Business

Sri Lanka’s Export Performance up in August 2022

Published

4 years ago

2022/10/2

Earnings from the merchandise exports increased by 10.24 % y-o-y to US$ 1,213.7 Mn in August 2022 according to Customs data mainly due to the increase in earnings from export of Apparel & Textiles. The Export Development Board said last week.

EDB Chairman/CEO, Suresh D. de Mel, congratulates the exporters for their great effort to increase foreign exchange earnings for the country during this critical period and also thanked the staff of the EDB and other supporting agencies for their untiring support to facilitate exports under highly disruptive circumstances.

Monthly Merchandize Export Performance, 2020 – August 2022 in Millions of US$

Sources: Central Bank of Sri Lanka, Sri Lanka Customs & Sri Lanka Export Development Board

Major Exports in August 2022

Major product sectors except coconut based products (down 3.7%) performed well led by Apparel & Textiles, Tea, Rubber based products, Electrical & Electronic components, Spices & Concentrates Diamonds, Gems & Jewellery, Food & Beverages, Seafood & Ornamental fish as shown in the table 1 below, recorded increased exports in August 2022.Exports of Apparel & Textiles increased by 15.03% y-o-y to US$ 565.37 Mn in August 2022. The increase was driven by apparel.

Export earnings from tea in August 2022 which made up 11% of merchandise exports, increased by 6.52% y-o-y to US$ 124.41 Mn. This was mainly due to the higher export of packeted tea s (11.42%). Export earnings from Rubber and Rubber Finished products have increased by 8.11% y-o-y to $ 99.83 million in August 2022, with better performance in exports of pneumatic & retreaded rubber tyres & tubes (24.03%).

Export earnings from the Electrical & Electronics Components increased by 14.03 % y-o-y to US$ 41.86 Mn in August 2022 with strong performance in exports of insulated wires & cables (8.49%) and other electrical & eectronic products (24.41%).Export earnings from seafood increased by 37.04% to US$ 25.53 Mn in August 2022 compared to August 2021. Except shrimps & lobsters, export earnings from frozen fish and fresh fish increased by 69.88% and 56.39% respectively in August 2022.Further, export earnings from Ornamental fish increased by 140.63% to US$ 2.31 Mn in August 2022 compared to August 2021.

In addition, export earnings from Spices and Essential Oils increased by 0.8% to US$ 40.11 Mn in the month of August 2022 compared to month of August 2021 due to the better performance in export of Cinnamon (24.84%) and essential oils (2.31%). On monthly analysis, except shell products export earnings of kernel products and fiber products categorized under the Coconut based products decreased by 10.79% and 7.55% respectively in August 2022 compared to August 2021. Major Exports during the period of January – August 2022

For the period of January – August 2022, merchandise exports increased by 12.04% to US$ 8,853. Million compared to the corresponding period of 2021. Major product sectors except Tea, Rubber-based products and Spices & Concentrates; Apparel & Textiles, Coconut based products, Electronics & Electronic Components, Gems & Jewellery, Food & Beverages and Seafood as shown in the table 1 below, recorded increased exports.

Apparel & Textile exports increased by 19.3% to US$ 4,082.81 Mn during the period of January to August 2022 compared to the same period of 2021. Except Made-up Clothing Accessories (-9.8%), Knitted fabrics (-1.02%), Yarn (-15.61%) and Textile Floor Coverings (-14.35%); exports of other sub categories of Apparel & Textiles sector increased.

Export earnings from Rubber & Rubber finished products slightly decreased by 0.46% to US$ 705.7 Mn in January – August 2022 compared with the same period of 2021 attributed to lower exports of Industrial & surgical Gloves (-15.79%). However, exports of Pneumatic & Retreated Rubber Tyres & Tubes increased by 9.42% during the period of January to August 2022 compared with the same period of 2021.

Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 11.87 % to US$ 311.17 Mn in the period of January to August 2022 compared to the corresponding period of 2021. Export of Insulated wires increased by 15.83% in during the period of January to August 2022 to US$ 54.65 Mn compared with the corresponding period of previous year. In addition, export of Printed Circuits, Switches, Boards & Panels, Electrical Transformers and Other Electrical & Electronic Products increased by 40.65%, 3.89%, 10.89% and 11.77 % respectively during the period of January to August 2022 compared with the corresponding period of previous year.

Export earnings from Seafood increased by 13.83% to US$ 188.36 Mn in the period of January to August 2022 compared to year 2021 due to the better performance in all the sub categories except Lobsters; Frozen Fish (4.37%), Fresh Fish (31.47%) and Prawns (47.75%).In addition, earnings from export of ornamental fish increased by 9.76% to US$ 13.83 Mn during the period of January to August 2022 compared to year 2022.

