External trade – 2nd Quarter 2022Highlights
Total Exports
Total exports proceed for the second quarter of 2022, including domestic exports, re-exports and ship's stores and bunkers amounted to Rs 25,976 million, showing an increase of 19.0% compared to the previous quarter. This is mainly explained by increases in exports of “Machinery and transport equipment" (+59.9%), “Ships' stores & bunkers" (+32.6%), “Crude materials, inedible, except fuels" (+24.9%),
“Food and live animals" (+18.3%), “Manufactured goods classified chiefly by material" (+12.7%) and “Miscellaneous manufactured articles" (+11.4%), partly offset by a decrease in the exports of “Chemicals and related products, n.e.s." (-5.1%).
Compared to the corresponding quarter of 2021, total exports for the second quarter of 2022 increased by 33.8%.
Total Imports
Total imports for the second quarter of 2022 amounted to Rs 75,758 million, showing an increase of 22.2%, compared to the previous quarter. This is mainly due to increases in imports of “Mineral fuels, lubricants and related materials" (+57.1%), “Miscellaneous manufactured articles" (+19.7%), “Beverages and tobacco" (+17.3%), “Manufactured goods classified chiefly by material" (+17.0%), “Chemicals and related products" (+16.1%), “Food and live animals" (+10.2%) and “Machinery and transport equipment" (+3.6%).
Compared to the corresponding quarter of 2021, total imports for the second quarter of 2022 increased by 57.1%.
Balance of trade
The resulting trade deficit for the second quarter of 2022 worked out to Rs 49,782 million, 24.0% higher than the deficit of Rs 40,133 million of the previous quarter and 72.8% higher than the deficit of
Rs 28,813 million of the corresponding quarter of 2021.
Forecast for year 2022
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 helicopters, will be around Rs 290 billion, 34.9% higher than the total imports of around Rs 215 billion in 2021.
The trade deficit for 2022 is forecasted at around Rs 190 billion, 42.9% higher as compared to around Rs 133 billion in 2021.
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26th August 2022
