Sri Lanka’s Central Bank states merchandise export earnings has recorded highest monthly value in March 2018
An External Sector performance report of the Central Bank of Sri Lanka has stated that the country’s merchandise export earnings at US$ 1,108 million (US$ 1.1 billion) has recorded the historically highest monthly value in March 2018.
A local media report has stated that the year-on-year growth of export earnings in March 2018 has moderated as the highest monthly export value in comparison to the earnings in March 2017.
Earnings from industrial exports had mainly contributed towards the growth in export earnings, the report stated.
The Central Bank report has added that under industrial exports, earnings from garment exports have recorded the highest value for a month since November 2013 mainly due to the increase in garment exports to the USA, despite a marginal reduction of exports to the EU.
Export earnings from gems, diamonds and jewellery had increased significantly in March 2018 mainly owing to higher performance registered in gem exports. Increase in the export of vegetable, fruit and nut preparations have reportedly resulted in an increase in export earnings from food, beverages and tobacco.
Also, machinery and mechanical appliances have increased during the month led by electronic equipment.
Tea export earnings have recorded an increase due to the combined effect of high prices and volumes exported.
According to the report, leading markets for merchandise exports of Sri Lanka in March 2018 were the USA, the UK, India, Germany and Italy accounting for about 52 per cent of total exports.
OSL take:
The increase in merchandise export earnings as stated by a report issued by the Central Bank of Sri Lanka is an encouraging sign for local exporters as well as for foreign businesses/investors looking at investing in Sri Lanka’s exports sector. Sri Lanka enjoys trade concessions from the EU and US while also possessing free trade agreements with several foreign countries. Also, given Sri Lanka’s geographical position in the Indian Ocean region, the economy of the island nation is bound to see a robust growth.
| Article Code : | VBS/AT/20180608/Z_1 |