Sri Lanka’s merchandise exports encountered a notable downturn, registering a 14.6% decrease to USD 898.0 million in October 2023 compared to the same period in 2022, as per provisional data released by the Sri Lanka Customs. This decline is further emphasized by a 13.13% decrease when compared to the export value recorded in September 2023, according to the Export Development Board (EDB).
The primary contributors to the decline in merchandise exports include reduced demand for export products, particularly in sectors such as Apparel and Textiles, Rubber & Rubber-based products, and Coconut and Coconut-based products.
On a positive note, export earnings from Food & Beverages saw a commendable increase of 20.77% year-on-year, reaching US$ 36.86 million in October 2023. This growth is attributed to the robust performance in exports of Processed Food, as reported by the EDB.
Similarly, the export earnings from Seafood experienced a 3.73% increase, totaling US$ 20.29 million in October 2023 compared to the same period in 2022. Noteworthy contributions to this growth were observed in the export of Frozen fish (5.21%) and Fresh fish (13.78%).
Ornamental fish exports also witnessed a significant surge, recording a remarkable 35.71% increase to US$ 2.47 million in October 2023 compared to the corresponding month in 2022.
Furthermore, the estimated value of ICT exports is anticipated to surge by an impressive 96% to US$ 166.01 million in October 2023 when compared to October 2022. Additionally, the value of Transport & Logistics services exports is projected to rise by 54.73% in October 2023 compared to the same period in the previous year.
However, Export earnings from Apparel & Textile faced a downturn, experiencing a 20.05% year-on-year decrease to US$ 353.3 million in October 2023 compared to October 2022.
Export earnings from Rubber and Rubber Finished products also witnessed a decline of 7.66% year-on-year, amounting to US$ 79.7 million in October 2023. Notably, the robust performance in exports of Industrial & Surgical Gloves of Rubber (19.32%) partially mitigated this decline.
Cumulatively, merchandise exports during the period from January to October 2023 decreased by 10.54% to US$ 9,879.8 million compared to the corresponding period in 2022, according to the EDB.
In contrast, the estimated value of services exports for the same period showed a significant increase, reaching USD 2,606.34 million, marking a notable growth of 67.2% over the corresponding period of 2022. These services exports, as estimated by the EDB, encompass ICT/BPM, Construction, Financial services, and Transport & Logistics.