For the period of January to August 2022, export earnings from Coconut & Coconut based products expanded by 6.37% to US$ 572.71 Mn. Earnings from all the major categories of Coconut based products increased during the period of January – August 2022 compared with the corresponding period of 2021 due to the improved performance in export of Liquid Coconut Milk, Cocopeat, Brooms & Brushes, Mattress Fiber, Activated Carbon, Coconut Oil and Desiccated Coconut.

However, export earnings from Tea decreased by 7.16% to US$ 819.31 Mn during the period of January to August 2022 compared with the corresponding period of 2021. Exports of all the sub categories of tea sector except Tea Bags; Tea packets (-7.04%), Bulk Tea (-7.16%,), Instant Tea (-24.56%) and Green Tea (-31.15%) decreased during the period of January to August 2022 compared with the same period of 2021.

Export earnings from Spices and Essential Oils decreased by 17.3% to US$ 234.39 Mn in the period of January to August 2022 compared to year 2021 due to the poor performance in all the sub categories; Cinnamon (-3.88%), pepper (-19.29%), cloves (-58.41%), nutmeg & mace (-17.95%), cardamom (-56.52%) and essential oils (-25.53%).

Sri Lanka’s Export Performance in Major Markets

Strong Export Growth recorded for top 10 export markets in the period of January to August 2022. The single largest export destination of United States of America recorded US$ 2,308.75 Mn worth of exports in the period of January to August 2022 – a significant year on year increase of 21.19 % in comparison to US$ 1,905.02 Mn recorded in 2021.

Exports to United Kingdom as the second largest trading partner recorded an increase of 12.91 % to US$ 682.56 Mn during the period of January to August 2022 compared with the corresponding period of previous year.

Exports to FTA Partners

During the period of January to August 2022, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports increased by 10.11 % to US$ 623.17 Mn.

Although Exports to India increased by 12.77 % y-o-y to US$ 570.46 Mn, exports to Pakistan decreased by 12.28% to US$ 60.08 Mn during the period of January to August 2022 compared with the corresponding period of 2021.

Increased Exports to India is mainly supported by increased exports of Animal Feed (16.42%), Arecanuts (67.28%), Woven fabrics(96.17%) and Wood pulp (35.39%) in January – August 2022.

Sri Lanka’s Export Performance in Regions

On a region wise comparison exports to all regions except Asean and CIS countries increased during the period of January to August 2022 compared with the corresponding period of 2021.

During the period of January to August 2022, breakdown of exports to the top five EU markets which accounted for 80% of Sri Lanka’s total exports to the EU were; Germany US$ 514.75 Mn (increased by 6.93 %), Italy US$ 414.26 Mn (increased by 10.95 %), Netherlands US$ 274.28 Mn (increased by 1.53 %), Belgium US$ 215.49 Mn (increased by 0.27 %) and France US$ 177.78 Mn. (increased by 16.4 %).

Export of Services

The estimated value of services exports for the period of Jan-August 2022 was 1,310.05 Million dollars, increasing 5.58 % over the corresponding period of 2021. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.

Policy & Strategic Planning Division
16.09.2022

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Business

Sri Lanka sees silver lining in ties with Russia and Britain amid Middle East shocks

Published

6 hours ago

2026/04/6

Thilina Walpola

As geopolitical tensions in the Middle East continue to unsettle global energy and trade flows, Sri Lanka appears to be finding a degree of resilience by deepening economic engagement with partners such as Russia and the United Kingdom.

Recent diplomatic and trade developments suggest Colombo is positioning itself to benefit from both energy cooperation with Moscow and expanded export opportunities in the British market, potentially softening the impact of external shocks on its fragile economy.

During talks in Colombo last week, Foreign Minister Vijitha Herath met visiting Russian Deputy Foreign Minister Andrey Rudenko, with both sides reaffirming their commitment to strengthening bilateral ties.

Rudenko has described the island as a long-standing friend of Russia and pledged support in several key areas, including oil supplies, investment promotion, and tourism cooperation.

The assurance of energy support comes at a time when global oil markets remain volatile due to geopolitical tensions and shifting sanctions regimes. Russia indicated it was prepared to assist Sri Lanka with oil supplies if needed, though Rudenko earlier clarified at a policy discussion that Moscow prefers long-term contractual supply arrangements rather than short-term spot deals arising from temporary market disruptions.

