October 7, 2022

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Sri Lankan News

Exports of goods grow by 13% in Sri Lanka

Exports of goods grow by 13% in Sri Lanka

Exports of goods grow by 13%, reaching US$1,062.63 mn in January. 1,062.63 millions in January

Exports of Sri Lanka’s products grew by 13 percent to US$1,062.63 million 1,062.63 million during January 2022 as compared to January 2021 according to figures released by the Sri Lanka Customs.

Additionally, it’s also a 5.7 percentage increase when it is compared the January of 2020. EDB Chairman Suresh De Mel, said, ” exports performance in January 2022 has been awe-inspiring and the increase has been broad as nearly all major industries have displayed positive developments. We’re optimistic the trend is likely to last and we could expect a robust recovery until the close in the calendar year. In the future, we must increase the value of our exports , and also explore market niches, as well as diversify our product range and markets. While we recognize it is true that both it is true that the US along with the EU are the biggest markets, we have to increase our share of the market in Asia. A planned Bangladesh PTA will certainly help in this direction. “

Earnings from exports of Apparel and Textile have risen by 22.1 percent y-o-y, to 514.41 Million in January 2022, with a an impressive performance in the exports of Apparel (24.25 percent) as well as Woven Fabrics (50.24%).

Tea export earnings from January 20, 2022 making 12 percent of all exports of goods, dropped by 9.67 percent y-o-y, up to USdollars 91.22 million. Export earnings from rubber and Rubber Finished Products have grown by 3.52 percent y-o-y, reaching USD 87.12 millions in the month of January. Export earnings from Electronic and Electrical Components rose by 12.62 percent year-on-year to US35.87 million. 35.87 million for January 2022. The earnings for export from Seafood rose by 42.66 percent up to US$2 24.11 million for January 2022 as compared to January 2021. Meanwhile, earnings from Ornamental fish grew by 45.61 percent up to US$1.78 million. 1.78 million .

A strong export performance was observed in the major export markets, which comprised 65percent of all exports of merchandise during January 2022. Eight among the top 10 market showed an improvement, with the exception of Italy and China. The month of January 2022 exports made to the United States of America, the single most important export destination, grew by 26.43 percent up to US$295.25 million 295.25 million as compared to January 2021 month. Exports of Sri Lanka’s products to United Kingdom as the second largest trading partner registered the highest growth of 31.99 percent up to USUSD 81.16 millions in the month of January 2022. (26.32%). The month of January 2022 exports of goods to Free Trade Agreement (FTA) partners made up 7.2 percent of the total exports, and grew by 28 percent up to USUSD 80.31 million.

Furthermore exports from India and Pakistan were up by 28.9 percent and 21% y-o y in the range of USUSD 71.72 million , and USUSD 8.59 million, respectively during this month in January. The increased exports to India are mostly fueled by an increase in exports of animal Feed (11 percent) as well as Pepper (17.86 percent) Woven fabrics (26.5 percent) as well as Apparel (65.51 percent) during January 20, 2022.

Exports breakdown to the five top EU markets, which comprised the majority from Sri Lanka’s exports into the EU included: Germany USdollars 60.2 millions (increased by 12.63 percent), Italy US$ 49.69 million (decreased by 6.32 percent), Netherlands US$ 38.68 million (increased by 10.96 percent), Belgium US$ 24.78 million (increased by 4.56 percent) in addition to France USUSD 23.51 million (increased by 12.65%)).

Exports into the European Union (EU) which represented 20 percent in Sri Lanka’s total exports over this month in January of 2022 grew by 1.33 percent year-on-year up to USUSD 206.74 million

Estimated value for services exports in the January 2022 period totaled 313.22 millions dollars an increase of 42.2 percent over the previous month in 2021. The services exports calculated by EDB comprise ICT/BPM, Construction, Financial services and Transport & Logistics.

Furthermore there was a better performance in Pakistan due to Desiccated Coconut, Other Articles of Stones, Woven Fabrics and Perfumes Cosmetics, Shampoos & Makeup Preparations and other Electrical & Electronic Products. In a comparison of regions, exports from all areas grew during the month of January 2022 as compared with January 2021.