Export performance – Newswire

Sri Lanka’s Export Performance grows in February 2025

Editor VV — Wed, 26 Mar 2025 08:53:26 +0000

Sri Lanka’s total exports, including both merchandise and services, reached US$ 1,382.53 million in February 2025, marking a notable 4.62% year-on-year growth compared to February 2024.

According to the Export Development Board EDB), additionally, exports recorded a 2.58% month-on-month increase compared to January 2025.

Per the provisional data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products, merchandise exports for February 2025 were valued at US$ 1,056.39 million.

In contrast, services exports for February 2025 were estimated at US$ 326.14 million, marking a significant 24.37% increase over the corresponding period in 2024.

However, cumulative total exports, including both merchandise and services, were estimated at US$ 2,730.33 million from January to February 2025, marking a notable 6.65 % growth compared to the same period in 2024.

Merchandise exports during the first two months of 2025 are estimated to have increased by 3.9%, reaching US$ 2,109.19 million, based on data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products.

Meanwhile, the estimated value of services exports is expected to increase by 17.2% to US$ 621.14 million compared to the corresponding period in 2024.

The services exports estimated by the EDB consist of ICT/BPM, Construction, Financial services and Transport & Logistics.

Full statement by the Export Development Board of Sri Lanka;

Major Exports in February 2025

Products and Services with Positive Growth (Increases)

Export earnings from Apparel & Textile increased by 1.42 % y-o-y to US$ 427.28 Mn in February 2025 compared to February 2024.

On monthly analysis, export earnings of coconut-based products increased by 20.93 % in February 2025 compared to February 2024. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 22.72 %, 28.23% and 4.67 % respectively in February 2025 compared to February 2024.

Export earnings from Coconut Oil, Coconut Milk powder, Coconut Cream and Liquid Coconut Milk, which are categorized under the Coconut kernel products, increased by 57.42 %, 77.88 %, 53.13 % and 1.01 % respectively in February 2025 compared to February 2024.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products, which are categorized under the Coconut fibre products, increased by 36.76 % to US$ 22.06 Mn in February 2025 in comparison to February 2024.

Earnings from Activated Carbon, which is categorized under the Coconut shell products, increased by 7.52 % to US$ 12.87 Mn in February 2025 compared to February 2024.

Similarly, export earnings from Spices and Essential Oils increased by 64.98 % to US$ 37.93 Mn in the month of February 2025 compared to month of February 2024, mainly due to the strong performance in export of Pepper (243.13%), Cinnamon (19.32%) and Cloves (309.56%).

Export earnings from Boat building reached US$ 3.68 Mn in February 2025, reflecting a remarkable growth of 18,300% compared to February 2024.

Furthermore, the estimated value of ICT exports is expected to increase by 32.14 % to US$ 141.89 Mn in February 2025 when compared to February 2024. In addition, the estimated value of Logistics & transport services is expected to increase by 34.91 % to US$ 170.47 Mn in February 2025 when compared to February 2024.

Products and Services with Negative Growth (Decreases)

Export earnings from tea, which made up 12% of merchandise exports, decreased by 6.52 % y-o-y to US$ 119.41 Mn in February 2025 compared to February 2024. This decrease is mainly due to the poor performance in the export of Bulk Tea(- 22.96 %).

Furthermore, the volume of tea exports decreased by 8.58 % in February 2025 compared to February 2024. Additionally, Tea exports to the UAE market decreased by 47.22%.

Moreover, Export earnings from Rubber and Rubber Finished products have decreased by 6.33 % y-o-y to US$ 83.11 Mn in February 2025, with the poor performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-21.38 %).

Export earnings from Food & Beverages have decreased by 4.12 % y-o-y to US$ 41.23 Million in February 2025, with the negative performance in exports of Animal Feed (-23.57%).

Export earnings from Seafood decreased by 34.24 % to US$ 13.6 Mn in February 2025 compared to February 2024. This increase was mainly due to the negative performance in the export of Fresh fish (-63.75 %) and Shrimps (-81.42 %).

Furthermore, export earnings from Ornamental fish decreased by 54.27 % to US$ 0.75 Mn in February 2025 compared to February 2024.

Additionally, export earnings from the Electrical & Electronics Components decreased by 10.89 % y-o-y to US$ 31.33 Mn in February 2025, with poor performance in exports of Insulated Wires and Cables (-15.93 %), Printed Circuits (-90.53%), Switches, Boards & Panels (-27.76%).

