Sri Lanka exports up 11.8% through July 2022

ECONOMYNEXT – Sri Lanka’s July 2022 merchandise exports rose 2.25% from a year earlier to $1,128 million, driven by apparel and rubber products, the promotion office said of the island’s exports.

Sri Lanka is currently going through the worst currency crisis in the history of the island’s loosely pegged central bank, with the rupee plummeting from 200 to 360 in a failed attempt to float the currency (suspend convertibility) with a surrender rule in place.

At 360, the redemption rule and dollar sales continue.

In the seven months to July, exports rose 11.8% to US$7.6 billion.

Clothing and textiles exports increased by 21.55% to reach $550.05 million in July 2022.

Tea exports in July gained 2.08% to $117.52 million.

Export revenue from rubber and finished rubber products fell 7.67 percent to $89.24, the EDB said, according to the EDB, exports of industrial and surgical gloves fared poorly.

Coconut products fell 12.42% to $67.15 million, fiber products fell 15.45% and shell products 25.62%.

Seafood exports fell 48.99% to $20.65 million.

The main buyer of Sri Lankan products was the United States with US$300.71 million, followed by the United Kingdom with US$95.11 million and India with US$63.01 million. (Colombo/August 04, 2022)

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