Sri Lanka’s February exports up 10 % to US$ 1.05 B

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Sri Lanka’s Merchandise Exports maintained the above US$ 1 billion mark continuously from the beginning of this year, recording an increase of 9.91% to US$ 1.05 billion in February 2022 compared to last year. Further, it is a 5.8% increase when compared to February 2020,

“This was also the ninth consecutive month of  having over US $1 Billion revenue. We hope the same trend will continue”, Export Development Board (EDB) Chairman Suresh D de Mel said.

Export earnings from Apparel and Textile have increased by 12.04 % y-o-y to US$ 494.82 million in February 2022 with strong performance in exports of Apparel (11.87%) and Woven Fabrics (31.04%). On a year-on-year basis, exports Made-Up Textile Articles declined by 0.26% in February 2022 in comparison to February 2021.

Export earnings from Tea in February 2022 which made up 12% of merchandise exports, decreased by 10.38% y-o-y to US$ 100.86 million. Export of tea packets and bulk tea decreased by 17.22% and 2.7% respectively in February 2022 compared to February 2021.

Export earnings from Rubber and Rubber Finished products have increased by 11.31 % y-o-y to US$ 93.17 million in February 2022, with positive performance in exports of Pneumatic & Retreated Rubber Tyres and Tubes (21.22%) and Gaskets, Washers and Seals of Hard Rubber (9.51%). However, export of Industrial & Surgical Gloves decreased by 7.55% y-o-y to US$ 27.19 million in February 2022.

Strong export performance was recorded for the major export markets which accounted for 65% of total merchandise exports during the period of January to February 2022 and the month of February 2022. Eight markets out of top 10 were recorded positive performance except Belgium & China.

During the month of February 2022, exports to the USA, Sri Lanka’s single largest export destination, increased by 22.66% to US$ 295.25 million compared to the month of February 2021. The better performance led by increase in exports of Apparel and Textile (19.22%) and Rubber- based Products (Pneumatic & Retreated Rubber Tyres & Tubes and Industrial & surgical gloves) (36.12%) 

Exports to UK as the second largest trading partner recorded an increase of 2.32 % to US$ 81.72 million in February 2022 compared to February 2021. This performance has resulted in the increased Exports recorded in Apparel, Textile and Rubber-based Products.

In February 2022, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports increased by 23.4 % to US$ 84.26 million.

Although Exports to India increased by 27.52% y-o-y to US$ 77.25 million in February 2022, exports to Pakistan decreased by 8.96% y-o-y to US$ 7.01 million.  Increased Exports to India is mainly supported by increased exports of Animal Feed (30%), Pepper (14.74%), Woven fabrics (27.64%) and Apparel (14.93%) in February 2022. 

(IG)