January exports surpass US $ 1bn

• Jan. exports up 5.7% to US $ 1,062.63mn
• Supported by strong apparel sector performance 
• EDB chief calls export performance “remarkable”
• Services exports estimated at US $ 313mn, up 42.2%

Sri Lanka’s export sector good fortunes appear to be continuing in the new year as well, as January 2022 export earnings crossed the US $ 1 billion mark, recording a 5.7 percent increase to US $ 1,062.63 million compared to January 2020.

“Exports performance in January 2022 has been remarkable and the growth has been all encompassing, as almost all the major sectors have exhibited encouraging trends. We are hopeful that this trend will continue and we can see a strong recovery through the end of the year,” Export Development Board (EDB) Chairman Suresh de Mel said. 

He commended the exporters and said going forward Sri Lanka needs to add more value to its exports and explore niche markets and diversify the product basket and markets. 

While acknowledging the US and EU as the largest export markets for Sri Lanka as of now, de Mel said that Sri Lanka should expand its export market share in Asia. He pointed out that the proposed preferential trade agreement with Bangladesh will certainly help in this regard.
Sri Lanka already has two free trade agreements with India and Pakistan. 

Apparel and textile exports accounted for nearly half of the total merchandise export income in January 2022, as income from such exports rose 22.11 percent year-on-year (YoY) to US $ 514.41 million. 

Earnings from tea exports fell 9.66 percent to US $ 91.23 million amid the decline in bulk tea exports.

Export earnings from rubber and rubber-based products increased 3.5 percent to US $ 87.12 million amid higher pneumatic and retreated tyres and tubes and industrial and surgical gloves.
Earnings from coconut and coconut-based products rose 26.02 percent to US $ 68.28 million.

Export earnings from the electrical and electronics components increased by 12.62 percent to US $ 35.87 million, with strong performance in exports of insulated wires and cables switches, boards and panels and electrical transformers.