While maintaining that the US$ 20 billion export target is still a possibility for this year, Development Strategies and International Trade Ministry said Sri Lanka would likely end the year with US$ 18.5 billion in export earnings.
Earnings from merchandise exports increased for the 28th consecutive month in June 2019 and recorded an increase of 5.8 per cent (year-on-year) to US dollars 1,084 million, Central Bank announced.
The export earning increase had been mainly supported by an increase in industrial exports.
Earnings from industrial exports increased in June 2019 mainly due to the improved performance in textiles and garments, rubber products and transport equipment.
Export earnings from textiles and garments increased by 11.4 per cent in June 2019 benefiting from higher demand for garment exports from both the traditional and non-traditional markets.
Export earnings from rubber products increased with better performance in tyres and surgical and other gloves while export earnings from transport equipment increased notably reflecting the supply of a naval craft to Japan.
However, export earnings from petroleum products and machinery and mechanical appliances declined significantly in June 2019 in comparison to June 2018.
Earnings from agricultural exports decreased, on a year-on-year basis, in June 2019 mainly due to the reduction in earnings from tea, rubber, spices and minor agricultural products.
(LI)