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Merchandise export earnings rise to US$ 1,062 in January
View(s):Sri Lanka’s merchandise exports climbed by 13 percent to US$ 1,062.63 million in January 2022, compared to the same period in January 2021, Sri Lanka Export Development Board (SLEDB) stated.
According to SLEDB data, the merchandise export performance in January 2021 was US$ 936.70 and in January 2020, it was US$ 1,004.90.
The export performance in January 2022 was extraordinary and the rise was all-encompassing, as practically all significant industries showed optimistic trends, SLEDB chairman Suresh D. de Mel said.
An SLEDB report says exports have increased on year-to-year basis in several sectors including apparel and textile, tea, rubber based products, coconut based products, diamonds, gems and jewellery, electronics and electronic components, spices and concentrates, processed food and beverages, seafood, ornamental fish, vegetables, fruits, other export crops, flowers and foliage, boat building and petroleum products.
“We’re optimistic that this trend will continue, and that we’ll see a robust recovery by the end of the year,” Mr. de Mel said.
To maintain the status quo, he said the country must add more value to exports, explore niche markets, and diversify its product basket and markets.
“While we recognise that the United States and the European Union are our main markets, we need to increase our market share in Asia.”
In this context, the planned Bangladesh Preferential Trade Agreement (PTA) would undoubtedly be beneficial, he said. “We need to diversify our export products at the same time to build more billion-dollar industries in Sri Lanka,” he said.
Sri Lanka and Bangladesh are expected to sign the PTA in April, according to the Financial Express Bangladesh, with a view to enhancing bilateral trade between the two South Asian countries.
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