May exports down to US$ 980M

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Earnings from the merchandise exports increased by 9.9 % y-o-y to US$ 980.2 million in May 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel and Textiles, Coconut based products and Electrical and Electronic Components.

Major product sectors except Spices and Concentrates, Tea and Rubber-based products; Apparel and Textiles, Coconut based products, Electrical and Electronic components and Food and Beverages, Seafood and Ornamental fish as shown in the table 1 below, recorded increased exports in May 2022.

Exports of Apparel and Textiles increased by 30.1% y-o-y to US$ 482.7 million in May 2022. The increase was driven by both Apparel and Textiles.

On monthly analysis, export earnings of kernel products, fibre products and shell products categorised under the Coconut based products increased by 5.37%, 4.93% and 12.97% respectively in May 2022 compared to May 2021.

Export earnings from Seafood increased by 11.8% to US$ 16.8 million in May 2022 compared to May 2021. The expansion was contributed mainly by higher exports of  Fresh fish (4.9%) and Shrimps (90.74%).

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

Export earnings from the Electrical and Electronics Components increased by 18.8 % y-o-y to US$ 41.8 million in May 2022 with strong performance in exports of Insulated Wires and Cables (18.78%) and Electrical Transformers (16.5%).

However, export earnings from Rubber and Rubber Finished products have decreased by 15.9% y-o-y to $ 76.7 million in May 2022, with poor performance in exports of Pneumatic and Retreated Rubber Tyres and Tubes (-5.41%).

Export earnings from tea in May 2022 which made up 12% of merchandise exports, decreased by 14.2% y-o-y to US$ 93.7 million. Export of tea packets and bulk tea decreased by 9.75% and 18.83% respectively in May 2022 compared to May 2021.

In addition, export earnings from Spices and Essential Oils decreased by 14.9% to US$ 21.5 million in May 2022 compared to May 2021 due to the poor performance in Oleoresins (-91.79%) and cloves (-49.61%). Despite the decline in the sector, earnings from Cinnamon and Pepper increased by 3.27% and 11.26% respectively in May 2022 compared to May 2021.

Major Exports during the period of January – May 2022

For the first five months of 2022, merchandise exports increased by 9.7% to US$ 5,145.4 Million compared to the corresponding period of 2021. Major product sectors except Tea, Rubber-based products and Spices and Concentrates; Apparel and Textiles, Coconut based products, Electronics and Electronic Components, Food & Beverages, Seafood and Ornamental fish recorded increased exports.

Export of Services

The estimated value of services exports for the period of January to May 2022 was 1,472.7 Million dollars, increasing 93.3 % over the corresponding period of 2021. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport and Logistics.