Sri Lanka: Export earnings surpass US$1 bn mark for second time in...

Sri Lanka: Export earnings surpass US$1 bn mark for second time in 2017

SAM Staff,

Continuing the upward trend observed since March 2017, earnings from exports increased in July 2017 surpassing the US dollars 1 billion mark for the second time during the year, a Central Bank press release stated on Thursday. “Accordingly, earnings from exports at US dollars 1,016 million in July 2017 registered a year-on-year growth of 13.9 per cent. The growth in exports was mainly driven by industrial exports followed by agricultural exports,” it said.

The Central Bank further stated,” Earnings from industrial exports grew by 11.6 per cent (year-on-year) to US dollars 757 million in July 2017, led by increased exports of textiles and garments. Indicating a reversal of negative growth experienced in the previous two months, export earnings from textiles and garments increased by 9.6 per cent (year-on-year) to US dollars 467 million compared to July 2016, registering the highest monthly value recorded so far during the year. Garment exports to the EU market increased by 10.6 per cent (year-on-year) to US dollars 188 million in July 2017 signalling the positive impact of the restoration of the GSP+ facility in May 2017″.

“During the month, garment exports to the USA and non-traditional markets also grew by 7.9 per cent and 6.5 per cent (year-on-year), respectively. Meanwhile, export earnings from food, beverages and tobacco increased significantly by 46.8 per cent (year-on-year) to US dollars 34 million. Further, reflecting the improved performance in all sub categories, export earnings from rubber products increased by 15.2 per cent (year-on-year) in July 2017. Due to higher export volumes and prices of bunker and aviation fuel, earnings from export of petroleum products increased significantly by 21.5 per cent (year-on-year) in July 2017. Meanwhile, export earnings from chemical products (led by perfumes), printing products (led by currency notes) and base metals and articles increased during the month compared to the corresponding month of the previous year. However, export earnings from leather, travel goods and footwear, and gems, diamonds and jewellery declined in July 2017”.

SOURCEThe Island