Earnings from merchandise exports increased moderately by 4.1 per cent (year-on- year) to US dollars 980 million in November 2018. The growth in exports was driven by industrial exports while agricultural exports continued to decline.
Under industrial exports, export earnings from textiles and garments increased notably in November 2018 mainly driven by exports to the USA. In addition, garment exports to non-traditional markets such as India, Canada and Australia as well as the EU market increased along with textile and other made up textile articles. Earnings from petroleum products increased significantly in November 2018 reflecting higher bunker and aviation fuel prices despite a slight reduction in export volumes in comparison to that of November 2017.
Export earnings from machinery and mechanical appliances also increased substantially during November 2018 due to improved performance in all sub categories therein. Further, export earnings from food, beverages and tobacco, rubber products and base metals and articles rose in November 2018 contributing towards the increase in industrial exports. However, export earnings from printing industry products, gems, diamonds and jewellery and leather, travel goods and footwear declined in November 2018.Earnings from agricultural exports recorded a decline during the month due to poor performance in almost all sub categories except the categories of unmanufactured tobacco and vegetables.
Reflecting lower average export prices and exported volumes, export earnings from tea declined in November 2018. Export earnings from spices also declined during the month due to the lower volumes in most categories of spices. Further, earnings from coconut exports declined due to the drop in both kernel and non-kernel products. Earnings from seafood exports also declined in November 2018 while in cumulative terms seafood exports rose with higher exports to the EU market. The export volume index in November 2018 increased by 2.9 per cent while the export unit value index increased by 1.1 per cent, implying that the growth in exports was driven mainly by the increased volume, rather than the price, compared to the volume and unit value indices in November 2017.
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