SL Earns US$ 10B from Exports During First Ten Months
By Mario Andree
Merchandise exports during the first ten months of this year increased 21.2 per cent to US$ 10.06 billion from US$ 8.3 billion recorded during the same period of last year, with exports in October increasing 35.9 per cent to US$ 1,160.62 million from US$ 854.3 million.
According to data issued by the Export Development Board, export earnings from Apparel and Textile have increased by 42.8 per cent y-o-y to US$ 509 million in October 2021 with strong performance in exports of Apparel (43.4 per cent), Woven Fabrics (86.6 per cent) and Made-Up Textile Articles (116.3 per cent). On a year-on-year basis, exports Yarn and other Textile Articles declined by 26.4 per cent in October 2021 in comparison to October 2020.
Export earnings from Rubber and Rubber Finished products have increased by 14.5 per cent y-o-y to US$ 91.9 million in October 2021, with strong performance in exports of industrial and surgical gloves (6.5 per cent) and Pneumatic and Retreated Rubber Tyres and Tubes (32.9 per cent).
Export earnings from kernel products, fibre products and shell products categorised under the Coconut based products increased by 29.2 per cent, 20.6 per cent and 19.0 per cent respectively in October 2021 compared to October 2020.
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 73.9 per cent, 13.2 per cent, 54.2 per cent and 23per cent respectively in October 2021. However, earnings from export of Coconut Oil decreased by 13.9 per cent in October 2021.
Being the largest contributor to Coconut-based sector, Coco Peat, Fibre Pith and Moulded products which are categorised under the Coconut fibre products, increased by 30.6 per cent to US$ 17.1 million in October 2021 in comparison to October 2020. Earnings from Activated Carbon, which is categorised under the Coconut shell products increased by 20.4 per cent in October 2021 compared to October 2020.
Export earnings from the Electrical and Electronics Components increased by 87.3 per cent y-o-y to US$ 38.4 million in October 2021 with strong performance in exports of Insulated wires and Cables (69.1 per cent), Switches, Boards and Panels (59.8 per cent) and Electronic Transformers (199.2 per cent).
Export earnings from Seafood increased by 57 per cent to US$ 24.5 million in October 2021 compared to October 2020. This increase was mainly due to the increase in earnings from export of Frozen Fish, Shrimps and Prawns, Fish Fresh or Chilled and other edible fish.
Export earnings from Boat building recorded US$ 33.7 million in October 2021 with the increased earnings of exports to Iraq.