Export earnings show increase compared to 2021

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Sri Lanka’s merchandise exports increased by 9.91 per cent to USD 1,046 million in February 2022 compared to February 2021 as per the data released by the Sri Lanka Customs. Further, it is a 5.8 per cent increase when compared to February 2020.

For the period of January to February 2022, merchandise exports increased by 11.66 per cent to USD 2,108.65 Million compared to the corresponding period of 2021. Major product sectors except tea and spices and concentrates; apparel and textiles, rubber-based products, coconut based products, electronics and electronic components, food and beverages, seafood and ornamental fish as shown in the table below, recorded increased exports.

Export earnings from apparel and textile have increased by 12.04 per cent YoY to USD 494.82 million in February 2022 with strong performance in exports of Apparel (11.87 per cent) and woven fabrics (31.04 per cent). On a year-on-year basis, exports made-up textile articles declined by 0.26 per cent in February 2022 in comparison to February 2021.

Export earnings from tea in February 2022 which made up 12 per cent of merchandise exports, decreased by 10.38 per cent YoY  to USD 100.86 million. Export of tea packets and bulk tea decreased by 17.22 per cent and 2.7 per cent  respectively in February 2022 compared to February 2021.

Export earnings from Rubber and Rubber Finished products have increased by 11.31 per cent  YoY to  USD 93.17 million in February 2022, with positive performance in exports of pneumatic and retreated rubber tyres and tubes (21.22 per cent) and gaskets, washers, seals etc. of hard rubber (9.51 per cent). However, export of industrial and surgical gloves decreased by 7.55 per cent YoY  to USD 27.19 million in February 2022.

On monthly analysis, export earnings of kernel products, fibre products and shell products categorised under the Coconut based increased by 10.72 per cent , 15.47 per cent  and 11.71 per cent  respectively in February 2022 compared to February 2021.

Year-on-Year, export earnings from desiccated coconut, coconut milk powder, coconut cream and liquid coconut milk categorised under the coconut kernel products increased by 17.75 per cent , 1.24 per cent , 17.52 per cent , and 16.28 per cent  respectively in February 2022.

Being the largest contributor to the coconut-based sector, coco peat, fibre pith and moulded products which are categorised under the coconut fibre products, increased by 13.6 per cent to USD 16.45 million in February 2022 in comparison to February 2021. Earnings from activated carbon, which is categorised under the coconut shell products increased by 13.71 per cent to USD 10.53 million in February 2022 compared to February 2021.

Export earnings from the electrical and electronics components increased by 16.92 per cent YoY  to USD 37.73 million in February 2022 with strong performance in exports of insulated wires and cables (24.45 per cent), switches, boards and panels (13.28 per cent) and electrical transformers (34.38 per cent).

Export earnings from seafood increased by 50.57 per cent to USD 21.17 million in February 2022 compared to February 2021. This increase was mainly due to the increase in earnings from export of frozen fish (48.25 per cent), fresh fish (158.02 per cent) and shrimps (33.61 per cent).

Further, export earnings from ornamental fish increased by 40.78 per cent to USD 1.45 million in February 2022 compared to February 2021.

However, export earnings from spices and essential oils decreased by 18.59 per cent  to USD 27.15 million in the month of February 2022 compared to month of February 2021 due to the poor performance in cinnamon (-9.73 per cent) and cloves (-63.41 per cent). Despite the decline in the sector, earnings from pepper increased by 16.6 per cent in February 2022 compared to February 2021.