Merchandise exports top US$ 1bn for third consecutive month in July

• Apparel and textile exports up 21% to US$ 550mn; seven-month income up 20% to US$ 3.5bn
• Services exports estimated to have grown 5.4% to US$ 1.14bn in first seven months 

Sri Lanka recorded merchandise exports revenue of US$ 1 billion for the third consecutive month as July exports income edged up by 2.25 percent year-on-year (YoY) to US$ 1.12 billon largely on higher apparel and textile exports.
Apparel and textile exports in July rose 21.5 percent YoY to US$ 550.05 million. The cumulative apparel and textile exports for the first seven months rose 20.1 percent YoY to US$ 3.5 billion.

Diamond, gems & jewellery exports also rose 70 percent YoY to US$ 36.3 million in July, while electronic & electronic components exports fetched in US$ 41.1 million for the month, up 4.3 percent YoY. Tea exports in July edged up by 2.1 percent YoY to US$ 117.5 million.
Meanwhile, a steep 92 percent YoY slump to US$ 4 million was seen in petroleum products imports in July, while rubber-based products exports fell 7.6 percent YoY to US$ 89.2 million. 

Coconut-based exports fell 12.4 percent to US$ 67.1 million while spices and essential oils exports fell 26.2 percent YoY to US$ 33.9 million. The single largest export destination for Sri Lanka in July and in the first seven months of 2022 was USA followed by the United Kingdom. In terms of regions, USA again remained on top followed by the European Union, excluding the UK. Meanwhile, according to Export Development Board (EDB) estimates Sri Lanka’s services exports grew 5.4 percent YoY  to US$ 1.14 billion during the January-July period. The services exports estimated by EDB consists of ICT/BPM, construction, financial services and transport & logistics.