Sri Lankan merchandise exports grew to an all-time record for the month of April to US$ 915.3 million this year, surpassing the previous high of US$ 799 million achieved in 2021, Suresh D de Mel, Chairman – Export Development Board (EDB) said.
This was mainly due to the increase in earnings from export of Apparel and Textiles, Coconut-based products and Rubber-based products. Further, a sizable increase was recorded in the exports of Electrical and Electronic Components and in the Seafood sector.
It must also be highlighted that, efficient facilitation of the supply of fuel and energy to our exporters is imperative to keep this momentum going while appealing for an expedited solution to the current crisis.
“We need to focus on niche markets while consolidating the market share in the US and EU. Export product diversification must simultaneously happen so that we can create more billion-dollar industries for Sri Lanka which we are lacking today.” he said.
Exports of Apparel and Textiles increased by 22.12% y-o-y to US$ 445.79 million in April 2022. The increase was driven by both Apparel and Textiles.
Export earnings from tea in April 2022 which made up 12% of merchandise exports, increased by 1.49% y-o-y to US$ 80.44 million. Export of bulk tea increased by 9.52% in April 2022 compared to April 2021.
Export earnings from Rubber and Rubber Finished products have increased by 10.09% y-o-y to US$ 71.27 million in April 2022, with good performance in exports of Pneumatic and Retreated Rubber Tyres & Tubes (23.21%).
For the period of January to April 2022, merchandise exports increased by 9.6 % to US$ 4,165.2 million compared to the corresponding period of 2021. Major product sectors except Tea and Spices and Concentrates; Apparel & Textiles, Coconut-based products, Rubber-based products, Electronics and Electronic Components, Food and Beverages, Seafood and Ornamental fish as shown in the table below, recorded increased exports.
Apparel and Textile exports increased by 13.27% to
US$ 1,917.95 million during the period of January to April 2022 compared to the same period of 2021. Except Gloves, Mitts and Mittens of Textile (-2.28%) and Made-up Clothing Accessories (-13.58%), Yarn (-39.79%) and Made-up Textile Articles (-4.82%), exports of other sub categories of Apparel and Textiles sector increased.
Export earnings from Tea decreased by 12.02% to
US$ 367.21million during the period of January to April 2022 compared with the corresponding period of 2021. Exports of all the sub categories of tea sector except Tea Bags; Tea packets (-15.3%), Bulk Tea (-8.79%,), Instant Tea (-30.87%) and Green Tea (-20.63%) decreased during the period of January to April 2022 compared with the same period of 2021.
Export earnings from Rubber & Rubber finished products increased by 1.29 % to US$ 337.58 million in January – April 2022 compared with the same period of 2021 attributed to higher exports of Pneumatic and Retreated Rubber Tyres and Tubes (10.31%). However, exports of Industrial and surgical Gloves decreased by 13.45% during the period of January to April 2022 compared with the same period of 2021.