Sri Lanka exports up 13-pct in Jan 22, tea, spice exports down

Thursday February 24, 2022.
ECONOMYEXT – Sri Lanka’s merchandise exports in January 2022 rose 13 percent from a year earlier to 1,063.63 million US dollars, the islands export promotion office said.

Most categories of exports had shown growth and he was hopeful of the trend continuing Export Development Board Chairman Suresh de Mel said.

Exports to the US grew 36 percent to 295 million US dollars, UK bought 81 million dollars of goods, up 31 percent and exports to India were up 28 percent to 71 million US dollars.

“Whilst appreciating that the US and the EU are the largest markets, we need to expand our market share in Asia,” he said. “The proposed Bangladesh PTA will certainly help in this regard.

“Export product diversification should simultaneously happen to create more billion-dollar industries in Sri Lanka.”

Sri Lanka has sweeping import protection and domestic industries are generally uncompetitive and inward looking. Most export firms are set up directly as export firms in zones, some with foreign investment.

Tea exports fell 9 percent to 91 million US dollars, spices fell 17 percent to 34 million dollars, processed food and beverages fell1.9 percent million US dollars.

Seafood grew 42 percent, 24 million dollars.

Apparel exports grew 22 percent to 514 million US dollars, rubber exports grew 3.4 percent to 87 million dollars, coconut based exports grew 26 percent to 68 million US dollars, electronics grew 12 percent to 35.8 million US dollars. (Colombo/Feb24/2022)