26 October 2022 01:32 am Views - 1540
Sri Lanka’s merchandise exports reached US$ 10 billion in the first nine months of 2022 with September export income topping US$ 1 billion becoming the fifth consecutive month to record over US$ 1 billion worth exports.
For the first nine months, Sri Lanka reported an export income of Rs.9.99 billion, up 11.83 percent year-on-year (YoY), while for the month of September the export income rose 5.75 percent YoY to US$ 1.09 billion.
The apparel & textile exports in September rose 5 percent YoY to US$ 479.88 million while tea exports rose 13.6 percent YoY to US$ 117.82 million.
For the nine-month period, apparel & textile exports rose 17.61 percent YoY to US$ 4.5 billion while tea exports edged down 5 percent to US$ 937 million.
Export income from rubber-based products fell 14.47 percent YoY in September 2022 to US$ 82.19 million and for the nine-month period such exports fell 2.13 percent YoY to US$ 787.87 million. September coconut exports too fell 6.35 percent YoY to US$ 65.89 million, but for the nine-month period such exports rose 4.9 percent YoY to US$ 635.58 million. Diamond, gems & jewellery exports have been having a good run this year with September exports surging 258 percent YoY to US$ 58.55 million. For the nine-month period such imports rose 57 percent YoY to US$ 293.71 million. Export of electronics & electronic components rose 34 percent YoY in September 2022 to US$ 57.27 percent, while such income for the nine months rose 16 percent YoY to US$ 488.67 million.
Spices and essential oils exports rose 9.2 percent YoY in September 2022 to US$ 40.84 million. But, for the nine-month period such exports fell 14 percent YoY to US$ 275.24 million. Seafood exports in September fell 25 percent YoY to US$ 16.95 million. However, for the nine-month period such exports rose 9 percent YoY to US$ 205.31 million. Petroleum products exports rose 70.5 percent YoY in September 2022 to US$ 33.26 million with the re-starting of operations at the Sapugaskanda refinery. However, for the nine-month period such exports fell 14 percent YoY to US$ 4 140.95 million. Meanwhile, United States, United Kingdom and India emerged as the top three export destinations for Sri Lanka with United States accounting for one-fourth of the total export income in the nine-month period, which is a growth of 19 percent YoY.
In terms of regions, United States, European Union (excluding UK) and South Asia emerged as the top three with the European Union accounting for Rs.2.3 billion worth exports in the nine months, which is a growth of 8 percent YoY. Exports to Sri Lanka’s Free Trade Agreement (FTA) partners during the nine-month period accounted for 7 percent of total merchandise exports with an increase of 10 percent amounting to US$ 700.53 million.
Although exports to India increased by 13 percent YoY to US$ 642.03 million, exports to Pakistan decreased by 14.6 percent YoY to US$ 58.5 million. Growth in exports to India was mainly supported by increased exports of animal feed, arecanuts, woven fabrics and wood pulp. Meanwhile, according to Export Development Board (EDB) estimates, the value of service exports in the nine-month period rose 3.8 percent YoY to US$ 1.45 billion. The services exports estimated by EDB consists of ICT/BPM, construction, financial services and transport & logistics.