Merchandise export earnings increase by 10.24% in August

The Sri Lanka Export Development Board (EDB) says that earnings from the merchandise exports have increased by 10.24 % y-o-y to US$ 1,213.7 million in August 2022 as per the data released by the Sri Lanka Customs. 

This was mainly due to the increase in earnings from export of Apparel & Textiles, the EDB said.

“The EDB Chairman Suresh D. de Mel congratulates the exporters for their great effort to increase foreign exchange earnings for Sri Lanka during this critical period.” 

“He also wishes to thank the staff of the EDB and other supporting agencies for their untiring support to facilitate exports under highly disruptive circumstances,” the statement said.

The report on Sri Lanka’s Export Performance for August 2022 stated that major product sectors except Coconut based Products; Apparel & Textiles, Tea, Rubber based products, Electrical & Electronic components, Spices & Concentrates Diamonds, Gems & Jewellery, Food & Beverages, Seafood & Ornamental fish as shown in the table 1 below, recorded increased exports in August 2022.

Exports of Apparel & Textiles increased by 15.03% y-o-y to US$ 565.37 million in August 2022. The increase was driven by Apparel, it said.

Export earnings from tea in August 2022 which made up 11% of merchandise exports, increased by 6.52% y-o-y to US$ 124.41 million. This was mainly due to the higher Export of tea packets (11.42%).

Export earnings from Rubber and Rubber Finished products have increased by 8.11% y-o-y to $ 99.83 million in August 2022, with better performance in exports of Pneumativ & Retreated Rubber Tyres & Tubes (24.03%).

The estimated value of services exports for the period of Jan-August 2022 was 1,310.05 Million dollars, increasing 5.58 % over the corresponding period of 2021.