Sri Lanka’s Export earnings up in April

Sri Lanka’s Export earnings up in April

19 June 2019 07:00 pm

Earnings from industrial exports increased in April 2019 mainly due to the improved performance in textiles and garments, petroleum products and gems, diamonds and jewellery exports, Central Bank said. 

Earnings from textiles and garment exports increased in April 2019 benefiting from higher demand for garment exports from the USA and non-traditional markets such as Canada, China, Australia and Brazil.

However, earnings from garments exports to the EU market declined in April 2019 due to lower demand from the UK, Italy, Germany and France.

Further, export earnings from petroleum products increased during the month due to the combined impact of higher export volumes and prices of bunker and aviation fuel. Earnings from gems, diamonds and jewellery exports increased significantly due to the higher performance in gem exports.

In addition, export earnings from chemical products, base metals and articles, transport equipment and printing industry products contributed towards the increase in industrial exports in April 2019. However, reflecting the moderate performance in all sub categories, export earnings from rubber products declined in April 2019.

Further, export earnings from food, beverages and tobacco and machinery and mechanical appliances declined significantly during the month due to poor performance in most of the sub categories.

In addition, leather, travel goods and footwear, animal fodder, wood and paper products and plastics and articles dropped in April 2019. 

Earnings from agricultural exports declined, on a year-on-year basis, in April 2019 due to poor performance in earnings from tea, spices and minor agricultural product exports.

Export earnings from tea declined during the month due to the combined impact of lower average export prices and volumes of tea. Further, export earnings from spices decreased owing the lower export earnings from all categories except cloves.

In addition, earnings from minor agricultural products declined in April 2019 led by the reduction in export earnings from most of the sub categories particularly fruits, betel leaves and areca nuts.

However, export earnings from coconut rose during the month due to high export volumes of coconut kernel products led by desiccated coconut and non-kernel coconut products led by fibre.