Merchandise export earnings increase by 5.75% in September
October 25, 2022 02:10 pm
Earnings from the merchandise exports increased by 5.75 % y-o-y to US$ 1,093.98 Mn in September 2022, as per the data released by Sri Lanka Customs. This was mainly due to the increase in export earnings from Apparel & Textiles, Tea, Gems & Jewellery, Electrical & Electronic Components and Spices & Essential Oils.
Earnings from the merchandise exports increased by 5.75 % y-o-y to US$ 1,093.98 Mn in September 2022 as per the data released by Sri Lanka Customs. This was mainly due to the increase in export earnings from Apparel & Textiles, Tea, Gems & Jewellery, Electrical & Electronic Components and Spices & Essential Oils.
Major Exports in September 2022
Major product sectors except Coconut based Products; Apparel & Textiles, Tea, Electrical & Electronic Components, Spices & Concentrates Diamonds, Gems & Jewellery, Food & Beverages, Ornamental fish and Other export crops recorded increased exports in September 2022.
Major Exports during the period of January – September 2022
For the period of January - September 2022, merchandise exports increased by 11.83% to US$ 9,996.19 Million compared to the corresponding period of 2021. Major product sectors except Tea, Rubber-based products and Spices & Concentrates; Apparel & Textiles, Coconut based products, Electrical & Electronic Components, Gems & Jewellery, Food & Beverages and Other export crops, recorded increased exports.
Sri Lanka’s Export Performance in Major Markets
Strong Export Growth was recorded for top 15 export markets in the period of January to September 2022. The single largest export destination of United States of America recorded US$ 2,582.91Mn worth of exports in the period of January to September 2022 – a significant year on year increase of 18.73 % in comparison to US$ 2,175.46 Mn recorded in 2021.
Exports to United Kingdom as the second largest trading partner recorded an increase of 11.68 % to US$ 758.93 Mn during the period of January to September 2022 compared with the corresponding period of previous year.
Exports to FTA Partners
During the period of January to September 2022, exports to Free Trade Agreement (FTA) partners accounted for 7 % of total merchandise exports with an increase of 10.25 % and amounting to US$ 700.53 Mn.
Although Exports to India has increased by 13.24 % y-o-y to US$ 642.03 Mn, exports to Pakistan has decreased by 14.59% to US$ 58.5 Mn during the period compared to the corresponding period of 2021.
Growth in Exports to India was mainly supported by increased exports of Animal Feed (14.69%), Arecanuts (69.85%), Woven fabrics (77.45%) and Wood pulp (33.85%) from January - September 2022.
During the period of January to September 2022, breakdown of exports to the top five EU markets which accounted for 78 % of Sri Lanka’s total exports to the EU were; Germany US$ 567.93 Mn (increased by 4.22 %), Italy US$ 477.24 Mn (increased by 13.98 %), Netherlands US$ 304.93 Mn (decreased by 0.35 %), Belgium US$ 240.22 Mn (decreased by 1.19 %) and France US$ 199.88 Mn. (increased by 15.2 %).
Export of Services
The estimated value of services exports for the period of January - September 2022 was 1,455.75 Million dollars, increasing 3.8 % over the corresponding period of 2021. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.
