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Wednesday October 5th, 2022

Sri Lanka exports rise 20-pct in June 2022 amid forex shortages

ECONOMYNEXT – Sri Lanka’s merchandise exports in June 2022 grew 20 percent from a year earlier to 1,208 million US dollars, driven by apparel and rubber products the island’s export promotion office said.

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

At 360 the surrender rule and dollars sales continue.

In the six months to June exports were up 12.4 percent to 6.4 billion US dollars.

Exports of Apparel & Textiles grew 36.85 percent to 566.78 million dollars in June 2022.

Export earnings from Rubber and Rubber Finished products have increased by 7.18 percent to 102.36 dollars with tyres up 15.2 percent.

Coconut products rose 30.15 percent, fiber products 1.63 percent and shell products 21 percent.

Export of Seafood increased by 130 percent to 36.39 million dollars.

Tea exports in June fell which was 12 percent of the total was down 5.8 percent to 116.49 million US dollars.

The top buyer of Sri Lanka goods was the United States accounting for 323 million US dollars, followed by the UK 95 million US dollars and India 80 million US dollars.

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