COLOMBO (NewsRadio); Sri Lanka’s merchandise exports have surpassed USD 10 billion in 2022.
According to data from the Sri Lanka Export Development Board and the Central Bank of Sri Lanka, exports are up 11.83 percent in the first nine months of 2022 in comparison to the same period last year.
The EDB said merchandise exports in September grew 5.75 percent from a year earlier to USD 1,093 million.
Exports are mainly driven by apparel and textile, and tea.
In September, exports of apparel and textiles stood at USD 479.88 million in September which is 5 percent increase.
Tea exports increased 13.16 percent in September to USD 117.82 million.
The EDB said earnings from rubber based products stood at USD 82 million, coconut products at USD 65 million while export earnings from seafood stood at nearly USD 17 million in September.
Meanwhile, the United States remained the biggest market for Sri Lankan products, with goods worth over USD 274 million purchased by the US.
The EDB said the United Kingdom accounted for USD 76 million of the exports earnings while India purchased goods worth USD 71 million.
Sri Lanka is currently experiencing the worst economic crisis in modern times and the government has taken a number of steps to increase to exports and tackle the acute foreign exchange shortage.
Exports earnings are expected to increase further in the coming months following steps taken by the government in the past few weeks.