Exports during the period of January – February 2025

Cumulative total exports, including both merchandise and services, were estimated at US$ 2,730.33 Mn for period of January to February 2025, marking a notable 6.65 % growth compared to the same period in 2024.

Merchandise exports during the first two months of 2025 are estimated to have increased by 3.9%, reaching US$ 2,109.19 Mn, based on data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products.

Meanwhile, the estimated value of services exports is expected to increase by 17.2% to US$ 621.14 Mn compared to the corresponding period in 2024.

Products & Services with Positive Growth (Increases)

Earnings from export of Apparel, Tea, Coconut products, Spices & Concentrates and Food & Beverages increased by 10.74 %, 0.95 %, 25.91 %, 47.02 % and 7.89% respectively during the period of January – February 2025 in comparison to the corresponding period of 2024.

Earnings from the export of Apparel & Textile have increased by 10.74 % to US$ 887.52 Mn during the period of January to February 2025 compared to the same period in 2024. Notably, exports to the United States increased by 7.8%, amounting to US$ 323.85 Mn.

Earnings from the export of Tea increased y-o-y by 0.95 % to US$ 232.11 Mn in the period of January to February 2025. This increase was mainly due to the strong performance in the export of Tea Packets (9.07 %).

Export earnings of Coconut & Coconut-based products increased by 25.91 % to US$ 156.77 Mn during January – February 2025 compared to the last year. Earnings from all the major categories of Coconut based products increased in the period of January – February 2025 compared with the corresponding period of 2024 due to the strong performance in export of Coconut Oil (46.76 %), Desiccated Coconut (8.3 %), Coconut Milk Powder (76.96 %), Coconut Cream (52.81 %), Liquid Coconut Milk (11.43 %), Cocopeat (45.8 %) and Activated Carbon (10.46 %).

In addition, export earnings from Spices and Essential Oils increased y-o-y by 47.02 % to US$ 76.92 Mn in the period of January to February 2025. This increase was due to the strong performance in exports of Pepper (144.64 %), Cinnamon (4.6 %) & Cloves (417.09 %).

Export earnings from Food & Beverages have increased by 7.89 % y-o-y to US$ 82.97 Million in the period of January to February 2025, with the positive performance in exports of Processed food (18.6 %).

Furthermore, the estimated value of ICT exports is expected to increase by 24.1 % to US$ 255.89 Mn during the period of January to February 2025 when compared to the corresponding period of 2024.

In addition, the estimated value of Logistics & transport services is expected to increase by 25.89 % to US$ 333.47 Mn during the period of January to February 2025, when compared to the corresponding period of 2024.

Products with Negative Growth (Decreases)

Export earnings from Rubber & Rubber finished products decreased by 7.2 % to US$ 158.18 Mn in January – February 2025 compared to the same period in 2024, attributed to decreased exports of Pneumatic & Retreated Rubber Tyres & Tubes (-27.2 %).

Further, export earnings from Seafood decreased by 28.44 % to US$ 31.27 Mn during the period of January to February 2025 compared tothe year 2024 due to the negative performance in Fresh Fish (-61.96 %) and Shrimps (-79.2 %).

Meanwhile, earnings from the export of Electrical and Electronic Components (EEC) decreased by 10.0 % to US$ 59.76 Mn in the period of January to February 2025 compared to the corresponding period of 2024. This decrease was due to the poor performance in exports of Insulated Wires and Cables (-21.76 %), Printed Circuits (-88.19%), Switches, Boards & Panels (-13.26%).

Table 1 shows the comparison of Merchandise export performance during the month of February 2025 and the period of January to February 2025 compared to 2024.

