External trade – 3rd Quarter 2022
Highlights
Total Exports
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1. Total exports (inclusive of ship's stores & bunkers) for the third quarter of 2022 were valued at Rs 26,886 million, showing an increase of 20.7%, compared to the corresponding quarter of 2021. This is mainly explained by increases in exports of “Ship's stores & bunkers" (+37.3%), “Food and live animals" (+37.0%), “Manufactured goods classified chiefly by material" (+21.4%), “Chemicals and related products, n.e.s" (+9.0%) and “Miscellaneous manufactured articles" (+5.4%).
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2. Total exports for the third quarter of 2022 increased by 3.5%, compared to the previous quarter.
Total Imports -
3. Total imports for the third quarter of 2022 amounted to Rs 77,046 million showing an increase of 40.7%, compared to the corresponding quarter of 2021. This is mainly explained by increases in the imports of “Mineral fuels, lubricants & related products" (+67.9%), “Machinery & transport equipment" (+41.8%), “Food and live animals" (+37.2%), “Miscellaneous manufactured articles" (+36.4%), “Manufactured goods classified chiefly by material" (+23.4%) and “Chemicals and related products, n.e.s." (+20.9%).
Balance of trade -
4. The trade deficit for the third quarter of 2022 worked out to Rs 50,160 million, 0.8% higher than the deficit of Rs 49,782 million of the previous quarter and 54.4% higher than the deficit of
Rs 32,492 million of the corresponding quarter of 2021. -
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Forecast for year 2022
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5. Based on trends and information from various sources, the forecast of total exports for 2022 will be around Rs 100 billion, 22.0% higher than the total exports of around Rs 82 billion in 2021. Total imports for 2022, including one-off items such as machinery for metro terminals and aircraft/helicopters, will be around Rs 300 billion, 39.5% higher than the total imports of around Rs 215 billion in 2021.
The trade deficit for 2022 is forecasted at around Rs 200 billion, 50.3% higher as compared to around Rs 133 billion in 2021.
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