Earnings from the merchandise exports increased by 9.9 % y-o-y to US$ 980.2 million in May 2022 and this was mainly due to the increase in earnings from export of Apparel and Textiles, Coconut based products and Electrical & Electronic Components.
Major product sectors except Spices & Concentrates, Tea and Rubber-based products; Apparel &Textiles, Coconut based products, Electrical & Electronic components and Food & Beverages, Seafood and Ornamental fishas.
Exports of Apparel & Textiles increased by 30.1% y-o-y to US$ 482.7Mn in May 2022. The increase was driven by both Apparel and Textiles.
On monthly analysis, export earnings of kernel products, fiber products and shell products categorized under the Coconut based products increased by 5.37%, 4.93% and 12.97% respectively in May 2022 compared to May2021.
Export earnings from Seafood increased by 11.8% to US$ 16.8 Mn in May 2022 compared to May 2021. The expansion was contributed mainly by higher exports of Fresh fish (4.9%) and Shrimps (90.74%).
Export earnings from the Electrical & Electronics Components increased by 18.8 % y-o-y to US$ 41.8 Mn in May 2022 with strong performance in exports of Insulated Wires & 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 & Retreated Rubber Tyres& 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 Mn. 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$ 21.5Mn in the month of May 2022.
For the first five months of 2022, merchandise exports increased by 9.7% to US$ 2,400.6 Million compared to the corresponding period of 2021.
Apparel & Textile exports increased by 16.3% to US$ 2,400.6Mn during the period of January to May2022 compared to the same period of 2021. Except Gloves, Mitts & Mittens of Textile (-2.61%) and Made-up Clothing Accessories (-9.99%), Yarn (-32.7%) and Made-up Textile Articles (-3.04%), exports of other sub categories of Apparel & Textiles sectorincreased.
For the period of January to May 2022, export earnings from Coconut & Coconut based products expanded by 10.4% to US$ 350 Mn from the same period last year.
Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 14.6 % to US$ 188.3 Mn in the period of January to May 2022 compared to the corresponding period of 2021..
Export earnings from Seafood increased by 16.7% to US$ 105.8 Mn in the period of January to May 2022 compared to year 2021 due to the better performance in all the sub categories; Frozen Fish (8.64%), Fresh Fish (45.92) and Prawns (56.55%).
Further, earnings from export of ornamental fish increased by 19.7% to US$ 7.1 Mn during the period of January to May 2022 compared to year 2022.
Strong Export Growth recorded for top 5 export markets in the month of May 2022 and the period of January to May 2022. During the month of May 2022, exports to United States, Sri Lanka’s single largest export destination, increased by 25.02% to US$ 266.42Mn compared to the month of May 2021.
The single largest export destination of United States of America recorded US$ 1,364.08Mn worth of exports in the period of January to May 2022 – a significant year on year increase of 20.32 % in comparison to US$ 1,133.71Mn recorded in 2021.
During the period of January to May 2022, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports increased by 17.67 % to US$ 398.98Mn.
Although Exports to India increased by 20.61% y-o-y to US$ 364.99Mn, exports to Pakistan decreased by 6.75% to US$ 33.99 Mn during the period of January to May 2022.
Increased Exports to India is mainly supported by increased exports of Animal Feed (7.92%), Arecanuts (79.74%), Woven fabrics (162.24%) andOther Textile Articles (83.42%) in January - May 2022.
Exports to the European Union (EU) which represented 20% of Sri Lanka’s exports increased by 11.39 % y-o-y to US$ 234Mn during the month of May 2022.
During the period of January to May 2022, exports to the top five EU markets accounted for 80% of Sri Lanka’s total exports.
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.
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