ECONOMYNEXT – Sri Lanka’s exports grew 9.9 percent to 980.2 million US dollars in May 2022 from a year ago, the island’s Export Development Board said as the country grapples with the worst currency crisis in the history of its central bank.
Export to United States, the largest buyer of Sri Lanka goods, increased by 25.02 percent to US$ 266.42 million, with apparel up 40.83 percent and Coconut based products 29.69 percent.
From January to May exports to the US was up 20 percent to 1,364 million US dollars.
Exports to India increased 20.61 percent to US$364.99 million while, exports to Pakistan fell 6.75 percent to US$ 33.99 million.
Woven fabrics to India rose 162.2 percent and other textiles83.42 percent from January to May.
Exports in the five months to May was up 9.7 percent to 5.1 billion US dollars.
Sri Lanka’s exports are growing despite fuel shortages from forex shortages as an intermediate regime central bank continues to print money and force sell dollars to itself through a surrender requirement.
Exports of Apparel & Textiles grew 30.1 percent to US$ 482.7 million in May 2022.
Export earnings of kernel products were up 5.37 percent, fiber products 4.93 percent and coconut shell products 12.9 percent.
Seafood was up 11.8 percent to US$ 16.8 million with fresh fish up (4.9 percent) and Shrimps 90.74 percent.
Electrical & Electronics Components increased by 18.8 percent to US$ 41.8 million
Rubber and Rubber products fell 15.9 percent $76.7 million in May 2022, led by falls in pneumatic & retreaded rubber tyres and tubes (5.41 percent).
Export earnings from tea in May 2022 fell 14.2 percent to US$ 93.7 million. Export of tea packets fell 9.75 percent and bulk tea decreased 18.83 percent. (Colombo/June27/2022)
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ECONOMYNEXT – Sri Lanka will impose power cuts of up to three hours on Saturday August 20 and Sunday August 21, Public Utilities Commission (PUCSL) Chairman Janaka Ratnayake said.
All areas (A, B, C, D, E, F, G, H, I, J, K, L, P, Q, R, S, T, U, V and W) will have power cuts of 1 hours and 40 minutes between 10.30 am and 06.00 pm and 1 hour 20 minutes from 06.00pm to 10.00 pm.
Click here for a detailed schedule.
The state-run Ceylon Electricity Board (CEB) said supply interruption time and restoration time will vary within 30 minutes as indicated above.
Sri Lanka’s daily scheduled power cuts that were reduced to one hour in July with power generation from hydro power plants contributing more than 50 percent to the main grid reducing thermal power plant use was extended to three hours last week due to a breakdown at the Norochcholai coal power plant.
According to officials, the breakdown happened in Unit 1 of Norochcholai which will take around two weeks to repair.
The Minister of Power & Energy said Unit 2 is undergoing scheduled maintenance work while Unit 3 will continue to operate. West Coast and other fuel power pPlants will be used to manage the supply, the ministry said. (Colombo/Aug02/2022)
ECONOMYNEXT – Sri Lanka Central Bank’s guidance peg for interbank transactions edged down on Friday (19), while yields in Treasury bonds picked up slightly and in T-bill remain unquoted in dull trade, a day after the Central Bank announced the policy rates will remain stable, dealers said.
A bond maturing on 01. 06. 2025 closed at 27.95/28.05 percent on Friday, slightly up from 27.90/28.00 percent on Thursday.
No T-bills were quoted on Friday, dealers said.
Meanwhile Sri Lanka’s central bank announced a guidance peg for interbank transactions further weakened by three cents to 361.00 rupees against the US dollar on Friday from 360.97 rupees.
Data showed that commercial banks offered dollars for telegraphic transfers between 368.00 and 370.00 for small transactions. (Colombo/ Aug 19/2022)
ECONOMYNEXT – Sri Lanka recorded 10 COVID-19 deaths in the 48 hours from August 17 to 19 taking the country’s pandemic death toll to 16,640, health ministry data showed.
Sri Lanka is experiencing a slight increase in COVID-19 cases with the relaxation of public health restrictions relating to face masks and public gatherings.
Health authorities said the situation will be monitored constantly and have asked the general public to continue to follow basic hygiene measures in order to control the spread of the virus again in the community.
In August alone 2,924 new cases were recorded in Sri Lanka, with 84 deaths attributed to the disease.
So far in 2022, from January onward, health authorities have identified 81,157 patients to date.
Epidemiology unit data showed that 874 patients are currently receiving treatment, out of which 716 are receiving home based care.
The spread of the virus has increased with the use of public transport rising after an easing of a fuel crisis.
Sri Lanka is also facing difficulties in securing essential medicine supplies for the health sector due to a forex shortage.
Health officials said if the number of COVID-19 patients rise to a level the health sector cannot manage, with the added issues of fuel and medical shortages, the health system might collapse.
“It is the responsibility of us all. There is no use trying to forcibly control people. We all have the responsibility to reduce or stop the spread of the virus before it gets out of control. We have been living with it for the past two years,” Deputy Director General of Health Services Dr Hemantha Herath said. (Colombo/Aug19/2022)
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