Exports reach a record $5 billion in five months

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Merchandise export revenue rose 9.9% year-on-year to $980.2 million in May 2022, according to data released by Customs.

This was mainly due to increased income from the export of garments and textiles, coconut products, and electrical and electronic components.

Main product sectors except spices and concentrates, tea and rubber products; clothing and textiles, coconut products, electrical and electronic components and food and beverages, seafood and ornamental fish recorded an increase in exports in May 2022. Exports of clothing and textiles increased 30.1% year-on-year to $482.7 million in May 2022.

The increase was driven by both clothing and textiles.

According to a monthly analysis, the export earnings of almond, fiber and shell products classified as coconut products increased by 5.37%, 4.93% and 12.97% in May 2022 compared to May 2021.

Seafood export earnings increased 11.8% to $16.8 million in May 2022 compared to May 2021.

The expansion was mainly due to increased exports of fresh fish (4.9%) and shrimp (90.74%).

Ornamental fish export earnings increased by 41.1% to US$1.3 million in May 2022 compared to May 2021.

Electrical and electronic components export revenue increased 18.8% year-on-year to $41.8 million in May 2022, with a strong performance in insulated wire and cable exports (18.78%) and electrical transformers (16.5%).

However, export revenue from rubber and finished rubber products fell 15.9% year-on-year to $76.7 million in May 2022, with a poor performance in tires and tires and tubes exports. rubber tires (-5.41%).

Tea export earnings in May 2022, which accounted for 12% of merchandise exports, fell 14.2% year-on-year to $93.7 million. Exports of tea bags and loose tea decreased by 9.75% and 18.83% respectively in May 2022 compared to May 2021.

Export revenue from spices and essential oils decreased by 14.9% to $21.5 million in May 2022 compared to May 2021 due to the poor performance of oleoresins (-91.79%) and cloves (-49.61%). Despite the decline in the sector, Cinnamon and Pepper revenues increased by 3.27% and 11.26% in May 2022 compared to May 2021.

For the first five months of 2022, merchandise exports increased by 9.7% to reach $2,400.6 million compared to the corresponding period of 2021. Main product sectors except for tea, rubber-based and spices and concentrates; garments and textiles, coconut products, electronics and electronic components, food and beverages, seafood and ornamental fish recorded an increase in exports.

Clothing and textiles exports increased by 16.3% to US$2,400.6 million from January to May 2022 compared to the same period of 2021. Excluding textile gloves, mittens and mitts (-2.61% ) and made-up clothing accessories (-9.99%), yarns (-32.7%) and made-up textile articles (-3.04%), exports of other sub-categories of the clothing and textiles have increased.

For the period January to May 2022, export earnings of coconut and coconut products increased by 10.4% to $350 million compared to the same period of the year last. Revenues from all major coconut product categories increased in the period from January to May 2022 compared to the corresponding period of 2021 due to improved export performance of liquid coconut milk , coconut cream, coconut peat, mattress fiber, activated carbon, coconut oil and dried coconut.

Revenue from the export of electrical and electronic components (EEC) increased by 14.6% to reach US$188.3 million during the period from January to May 2022 compared to the corresponding period of 2021. The export of insulated wire increased by 19.71% from January to May 2022 to US$33.04 million compared to the corresponding period of the previous year. Exports of switches, boards and panels, electrical transformers and other electrical and electronic products increased by 4.43%, 34.58% and 9.97% respectively during the period from January to May 2022 compared to the corresponding period of the previous year.

Seafood export earnings increased by 16.7% to US$105.8 million in the period January to May 2022 compared to the year 2021 due to better performance in all subcategories; frozen fish (8.64%), fresh fish (45.92%) and prawns (56.55%).

Earnings from the export of ornamental fish increased by 19.7% to reach US$7.1 million in the period from January to May 2022 compared to the year 2022.

However, tea export earnings decreased by 12.5% ​​to US$460.9 million in the period January to May 2022 compared to the corresponding period of 2021. Exports of all sub- categories of the tea sector, excluding tea bags; tea bags (-14.2%), loose tea (-10.95%), instant tea (-23.42%) and green tea (-31.43%) decreased during the period from January to May 2022 compared to the same period of 2021.

Rubber and finished rubber products export revenue decreased by 2.4% to $414.3 million in January-May 2022 compared to the same period of 2021, due to lower exports of industrial and surgical gloves (-18.4%). However, exports of tires and reprocessed rubber tires and tubes increased by 6.83% in the period from January to May 2022 compared to the corresponding period of 2021.

Strong export growth recorded for the five main export markets during the month of May 2022 and the period from January to May 2022.

In May 2022, exports to the United States, Sri Lanka’s main export destination, increased by 25.02% to $266.42 million compared to May 2021. The better performance resulted in a increase in exports of clothing and textiles (40.83%) and coconut products (29.69%).

The United States of America’s largest export destination recorded $1,364.08 million in exports during the period January to May 2022 – a significant year-over-year increase of 20 .32% compared to the $1,133.71 million recorded in 2021.

From January to May 2022, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports and increased by 17.67% to $398.98 million.

Although exports to India increased by 20.61% year-on-year to US$364.99 million, exports to Pakistan decreased by 6.75% to US$33.99 million from January to May 2022 compared to the corresponding period of 2021.

The increase in exports to India is mainly supported by the increase in exports of animal feed (7.92%), areca nuts (79.74%), woven fabrics (162.24% ) and other textile articles (83.42%) in January-May 2022.

On a comparison by region, exports to all regions except CIS countries increased in the period from January to May 2022 compared to the corresponding period of 2021 and exports to the EU, l South Asia, Africa and ME increased in the month of May 2022 compared to May 2021.

Exports to the European Union (EU), which accounted for 20% of Sri Lanka’s exports, increased by 11.39% year-on-year to reach US$234 million in May 2022.

From January to May 2022, the distribution of exports to the top five EU markets, which accounted for 80% of Sri Lanka’s total exports to the EU, was; Germany $303.5 million (6.14% increase), Italy $243.86 million (7.89% increase), Netherlands $161.58 million (0.32% decrease), Belgium $122.07 million (7.65% decrease) and France United States $103.68 million. (increased by 14.15%). The estimated value of services exports from January to May 2022 was $1,472.7 million, an increase of 93.3% compared to the corresponding period of 2021. Services exports estimated by EDB include ICT/BPM , construction, financial services and transportation and logistics.

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