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Merchandize exports reach US$ 13 Bn in 2022

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Merchandise exports for the period of January – December 2022, increased by 4.6% to US$ 13,070.6 million compared to the corresponding period of 2021.

Apparel & Textile exports increased by 9.56% to US$ 5,933.52 Mn during the period of January to December2022 compared to the same period of 2021.

Although export earnings from Apparel increased by 10.74% to US$ 5,482.82 Mn, earnings from Textile exports declined by 3.0 % to US$ 450.7 Mn during the period of January to December 2022 compared with 2021.

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) increased by 14.68 % to US$ 483.28Mn in the period of January to December 2022 compared to the corresponding period of 2021.

Export of Insulated wires increased by 14.51% during the year 2022 to US$ 80.96Mn compared with the corresponding period of 2021.

In addition, exports of Printed Circuits, Switches/ Boards & Panels, Electrical Transformers and Other Electrical & Electronic Products increased by 75.54 %, 12.81 %, 3.34 % and 16.51% respectively during the period of January to December 2022.

However, export earnings from Seafood decreased by 1.81 % to US$ 269.02 Mn in the period of January to December 2022.

In addition, export earnings from Tea decreased by 4.95 % to US$ 1,258.81 Mn during the period of January to December 2022 compared with the corresponding period of 2021.

Earnings from the merchandise exports decreased by 9.7 % y-o-y to US$ 1,044 Mn in December 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the decrease in export earnings from Apparel & Textiles, Tea, Rubber based Products, and Coconut based Products, Food & Beverages, Spices & Essential Oils and Fisheries products.

The reason for this decline was due to the ongoing recession in major markets due to rising cost of production, energy etc. Imports declined sharply due to inflation and demand for goods & services were reduced. Exports of Apparel & Textiles decreased by 9.56% y-o-y to US$ 480.28 Mn in December 2022. The decrease was driven by both Apparel and Textiles.

Export earnings from Tea in December 2022 which made up 11% of merchandise exports, decreased by 3.01% y-o-y to US$ 107.29Mn. This was mainly due to the lower Export of both bulk tea (-0.53%) and tea packets (-4.71%). Export earnings from Rubber and Rubber Finished products have decreased by 20.34 % y-o-y to US$ 74.47 million in December 2022.

Export earnings from Seafood declined by 20.01% to US$ 21.31Mn in December 2022.

Exports to the United States, Sri Lanka’s single largest export destination, decreased by 14.64 % to US$ 256.2 Mn compared to the month of December 2021.

However, the single largest export destination, the United States of America recorded US$ 3,319.85 Mn worth of exports in the year 2022 with a year-on-year increase of 8.18 % in comparison to US$ 3,319.85 Mn recorded in 2021. The better performance led by increase in exports of Apparel & Textile (10.38 %)

In parallel, exports to the United Kingdom as the second largest trading partner recorded a decrease of 2.38 % to US$ 79.12 Mn in December 2022 compared with December 2021.

In December 2022, exports to Free Trade Agreement (FTA) partners which constituted 7.2 % of Sri Lanka’s total merchandise exports declined by 19.63 % y-o-y to US$ 71.7 Mn. Decline in exports were recorded to India which dropped by 28.0 % to US$ 64.97Mn and Pakistan drop by 25.4 % y-o-y to US$ 6.73 Mn.

During the period of January to December 2022, exports to Free Trade Agreement (FTA) partners accounted for 7 % of total merchandise exports with an increase of 3.0 % and amounting to US$ 934.39 Mn.

Meanwhile the estimated value of services exports for 2022 was 1,876.3 Million dollars, decreasing 5.9 % over the corresponding period of 2021.

Wednesday, February 1, 2023 – 01:00











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