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

Priority areas for deepening Japan-SL economic ties

Published

6 hours ago

2026/09/9

Sahan Weerasooriya

Executive Committee for the Year 2026/2027

Japan Business Council (SLJBC) of The Ceylon Chamber of Commerce recently held its 47th AGM, with the Ambassador of Japan and the Patron of the Council, Akio ISOMATA, attending as the Chief Guest.

Addressing the gathering, Ambassador ISOMATA outlined three priorities for deepening bilateral economic relations: an effective and forward-looking trade and investment policy, the promotion of domestic industrial policy, and expanded investment in renewable energy. He noted that Sri Lanka’s ongoing review of its Free Trade Agreement policy would be important in shaping the country’s future negotiating landscape. He encouraged Sri Lanka to look Eastward toward Southeast Asia and Japan, proposing that the country adopt an export-oriented industrial model. The Ambassador welcomed the Government’s National Export Development Plan 2026 and National Mineral Policy 2026 as consistent with Japan’s vision of connecting Sri Lanka’s export-related manufacturing sectors with India’s high-growth manufacturing base.

In his address, President Athulla R F Edirisinghe reflected on nearly seven decades of humanitarian and development support extended by Japan to Sri Lanka, and paid tribute to the Chairman of the Sasakawa Peace Foundation Yohei Sasakawa, for his magnanimity in establishing the Foundation. Reflecting on the history of Japanese investment in the region from the 1970s onward, he observed that Sri Lanka had missed many opportunities to attract Japanese foreign direct investment. Highlighting the 2025 proposal for a Sri Lanka – Japan Economic Corridor by the Ministry of Economy, Trade, and Industry Japan, he called on Sri Lankan businesses, industry associations, and the wider community to come together in dialogue with the Government to ensure the country does not miss this opportunity as well.

2026/27 Committee: President: Athulla R F Edirisinghe – Director, Hirohama Ceylon (Pvt) Ltd, Senior Vice President – Ruwan Waidyaratne – Managing Director, Hayleys Advantis Ltd, Vice – President – Shamil Mendis – Managing Director, Spear International (Pvt) Ltd, Treasurer – Rohitha Mendis – Managing Director of Prudential Shipping Lines (Pte) Ltd, Immediate Past President – Mahen Kariyawasan – Managing Director, Andrew The Travel Company (Pvt) Ltd, representatives from Amano Lanka Engineering (Pvt) Ltd, BOV Capital (Pvt) Ltd, Brandix Apparel (Pvt) Ltd, Heritage Teas (Pvt) Ltd, Kalhari Enterprises (Pvt) Ltd, Lanka Harness (Pvt) Ltd, Dentsu Grant (Pvt) Ltd, MAC Holdings (Pvt) Ltd, and Vidullanka PLC. By invitation: HVA Foods PLC (subsidiary of George Steuart & Co), Spillburg Holdings (Pvt) Ltd, and Vaughan Chemicals (Pvt) Ltd.

The Sri Lanka – Japan Business Council plays an important role in promoting trade, tourism, and investments between Japan and Sri Lanka. For membership inquiries contact Kiyara at The Ceylon Chamber of Commerce via E-mail: businesscouncils1@chamber.lk or Tel.: 011 5588875/ 5588800.

Business

Rekawa turns turtle conservation into a 30-year community business model

Published

6 hours ago

2026/09/9

Sahan Weerasooriya

Stakeholders at 30th anniversary celebrations of the turtle conservation project.

By Ifham Nizam

What started 30 years ago as an effort to protect sea turtles has evolved into a community-based economic model that has generated livelihoods, attracted tourists and transformed Rekawa into one of Sri Lanka’s best-known nature tourism destinations.

The Rekawa Turtle Conservation Project, launched on September 2, 1996, by the Turtle Conservation Project (TCP) in partnership with the Department of Wildlife Conservation and the Rekawa community, marked its 30th anniversary last week, demonstrating how biodiversity protection can become an economic opportunity for communities living alongside sensitive natural resources.

Speaking at the anniversary celebrations, TCP chairman Thushan Kapurusinghe said the project currently provides direct livelihoods for 28 people, but its economic impact extends considerably beyond those directly employed by the programme.

‘Today, 28 people directly earn their livelihood through this project. But its impact goes far beyond those 28 individuals, Kapurusinghe said.

He pointed to the transformation of the area over the past three decades, arguing that the growth of tourism in the community has been closely linked to the turtle conservation programme.

‘If you travel from Netolpitiya to this area, you can clearly see how much the village has transformed over the years. There is no doubt that the growth of tourism in this community has been driven by the Turtle Conservation Project, he said.

The economic significance of Rekawa lies in its ability to convert the protection of a natural asset into a source of recurring community income.

Tourists do not come to Rekawa merely to see a beach. They come to witness sea turtles emerging from the ocean and nesting in their natural habitat—a tourism experience that depends directly on the continued protection of the nesting beach.

Kapurusinghe said tour operators regularly bring visitors to Rekawa, with some tourists traveling there after visiting major attractions such as the Kandy Esala Perahera.

The model represents a fundamental shift from viewing conservation as an expense to recognising biodiversity as an economic asset that can generate sustainable livelihoods when properly managed.

The 30th anniversary celebration at the Rekawa Turtle Conservation Project Information Centre brought together Southern Wildlife Region Director of the Department of Wildlife Conservation Channa Suraweera, government officials, conservation organisations, community representatives and long-standing supporters of the initiative.

Individuals who had contributed to the project over the past three decades were also recognised with awards for their service to sea turtle and environmental conservation.

Rekawa’s experience has attracted international attention because of precisely this combination of conservation and community development. The project has received international recognition as well as the Green Employment Award from the Ministry of Environment and Natural Resources. Earlier international recognition included a highly commended ‘Tourism for Tomorrow’ award, while the project’s turtle-watch programme subsequently received further recognition in responsible tourism and conservation.

Business

Ceylinco Life brings premium policyholders closer to the magic of the Kandy Perahera

Published

6 hours ago

2026/09/9

Sahan Weerasooriya

For an evening, the timeless spectacle of the Kandy Esala Perahera unfolded at especially close quarters for a select group of Ceylinco Life’s most valued policyholders and their families, who were hosted to an exclusive viewing experience by the Company’s Customer Relations Division.

Held at the Ceylinco Life Kandy Branch on Kings Street, the annual event coincided with the second Randoli Perahera, bringing guests into the heart of one of Sri Lanka’s most spectacular expressions of culture, tradition and pageantry.

As the procession made its majestic passage through the streets of Kandy, guests enjoyed VIP seating at a prime vantage point, allowing them to experience the colour, movement and grandeur of the Perahera up close. The evening offered a fitting setting for Ceylinco Life to celebrate its enduring relationships with its premium clientele.

The experience extended well beyond the spectacle outside. Guests were welcomed with evening refreshments and an exclusive dinner buffet presented by the prestigious Amaya Hills Resort, adding a fine-dining dimension to an already memorable evening.

Families, too, were at the centre of the occasion. A private movie theatre experience provided entertainment for children and adults alike, while each attending family received a beautifully framed family photograph as a personalised souvenir, a tangible reminder of an evening shared together against the backdrop of one of Sri Lanka’s most treasured cultural traditions.

Besides being a much sought-after opportunity to watch the Perahera, the occasion was an expression of appreciation. Through its continuing Customer Relationship Management activities, Ceylinco Life seeks to create experiences that recognise its most valued policyholders not simply as customers, but as relationships to be celebrated and nurtured. And on this particular August evening, the enduring splendour of the Kandy Perahera provided the perfect setting for doing just that.