Home » Sri Lanka’s merchandise exports in May surpass US$.1 billion

Sri Lanka’s merchandise exports in May surpass US$.1 billion

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Earnings from merchandise exports in May 2022 increased substantially by 17.5% over the corresponding month in 2021, recording at $ 1,047 million, Central Bank announced.

An increase in earnings was observed in industrial exports, while a decline was recorded in agricultural exports and mineral exports.

The cumulative export earnings during January-May 2022 increased by 12.2% over the same period in the last year, amounting to $ 5,266 million.

Earnings from the export of industrial goods increased in May 2022 by 24.2%, compared to May 2021. A broad-based increase in earnings among industrial goods has been recorded, with the greatest share for the overall increase mainly being contributed by garments.

Export of garments to all major markets (such as the United States, the European Union and the United Kingdom) improved.

Further, gems, diamonds and jewellery and petroleum products also contributed to this increase in exports. Earnings from the export of petroleum products improved due to the increase in both average export prices and volumes of bunker fuel exports.

Meanwhile, continuing the lower demand for rubber gloves as a personal protective item due to declining spread of COVID-19 worldwide, a decline in earnings was reported in rubber products. Export earnings from animal fodder and plastics and articles also declined during the month.

Total earnings from the exports of agricultural goods in May 2022 declined by 4.2%, compared to May 2021.

This decline was mainly attributed to exports of tea, spices, unmanufactured tobacco and vegetables. Export earnings from tea in May 2022 declined by 14.2% (year-on-year), due to the decline in volume of tea exported.

Earning from spices declined by 16.2% in May 2022 due to lower export volumes of spices, except cinnamon. However, the export of subcategories of minor agricultural products (primarily, arecanuts), coconut related products (primarily, fibres and coconut oil), seafood and natural rubber recorded an increase in May 2022, compared to the previous year.

Earnings from mineral exports in May 2022 declined by 58.4%, compared to May 2021, mainly due to a decline in export earnings from titanium ores categorised under ores, slag and ash.

The export volume index and unit value index increased by 13.7% and 3.3%, respectively, (year-on-year), in May 2022, indicating that the increase in export earnings can be mainly attributed to the higher export volumes.

Sri Lanka’s merchandise exports in May surpass US$.1 billion

Earnings from merchandise exports in May 2022 increased substantially by 17.5% over the corresponding month in 2021, recording at $ 1,047 million, Central Bank announced.

An increase in earnings was observed in industrial exports, while a decline was recorded in agricultural exports and mineral exports.

The cumulative export earnings during January-May 2022 increased by 12.2% over the same period in the last year, amounting to $ 5,266 million.

Earnings from the export of industrial goods increased in May 2022 by 24.2%, compared to May 2021. A broad-based increase in earnings among industrial goods has been recorded, with the greatest share for the overall increase mainly being contributed by garments.

Export of garments to all major markets (such as the United States, the European Union and the United Kingdom) improved.

Further, gems, diamonds and jewellery and petroleum products also contributed to this increase in exports. Earnings from the export of petroleum products improved due to the increase in both average export prices and volumes of bunker fuel exports.

Meanwhile, continuing the lower demand for rubber gloves as a personal protective item due to declining spread of COVID-19 worldwide, a decline in earnings was reported in rubber products. Export earnings from animal fodder and plastics and articles also declined during the month.

Total earnings from the exports of agricultural goods in May 2022 declined by 4.2%, compared to May 2021.

This decline was mainly attributed to exports of tea, spices, unmanufactured tobacco and vegetables. Export earnings from tea in May 2022 declined by 14.2% (year-on-year), due to the decline in volume of tea exported.

Earning from spices declined by 16.2% in May 2022 due to lower export volumes of spices, except cinnamon. However, the export of subcategories of minor agricultural products (primarily, arecanuts), coconut related products (primarily, fibres and coconut oil), seafood and natural rubber recorded an increase in May 2022, compared to the previous year.

Earnings from mineral exports in May 2022 declined by 58.4%, compared to May 2021, mainly due to a decline in export earnings from titanium ores categorised under ores, slag and ash.

The export volume index and unit value index increased by 13.7% and 3.3%, respectively, (year-on-year), in May 2022, indicating that the increase in export earnings can be mainly attributed to the higher export volumes.

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