For Sri Lanka, which has faced severe fuel shortages in the recent past, such arrangements could offer greater stability in energy procurement during periods of global uncertainty.

Russia also signalled interest in encouraging its investors to explore opportunities in Sri Lanka and increasing tourist arrivals, while expressing readiness to provide compensation for Sri Lankan war veterans who lost their lives while serving in Russia’s war against Ukraine.

Colombo, in turn, emphasized the historic nature of the relationship. Herath noted that the two countries share nearly seven decades of diplomatic ties, adding that the current moment presents an opportunity to expand cooperation through longer-term trade and economic agreements.

While Russia offers potential relief on the energy front, Sri Lanka is simultaneously gaining a competitive edge in exports through new trade arrangements with Britain.

Under the revised Developing Countries Trading Scheme (DCTS) introduced by the United Kingdom in January 2026, Sri Lanka’s apparel sector – the country’s largest export industry – stands to benefit significantly.

The scheme eases rules of origin requirements, allowing exporters greater flexibility in sourcing raw materials while still maintaining preferential access to the UK market. For Sri Lankan manufacturers, particularly small and medium-sized enterprises, this change addresses a longstanding constraint that had limited their ability to compete with larger regional producers.

Industry participants say the reform could improve pricing competitiveness, shorten production lead times, and allow exporters to respond more effectively to the fast-moving demands of global apparel buyers.

Apparel exporter Joe Jayawardena noted that while the scheme provides duty concessions for developing economies, its most valuable feature is the commercial flexibility it offers producers. With more freedom in sourcing fabrics and inputs, Sri Lankan exporters can negotiate more effectively on price, delivery schedules and product specifications – factors that often determine whether orders are secured in the global fashion supply chain.

For Sri Lanka’s economy, the convergence of these developments could provide a modest but important buffer against global turbulence.

Energy cooperation with Russia may help stabilise supply during volatile periods, while enhanced access to the British market could strengthen export momentum in one of Sri Lanka’s most important trading sectors.

An independent economic analyst told this reporter that the offers coming from both countries would be widely welcomed in Sri Lanka, as they are driven primarily by mutual trade interests rather than by deeper strategic or political considerations.

By Sanath Nanayakkare

Business

John Keells Foundation marks its 21st anniversary with a redesigned website and new Volunteer App

Published

6 hours ago

2026/04/6

Thilina Walpola

Krishan Balendra, Chairperson of the John Keells Group launches the redesigned website

John Keells Foundation (JKF), the Corporate Social Responsibility (CSR) entity of the John Keells Group, announced the unveiling of its redesigned website and plans to launch a new Volunteer App as it marked its 21st anniversary of incorporation on 28th March 2026.

The redesigned website was symbolically launched by Krishan Balendra, Chairperson of the John Keells Group, in the presence of the JKF’s Management Committee comprising the Group Head of CSR, JKF Project Champions, Sector CSR Coordinators, the JKF team and associated Centre functions personnel.

Speaking at the website launch, Krishan Balendra said, “I am happy to note features in the redesigned website which amplify the voices of beneficiaries and partners and ease overall navigation, strengthening how JKF connects with our multiple stakeholders. Meanwhile, the new Volunteer App has potential to reach our 15,000+ employees through a dynamic and personalised interface and critically enhance Group-wide data collation and reporting on volunteerism. Both these innovations are meaningful ways of marking JKF’s 21st year, demonstrating how JKF continues to evolve strategically.”

Established in 2005 as a pioneer CSR entity in Sri Lanka, JKF has over the past 21 years, evolved as a dominant force in corporate responsibility, demonstrating how corporates can play a pivotal role in social development through a multi-stakeholder approach. JKF’s dedicated website has since its launch in 2016 served as a vital platform to communicate its wide‑ranging initiatives implemented under the John Keells CSR vision of `Empowering the Nation for Tomorrow’.

Business

IBH Real Estate celebrates six years of growth

Published

6 hours ago

2026/04/6

Thilina Walpola

Romesh Abeysekera

IBH Real Estate marks six years in business this year, having grown from a modest venture founded in 2020 by Romesh Abeysekera into a trusted name in Sri Lanka’s property sector.

The company has built a reputation for serving high-net-worth individuals and investors, particularly in the luxury segment, while offering advisory and legal support beyond standard brokerage.

Abeysekera said the firm’s progress has been driven by trust and long-term client relationships. IBH has also attracted growing international interest in Sri Lanka’s real estate market, bridging local expertise with global investor expectations. The company aims to further strengthen its industry position moving forward.