 1.74% to US$605.85 million in January-July 2022 compared to the same period of 2021, due to lower exports of industrial and surgical gloves (-16.8%). However, exports of pneumatic and reprocessed rubber tires and tubes increased by 7.26% in the period from January to July 2022 compared to the same period of 2021.


Sri Lanka’s Export Performance in Major Markets

Strong export growth recorded for the top 10 export markets during the period from January to July 2022. The largest export destination of the United States of America recorded $1,988.43 million in exports during the period January to July 2022 – a significant year-over-year increase of 21.89% from the US$1,631.36 million recorded in 2021.

Exports to the United Kingdom as the second largest trading partner recorded an increase of 14.59% to US$602.01 million during the period from January to July 2022 compared to the corresponding period of the year former.


Exports to FTA partners

During the period from January to July 2022, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports and increased by 13.73% to 547, $4 million.

Although exports to India increased by 16.6% year-on-year to US$500.75 million, exports to Pakistan decreased by 10.02% to US$46.65 million in during the period from January to July 2022 compared to the corresponding period of 2021.

The increase in exports to India is mainly supported by the increase in exports of animal feed (15.8%), areca nuts (86.64%) and textiles (35.65%) in January-July 2022.

Sri Lanka’s Export Performance by Regions

On a comparison by region, exports to all regions except CIS countries increased in the period from January to July 2022 compared to the corresponding period of 2021.

During the period January to July 2022, the distribution of exports to the top five EU markets, which accounted for 80% of Sri Lanka’s total exports to the EU, was; Germany $450.51 million (7.83% increase), Italy $359.21 million (10.5% increase), Netherlands $233.88 million (0.77% increase), Belgium $186.35 million (0.1% decrease) and France $153.79 million. (increased by 14.91%).

Service export

The estimated value of services exports for the period January to July 2022 was $1,146 million, an increase of 5.39% compared to the corresponding period of 2021. Services exports estimated by EDB include ICT/ BPM, construction, financial services and transportation and logistics.

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