Continuing the year-on-year declining trend observed since July 2019, earnings from merchandise exports declined by 3.2 per cent to US dollars 1,005 million in January 2020, with all major export sectors recording declines in comparison to January 2019, Central Bank data showed. .
Earnings from agricultural exports declined in January 2020 (year-on-year) driven by all of its sub sectors except for minor agricultural products. Earnings from tea exports declined due to the combined effect of lower export volumes and average export prices.
In addition, earnings from spices declined in January 2020, mainly due to lower export volumes of many sub categories, while export prices also declined except for nutmeg and mace.
Earnings from seafood exports declined with lower demand from the USA. Meanwhile, earnings from coconut exports declined, mainly due to lower export earnings from desiccated coconut categorised under kernel products and fibre under non kernel products.
Earnings from industrial exports declined in January 2020 in comparison with January 2019, with low earnings from almost all sub sectors, except petroleum products, chemical products and gems, diamond and jewellery.
Earnings from food, beverages and tobacco exports declined, led by manufactured tobacco exports and miscellaneous food preparations.
In addition, earnings from rubber products declined mainly driven by lower tyre exports. Earnings from textiles and garments declined marginally, as a result of lower earnings from the USA and non traditional markets such as India, South Korea and Mexico, despite an increase recorded in exports to the EU.