Bittersweet Shows Sri Lanka export and import unit values

  • 12-Sep-2022
  • Bittersweet Shows Sri Lanka export and import unit values

Bittersweet Displays Sri Lanka’s export and import unit values. Sri Lanka’s export unit value index has raised in July 2022 significantly, but its import unit value index eclipsed the progress made by the former, according to Weekly Economic Indicators of the Central Bank of Sri Lanka (CBSL). 

The Import Export unit value index grew by 14.6 percent, (year-on-year), in July 2022 and the import unit value index in July 2022 improved by 18.1 percent, (year-on-year), CBSL stated.

Accordingly, the terms of trade deteriorated by 3.0 percent, (year-on-year), to 91.2 index points in July 2022, CBSL stated. Meanwhile, the average price of tea in the Colombo auction raised substantially to US dollars 4.08 per kg in July 2022 from US dollars 2.96 per kg in July 2021.

Further, the Net credit to the government and outstanding credit to public corporations from the banking system raised by Rs. 129.5 billion and Rs. 24.9 billion respectively, in July 2022. However, outstanding credit extended to the private sector fell by Rs. 41.0 bn in July 2022.

Index of Industrial Production (IIP) in July 2022 declined by 22.0 percent to 85.6 compared to July 2021. Among the primary sub-divisions of the manufacturing industries, “Coke and refined petroleum products” (98.5 percent) and “Other non-metallic mineral products” (37.7 percent) have mainly caused this overall decrease.

During the year up to 09th September 2022, the Sri Lankan rupee declined against the US dollar by 44.6 percent. Given the cross-currency exchange rate movements, the Sri Lankan rupee declined against the Indian rupee by 40.7 percent, the Euro by 37.7 percent, the pound sterling by 35.4 percent, and the Japanese yen by 30.9 percent during this time. 

On 09th September 2022, the All Share Price Index (ASPI) rose by 4.16 percent to 9,704.21 points and the S&P SL 20 Index advanced by 4.04 percent to 3,131.29 points, likened to the index values of last week. Outstanding central government debt grew to Rs. 21,696.6 bn by the end of March
2022 from Rs. 17,589.4 bn as of the end of 2021.

Also, the exports grew by 12.9 percent (year-on-year) to US dollars 7,678 mn during the seven months ending July 2022 as a result of improved earnings primarily from exports of textiles and garments (20.0%), petroleum products (51.9%), gems, diamonds and jewellery (50.2%), machinery and
mechanical appliances (12.1%) and food, beverages and tobacco (9.3%). 

Import expenditure declined just by 3.5 percent (year-on-year) to US dollars 11,315 mn during the seven months ending July 2022, mainly due to lower imports of machinery and equipment (-17.0%), base metals (-44.0%), telecommunication devices (-80.6%) and medical and
pharmaceuticals (-30.6%).

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