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Thursday, 22 February 2018 - 15:09
Exports earnings grow in December
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Central Bank says the earnings from exports surpassed $ 1 billion-mark in December 2017 for the fifth time during the year and recorded a double-digit growth (year-on-year) for the sixth consecutive month.
 
Increased performance in industrial exports supported by textiles and garments largely contributed to this growth.
 
Earnings from textiles and garment exports continued to increase significantly in December 2017 with increased exports to the European Union (EU) following the restoration of the GSP+ facility in May 2017.
 
Earnings from garment exports to the EU increased by 27.2 percent (year-on-year), while garment exports to the USA and other non-traditional markets increased by 18 percent and 14.1 percent, respectively, during December
2017.
 
Meanwhile, with the increase in the average export prices and volumes, earnings from tea increased in December 2017 favourably impacting agricultural exports.
 
On a cumulative basis, export earnings recorded the historically highest value of $ 11.4 billion in 2017 mainly due to the notable increase in tea, textiles and garments, and petroleum products exports.
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