Business
Export earnings from rubber and rubber products grow by 7.1% YoY
Export earnings from rubber and rubber finished products have reported a growth of 7.1%YoY to USD 102.3Mn in Jun 2022 compared to USD 95.5Mn in Jun 2021, while earnings from pneumatic and retreated rubber tyres and tubes also increased by 15.2%YoY during the month, a review issued by First Research states.
Growth in export earnings was mainly attributable to the continuous rise in rubber auction prices, it states.
The review further states:
“Rubber auction prices continued to elevate during the month of Jun 2022 boosting the earnings growth for the period. Global rubber prices witnessed a plunge during the period yet displayed an increase of 4.9% on a YoY basis on the back of recessionary fears. Accordingly, the monthly local average auction price of rubber for Jun 2022 improved to LKR 1,400/Kg (+122.4%YoY) while YTD price increased by over 100% owing to the steep depreciation of LKR against USD by 80.0%YTD.”
“Although steady demand for all grades of rubber (RSS, Latex crepe and synthetic) was witnessed in Jun 2022, total production hampered to 5.2Mn Kg from 7.2Mn Kg (-27.8%YoY) amidst wet weather conditions that disrupted rubber tapping along with delays in transportation due to the prevailing fuel crisis. Meanwhile, rubber earnings for the 1H2022 reported a slight decline of 0.7%YoY to USD 516.6Mn, although total production dropped by 15.6%YoY during the period amidst the outbreak of the fungal leaf fall disease. Major export markets for Sri Lankan natural rubber are Pakistan, Germany and Japan, whereas US, Germany and Belgium are the key export markets for rubber finished products.”
“Rubber prices have witnessed a growth trend since the beginning of the year, yet it has adjusted downward in the recent auctions in line with the global market price trend while cropping season has started in most of the rubber-producing regions leading the rubber price to drop. Further, the fluctuations in crude oil prices, which influence synthetic rubber prices, have also impacted the prices of natural rubber. On the other hand, with the availability of chemical fertilizer improving in the forthcoming months, we expect plantation sector to command higher yields in 2H2022 while further discussions have started with World Bank, Asia Developments and other international financial institutions to obtain funds to import fertilizer. In addition to that, we may see global consumption of rubber gloves peak over pre-pandemic level supported by increased awareness of health care and hygiene among people which ensures demand for rubber to boost in 2H2022. Considering the stability in production volume and the current price which remains above 2021 level, we expect rubber plantation to see an upside in 2H2022,” First Capital review states.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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