Sri Lanka’s export earnings in July 2017 registered a year-on-year growth of 13.9 per cent.The growth in exports was mainly driven by industrial exports followed by agricultural exports.
Earnings from industrial exports grew by 11.6 per cent year-on-year, led by increased exports of textiles and garments. Indicating a reversal of negative growth experienced in the previous two months, export earnings from textiles and garments increased by 9.6 per cent year-on-year compared to July 2016, registering the highest monthly value recorded so far during the year. Garment exports to the EU market increased by 10.6 per cent year-on-year in July 2017 signaling the positive impact of the restoration of the GSP Plus facility in May 2017.
During the month, garment exports to the USA and non-traditional markets also grew by 7.9 per cent and 6.5 per cent year-on-year respectively. Export earnings from food, beverages and tobacco increased significantly by 46.8 per cent. Export earnings from rubber products increased by 15.2 per cent in July 2017. Due to higher export volumes and prices of bunker and aviation fuel, earnings from export of petroleum products increased significantly by 21.5 per cent. However export earnings from leather, travel goods and footwear, and gems, diamonds and jewelry declined in July 2017.