brand logo

Export earnings hit an all-time high in November 

26 Jan 2022

  • Sixth consecutive month of over $ 1 b exports  
Export sector earnings recorded the highest monthly export value in history in November 2021, exceeding the previous high recorded in October 2021, while marking the sixth consecutive month of above $ 1 billion of export earnings as per data released by the Central Bank of Sri Lanka (CBSL).  Earnings from merchandise exports in November 2021 reached an all-time high of $ 1.2 billion up 54.6% year-on-year (YoY). This surge in merchandise exports was due to increased earnings recorded in industrial (up 56.4% YoY), agricultural (46.9% YoY), and mineral exports (49.0% YoY).  Cumulative merchandise export earnings during the first 11 months of 2021 have increased by 24.9% YoY to $ 11.3 billion, compared to the corresponding period in 2020.  Industrial exports have surged by 56.6% November 2021, due to a broad-based increase in earnings from most of the industrial products led by garments, petroleum products, rubber products, and animal fodder. However, a decline in earnings was reported in the category of plastics and articles (mainly plastic clothing articles).  Similarly, export of agricultural goods increased by 46.9% YoY during November 2021, mainly due to the increase in export earnings from seafood (mainly fresh and frozen tuna), tea (mainly packed black tea), spices (mainly pepper), and coconut (mainly desiccated coconut, fibres, and coconut oil).  Earnings from the export of minerals also increased by 49.0% YoY during November 2021 due to higher earnings from earths and stone and precious metals.  However, an increase in merchandise imports was also observed with expenditure increasing 27.5% YoY to $ 1.8 billion in November 2021 compared to $ 1.4 billion recorded in November 2020. A notable increase in import expenditure was observed across all major categories of imports, namely, consumer goods, intermediate goods, and investment goods.  On a cumulative basis, total import expenditure during the first 11 months of 2021 amounted to $ 18.4 billion, up 26.6% YoY compared to $ 14.5 billion recorded in the corresponding period in 2020.  Due to the improved export earnings, the merchandise trade deficit constricted to $ 553 million in November 2021 compared to the deficit of $ 600 million recorded in November 2020. However, the cumulative trade deficit during the first 11 months of 2021 has widened to $ 7.1 billion from $ 5.4 billion recorded in the corresponding period of 2020.


More News..