Export earnings decreased by 8.2-pct y-o-y in October 2022

Earnings from the merchandise exports decreased by 8.18 % y-o-y to US$ 1,094.8 Mn in October 2022 as per the data released by Sri Lanka Customs.

This was mainly due to the decrease in export earnings from Apparel & Textiles, Tea, Rubber based Products, Coconut based Products, Spices & Essential Oils, and the Fisheries sector. Further, the impact of the global crisis also affects decreased export earnings of major products.

Monthly Merchandize Export Performance, 2020 – October 2022 in Millions of US$

Sources: Central Bank of Sri Lanka, Sri Lanka Customs & Sri Lanka Export Development Board

Table 1: Merchandise Export Performance

                                                                                                            Values in US$ Mns

Exports of Goods Jan-Oct 2020 Jan-Oct 2021 Jan-Oct 2022 % Growth Oct  2021 Oct 2022 % Growth
 Apparel & Textiles 3,630.44 4,388.48 5,004.58 14.04 509.02 441.89 -13.19
 Tea 1,031.78 1,096.11 1,045.84 -4.59 109.53 108.70 -0.76
 Rubber-based 667.13        896.89 874.18 -2.53 91.91 86.30 -6.10
 Coconut-based 552.74        686.74 710.97 3.53 77.96 72.41 -7.12
 Diamond, Gems & Jewelry 126.94        212.44 337.97 59.09 25.40 44.28 74.33
 Electronics & Electronic Components 266.71        347.99 400.32 15.04 38.38 46.26 20.53
 Spices and Essential Oils 268.33        365.71 311.63 -14.79 44.90 36.39 -18.95
 Food & Beverages 300.55        339.83 349.71 2.91 63.02 30.52 -51.57
 Seafood 164.96        212.49 224.88 5.83 24.45 19.56 -20.00
 Ornamental Fish 11.26 15.52 17.37 11.92 1.67 1.82 8.98
 Vegetables 21.82 21.35 22.91 7.31 2.68 2.36 -11.94
 Fruits & Nuts 30.55 31.79 30.92 -2.74 3.23 3.76 16.41
 Other Export Crops 63.77 55.75 82.84 48.59 7.37 8.46 14.79
 Flowers & Foliage 11.07 13.08 12.59 -3.75 1.81 1.18 -34.81
 Boat Building 2.03 36.62 16.60 -54.67 33.69 9.99 -70.35
 Petroleum Products 267.24        180.56 220.25 21.98 16.72 79.30 374.28
 Others 881.88 1,229.48 1,412.44 14.88 140.56 101.62 -27.70
 Total Merchandize Exports 8,299.20 10,130.83 11,076.00 9.33    1,192.3    1,094.8 -8.18

Table 2: Top 15 Export Destinations

Values in US$ Mns

  Country Jan-Oct 2020 Jan-Oct 2021 Jan-Oct 2022 % Growth Oct  2021 Oct 2022 % Growth
1 United States 2,089.20 2,466.74 2,822.89 14.44 291.28 239.98 -17.61
2 United Kingdom 766.72 768.04 829.15 7.96 88.49 70.22 -20.65
3 India 498.79 644.57 725.85 12.61 77.63 83.82 7.97
4 Germany 478.96 609.69 633.81 3.96 64.76 65.88 1.73
5 Italy 371.58 480.58 535.84 11.50 61.89 58.59 -5.33
6 Netherlands 232.42 346.28 353.26 2.02 40.27 48.32 19.99
7 Canada 172.58 255.30 305.41 19.63 26.50 24.39 -7.96
8 Belgium 237.72 272.70 266.44 -2.30 29.59 26.22 -11.39
9 United Arab Emirates 160.51 229.19 274.00 19.55 28.20 43.31 53.58
10 France 152.53 198.25 223.48 12.73 24.29 23.60 -2.84
11 Australia 137.20 205.67 215.13 4.60 21.54 21.91 1.72
12 China 178.00 228.04 205.54 -9.87 20.33 20.05 -1.38
13 Japan 156.77 175.74 185.56 5.59 18.42 16.82 -8.69
14 Bangladesh 131.98 179.77 180.87 0.61 18.12 19.51 7.67
15 Mexico 107.76 166.89 160.61 -3.76 22.06 16.66 -24.48
  Other Markets 2,426.48 2,903.38 3,158.16 8.78 358.93 315.51 -12.10
  Total 8,299.20 10,130.83 11,076.00 9.33    1,192.3    1,094.8 -8.18

Exports to FTA Partners

In October 2022, exports to Free Trade Agreement (FTA) partners which represented 8.4 % of Sri Lanka’s total merchandise exports grew by 8.36 % y-o-y to US$ 91.63 Million. Increases in exports were recorded to India, (↑7.9% to US$ 83.82 Million) and Pakistan (↑12.7% to US$ 7.81 Million) due to growing exports of Petroleum oils.

During the period of January to October 2022, exports to Free Trade Agreement (FTA) partners accounted for 7 % of total merchandise exports with an increase of 10.02 % and amounting to US$ 792.16 Mn.

Although Exports to India have increased by 12.61 % y-o-y to US$ 725.85 Mn, exports to Pakistan have decreased by 12.08 % to US$ 66.31 Mn during the period compared to the corresponding period of 2021.

Growth in Exports to India was mainly supported by increased exports of Animal Feed (11.4 %), Arecanuts (61.66%), Woven fabrics (67.3%), and Wood pulp (29.77%) from January – October 2022.

Table 3: Export Regions

Values in US$ Mns

Country Jan-Oct 2020 Jan-Oct 2021 Jan-Oct 2022 % Growth Oct  2021 Oct 2022 % Growth
United States 2,089.20 2,466.74 2,822.89 14.44 291.28 239.98 -17.61
European Union (EU) excluding UK 1,865.38 2,397.64 2,571.00 7.23 275.17 278.73 1.29
South Asia 764.05 992.43 1,063.19 7.13 119.26 119.82 0.47
Middle East Countries (Excl. Cyprus & Egypt) 593.25 747.53 818.76 9.53 26.69 30.85 15.59
African Countries 207.36 260.47 257.75 -1.04 28.47 23.77 -16.51
ASEAN Countries 242.26 266.18 299.7 12.59 29.52 39.12 32.52
CIS Countries 230.07 209.12 205.31 -1.82 20.37 29.32 43.94
Others 4,396.83 5,257.46 5,860.29 11.47 401.54 333.21 -17.02
Total Merchandise Exports 8,299.20 10,130.83 11,076.00 9.33    1,192.3    1,094.8 -8.18

Export of Services

The estimated value of services exports for the period of January – October 2022 was 1,619.66 Million dollars, increasing by 2.64 % over the corresponding period of 2021. The services exports estimated by EDB consist of ICT/BPM, Construction, Financial services, and Transport & Logistics.

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