The earnings from merchandise exports expanded by 20 percent year-on-year (YoY) in the month of June, fetching foreign exchange earnings amounting to
US $ 1,208 million.
The Export Development Board (EDB) attributed the increase in earnings to improved performance in the exports of apparel and textile, rubber-based products, coconut-based products, food and beverages and seafood.
Exports of apparel and textiles increased by 36.85 percent YoY to US $ 566.78 million in June 2022. The increase was driven by both segments.
The export earnings from rubber and rubber finished products grew by 7.18 percent YoY to US $ 102.36 million in June, with good performance in exports of pneumatic and retreated rubber tyres and tubes (15.2 percent).
The monthly analysis carried out by the EDB shows that the export earnings of kernel products, fibre products and shell products, categorized under the coconut-based products, increased by 30.15 percent, 1.63 percent and 21.3 percent in June 2022 compared to June 2021.
Meanwhile, the export earnings from seafood increased by 130.75 percent YoY to US $ 36.39 million in June 2022. The expansion was contributed mainly by the higher exports of frozen fish (89.3 percent), fresh fish (219.18 percent) and shrimps (219.25 percent), the EDB said.
Earnings from the electrical and electronics components increased by 5.71 percent YoY to US $ 39.82 million for the month in review. The strong performance was observed in the exports of insulated wires and cables (14.5 percent) and switches, boards and panels (23.55 percent).
However, the export earnings from tea in June 2022, which made up 12 percent of merchandise exports, contracted by 5.99 percent when compared to the corresponding month of the previous year. The reduced exports of bulk tea, which was only 10.99 percent, resulted in the sector, fetching a revenue of
US $ 116.49 million.
The grim export performance was also observed from the spices and essential oils segment, where the earnings reduced by 10.9 percent YoY to US $ 31.74 million.
The cumulative analysis shows that for the six months ending in June 2022, merchandise exports increased by 12.4 percent to US $ 6,408.3 million compared to the corresponding period of 2021. Major product sectors, except tea and spices and concentrates, recorded increased exports
Meanwhile, the estimated value of services exports for the first half of 2022 was US $ 1,337 million, increasing 45.72 percent over the corresponding period of 2021. The services exports estimated by the EDB consist of ICT/BPM, construction, financial services and transport and logistics.
The data shared by the EDB revealed that a strong export growth was recorded for the top five export markets in the month of June 2022 and the period of January to June 2022.
