Merchandise exports cross US$ 1 b mark for fifth time | Sunday Observer

Merchandise exports cross US$ 1 b mark for fifth time

21 November, 2021

Merchandise exports increased by 35.9 percent to US$ 1,160.62 million in October compared to the corresponding period last year as per the data released by the Customs. Exports were over one billion for the fifth time this year.

EDB Chairman Suresh D. de Mel said, “This is the highest-ever merchandise export figure in any October in our history. Opening Western markets together with sustained production in Sri Lanka can be attributed to this increase. I commended our exporters for this outstanding performance during these difficult times.”

Export earnings from apparel and textiles rose 42.8 percent y-o-y to US$ 509 million in October 2021 with strong performance in the export of apparel (43.4%), woven fabrics (86.6%) and made-up textile articles (116.3%). On a year-on-year basis, export of yarn and other textile articles declined by 26.4 percent in October 2021 compared to October 2020.

Export earnings from rubber and rubber finished products also increased by 14.5 percent y-o-y to $ 91.9 million, with strong performance in the export of industrial and surgical gloves (6.5%) and pneumatic and retreated rubber tyres and tubes (32.9%).

Export earnings from kernel products, fibre products and shell products categorised under coconut-based products increased by 29.2%, 20.6% and 19.0%.

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%, 13.2%, 54.2% and 23%. However, earnings from the export of coconut oil decreased by 13.9 percent being the largest contributor to the coconut based sector, coco peat, fibre pith and moulded products which are categorised under the coconut fibre products, increased by 30.6 percent to US$ 17.1 mn compared to October 2020. Earnings from activated carbon, which is categorised under coconut shell products increased by 20.4 percent.

Export earnings from the electrical and electronics components increased by 87.3 percent.

Export earnings from Seafood increased by 57 percent to US$ 24.5 mn. This increase was mainly due to the increase in earnings from the export of frozen fish, shrimps and prawns, fish fresh or chilled and other edible fish.