Table 1: Comparison of Product-wise Merchandise Export Performance

Values in US$ Mns

Exports of Goods	Jan-Feb 2024	Jan-Feb 2025	% Growth (24-25)	Feb 2024	Feb 2025	% Growth (24-25)
Apparel & Textile	801.42	887.52	10.74	421.31	427.28	1.42
Tea	229.92	232.11	0.95	127.74	119.41	-6.52
Rubber-based	170.46	158.18	-7.20	88.73	83.11	-6.33
Coconut-based	124.51	156.77	25.91	68.23	82.51	20.93
Diamond, Gems & Jewelery	79.07	74.85	-5.34	37.61	37.15	-1.22
Electronics & Electronic Components	66.40	59.76	-10.00	35.16	31.33	-10.89
Spices and Concentrates	52.32	76.92	47.02	22.99	37.93	64.98
Processed Food & Beverages	76.90	82.97	7.89	43.00	41.23	-4.12
Seafood	43.70	31.27	-28.44	20.68	13.6	-34.24
Ornamental Fish	3.84	2.32	-39.58	1.64	0.75	-54.27
Vegetables	4.05	3.73	-7.90	2.05	1.33	-35.12
Fruits	6.61	5.78	-12.56	3.18	2.48	-22.01
Other Export Crops	9.97	7.67	-23.07	5.87	4.07	-30.66
Flowers & Foliage	2.27	1.89	-16.74	1.10	0.81	-26.36
Boat Building	0.08	3.76	4,600.00	0.02	3.68	18,300.00
Petroleum Products	177.33	154.12	-13.09	73.50	75.09	2.16
Others	181.14	169.57	-6.39	106.49	94.63	-11.14
Total Merchandize Exports	2,030.00	2,109.19	3.90	1,059.30	1,056.39	-0.27
ICT/ BPM	206.20	255.89	24.10	107.38	141.89	32.14
Construction	46.02	22.71	-50.65	26.46	11.71	-55.74
Financial Services	8.88	4.07	-54.18	2.04	2.07	1.47
Transport & Logistics	268.86	338.47	25.89	126.36	170.47	34.91
Total Services Exports	529.97	621.14	17.20	262.24	326.14	24.37
Total Exports	2,559.97	2,730.33	6.65	1,321.54	1,382.53	4.62

Sources: CBSL, Sri Lanka Customs, EDB

Sri Lanka’s Export Performance in Major Markets

Among the top 15 export markets of Sri Lanka, India, Germany, Netherlands, and China have shown positive growth in both February 2025 and the cumulative period of January to February 2025 compared to the corresponding periods in 2024.

The United States, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, decreased by 3.63 % to US$ 240.53 Mn in February 2025 compared to February 2024. However, exports to the United States over the cumulative period from January to February 2024 increased by 6.52 %, reaching US$ 500.71 Mn.

Similarly, exports to the United Kingdom decreased by 12.3 % to US$ 72.73 Mn in February 2025 compared to the corresponding month in 2024. Meanwhile, exports to the United Kingdom increased by 1.22 % to US$ 152.28 Mn in a cumulative period of January to February 2025 compared to the corresponding period in 2024.

Table 2 shows the comparison of Merchandise export performance of top 15 export markets during the month of February 2025 and the period of January to February 2025 compared to 2024.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations

Values in US$ Mns

	Destination	Jan-Feb 2024	Jan-Feb 2025	% Growth (24-25)	Feb 2024	Feb 2025	% Growth (24-25)
1	United States	470.07	500.71	6.52	249.60	240.53	-3.63
2	United Kingdom	150.45	152.28	1.22	82.93	72.73	-12.30
3	India	112.64	165.23	46.69	55.71	83.32	49.56
4	Italy	100.53	95.21	-5.29	50.96	49.67	-2.53
5	Germany	102.01	110.86	8.68	52.68	56.98	8.16
6	United Arab Emirates	59.44	50.69	-14.72	29.60	26.16	-11.62
7	Netherlands	55.64	70.09	25.97	29.62	33.46	12.96
8	France	38.63	42.33	9.58	21.47	20.16	-6.10
9	Canada	51.73	51.48	-0.48	21.28	26.00	22.18
10	China	38.42	45.15	17.52	20.01	23.16	15.74
11	Australia	39.38	37.31	-5.26	19.63	19.22	-2.09
12	Belgium	35.11	38.10	8.52	19.40	18.46	-4.85
13	Turkey	21.56	17.67	-18.04	10.10	8.80	-12.87
14	Japan	30.51	27.76	-9.01	17.60	13.99	-20.51
15	Switzerland	26.52	30.38	14.56	13.12	12.99	-0.99
	Others	697.36	673.94	-3.36	365.59	350.76	-4.06
	Total	2,030.00	2,109.19	3.90	1,059.30	1,056.39	-0.27

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

February 2025

In February 2025, exports to India & Pakistan constituted 6.5% of the total merchandise exports, experienced a significant 44.08 % increase to reach US$ 88.29 Mn, compared to February 2024. Further, exports to India recorded an increase of 49.56 % while exports to Pakistan decreased by 10.77 % in February 2025 compared to February 2024.

