Sri Lanka exports up 9-pct in May 2022, US up 25-pct, India 49-pct

ECONOMYNEXT – Sri Lanka’s exports grew 9.9 percent to 980.2 million US dollars in May 2022 from a year ago, the island’s Export Development Board said as the country grapples with the worst currency crisis in the history of its central bank.

Export to United States, the largest buyer of Sri Lanka goods, increased by 25.02 percent to US$ 266.42 million, with apparel up 40.83 percent and Coconut based products 29.69 percent.

From January to May exports to the US was up 20 percent to 1,364 million US dollars.

Exports to India increased 20.61 percent to US$364.99 million while, exports to Pakistan fell 6.75 percent to US$ 33.99 million.

Woven fabrics to India rose 162.2 percent and other textiles83.42 percent from January to May.

Exports in the five months to May was up 9.7 percent to 5.1 billion US dollars.

Sri Lanka’s exports are growing despite fuel shortages from forex shortages as an intermediate regime central bank continues to print money and force sell dollars to itself through a surrender requirement.

Exports of Apparel & Textiles grew 30.1 percent to US$ 482.7 million in May 2022.

Export earnings of kernel products were up 5.37 percent, fiber products 4.93 percent and coconut shell products 12.9 percent.

Seafood was up 11.8 percent to US$ 16.8 million with fresh fish up (4.9 percent) and Shrimps 90.74 percent.

Electrical & Electronics Components increased by 18.8 percent to US$ 41.8 million

Rubber and Rubber products fell 15.9 percent $76.7 million in May 2022, led by falls in pneumatic & retreaded rubber tyres and tubes (5.41 percent).

Export earnings from tea in May 2022 fell 14.2 percent to US$ 93.7 million. Export of tea packets fell 9.75 percent and bulk tea decreased 18.83 percent. (Colombo/June27/2022)