Sri Lanka’s exports recorded the USD 5 billion mark in the first five months of this year, according to the Export Development Board (EDB).
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 & 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 fish, recorded increased exports in May 2022.
Exports of Apparel & 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.
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.
Major product sectors except Tea, Rubber-based products and Spices & Concentrates; Apparel & Textiles, Coconut based products, Electronics & Electronic Components, Food & Beverages, Seafood and Ornamental fish, recorded increased exports.
Apparel & Textile exports increased by 16.3% to US$ 2,400.6 Mn during the period of January to May 2022 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 sector increased.
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$ 266.42 Mn compared to the month of May 2021. The better performance led by increase in exports of Apparel & Textile (40.83%) and Coconut based products (29.69%).
The single largest export destination of United States of America recorded US$ 1,364.08 Mn worth of exports in the period of January to May 2022 – a significant year on year increase of 20.32 % in comparison to US$ 1,133.71 Mn recorded in 2021.