Merchandise Exports Hit An All-time High In November 2021 
Posted 24,December

By Chaveendra Dunuwille

In Local News

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According to the latest data, the total export merchandise earnings for November 2021 have reached an all-time high of $1.22 billion. The export earnings also mark the 6th consecutive month where export earnings have been over $1 billion, with the previous highest being $1.2 billion, recorded in October 2021. 

As of November, the total merchandise export earnings for 2021 is $11.12 billion. The earning accounts for 91.59% of the total revenue target set by the Export Development Board for 2021. An overall earnings of $13.8 billion from all imports accounts for 88% of the EDB’s overall target. According to Customs, it established a year-on-year growth of 55.11%. 

Despite a slight decrease in month-on-month revenue from $510 million in October to $496.4 million in November, the apparel and textile sector dominated the exports, recording a 52.8% year-on-year growth. Compared to the previous year, the industry also showcased a 23.5% growth. 

With the return of favorable agrochemical conditions, the tea export earnings grew by 22.30% year-on-year to $117.65 million. Rubber and Rubber finished products showed a 46.9% YoY to $102.2 million. Industrial and surgical gloves grew YoY by 45.2%, and the pneumatic and retreated rubber tires grew by 57.2%. 

Coconut-based products grew by 40.66% YoY to $80.99 million. Coco peat, fiber, and moduled products identified as coconut fibers grew by 42.4% YoY to $16.7 million. Activated carbon exports grew to $13.84 million. 

Electrical and Electronic components experienced a 45.53% YoY growth to $36.47 million. Insulated wires and cables grew by 5.89%, while switches, boards & panels, and electronic transformers grew by 31.37% and 156.71%. 

Seafood exports grew by 233.43% to $34.91 million in November 2021, while the jewelry sector experienced an astonishing YoY growth of 1133.05% to record $58.94 million in November 2021. 

The top five single markets of Sri Lanka’s exports was the USA which accounted for $2.76 billion of the total expenses, while the UK accounted for $852.66 million. India, Germany, and Italy accounted for $724.89 million, $678.54 million, and $533.30 million. The European Union (excluding the UK) remained the single largest regional market.