The positive growth in exports to India was driven by higher shipments of Petroleum Oil, Animal Feed, and Pepper, whereas the decline in exports to Pakistan was primarily due to reduced demand for Other Textile Articles.

January – February 2025

Exports to India & Pakistan accounted for 7.2% of total merchandise exports, increased by 43.21 % to US$ 176.59 Mn during the period of January to February 2025 compared to the corresponding period of the previous year.

Exports to India and Pakistan increased by 46.69% and 6.46 % respectively during the cumulative period of January to February 2025 when compared with the corresponding period in 2024.

The positive export performance of India was driven by higher exports of Petroleum Oil, Animal Feed, and Pepper, while Pakistan’s negative performance was led by decreased exports of Other articles of stones.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of February 2025 and the period of January to February 2025 compared to 2024.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Region	Jan-Feb 2024	Jan-Feb 2025	% Growth (24-25)	Feb 2024	Feb 2025	% Growth (24-25)
NAFTA	553.53	578.42	4.50	286.40	282.91	-1.22
European Union (EU) excluding UK	422.97	457.94	8.27	227.64	230.70	1.34
South Asia	177.40	220.03	24.03	84.45	110.12	30.40
ASEAN	48.82	55.66	14.01	23.87	27.29	14.33
CIS Countries	42.00	42.65	1.55	22.90	23.27	1.62
African Countries	39.59	57.56	45.39	21.65	28.31	30.76
Middle East Countries (excl. Cyprus & Egypt)	175.05	164.27	-6.16	93.68	82.05	-12.41
Others	570.64	532.66	-6.66	298.71	271.74	-9.03
Total Merchandise Exports	2,030.00	2,109.19	3.90	1,059.30	1,056.39	-0.27

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU), which account for 24% of Sri Lanka’s exports during both February 2024 and the cumulative period of January to February 2024, increased respectively by 5.64 % and 1.26%.

Exports to the top five EU markets were recorded as: Germany US$ 110.01 Mn (increased by 8.68 %), Italy US$ 95.21 Mn (decreased by 5.29 %), Netherlands US$ 70.09 Mn (increased by 2.85 %), France US$ 42.33 Mn. (increased by 8.52 %) and Belgium US$ 38.1Mn (increased by 8.52 %) during the cumulative period of January to February 2025 in comparison to the corresponding period in 2024. (Newswire)

The post Sri Lanka’s Export Performance grows in February 2025 appeared first on Newswire.

Increased : Sri Lanka’s Export Performance in December 2024

Editor VV — Thu, 30 Jan 2025 03:55:17 +0000

Sri Lanka’s merchandise export performance in December 2024 amounted to US$ 1,042.5 million, reflecting a 4.06% increase compared to December 2023.

Per the provisional data released by Sri Lanka Customs, this was mainly due to the increase in earnings from the export of Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, Spices & Concentrates and Food & Beverages.

According to the Export Development Board, however, services exports for the month of December 2024 were estimated at US$ 322.92 Million, reflecting a 29.96 % increase over the corresponding period of 2023.

Consequently, total exports for December 2024, including merchandise and services, were recorded at US$ 1,365.42 million, reflecting a moderate increase of 9.21 % compared to the same period in 2023.

The full statement of the Export Development Board (EDB) :

Major Exports in December 2024

Products & Services with Positive Growth (Increases)

Export earnings from Apparel & Textile increased by 1.83 % y-o-y to US $ 446.84 Mn in December 2024 compared to December 2023.

Export earnings from tea, which made up 12% of merchandise exports, increased by 18.43 % y-o-y to US$ 131.6 Mn in December 2024 compared to December 2023. This increase is mainly due to the positive performance in the export of Tea Packets (30.02 %) and Bulk Tea (8.85 %).

Export earnings from Rubber and Rubber finished products increased by 1.41 % y-o-y to US$ 80.74 Mn in December 2024, with a strong performance in exports of Industrial & Surgical Gloves of Rubber (36.88 %).

On monthly analysis, export earnings of Coconut-based products increased by 33.05 % in December 2024 compared to December 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 28.54 %, 52.98 % and 26.0 % respectively in December 2024 compared to December 2023.

Moreover, Export earnings from Coconut oil, Desiccated Coconut, Coconut milk powder and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 58.97 %, 44.13 %, 67.52 %, and 7.77 % respectively in December 2024 compared to December 2023.

Being the largest contributor to the Coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fiber products, increased by 70.4 % to US$ 14.45 Mn in December 2024 in comparison to December 2023.

In addition, export of Activated Carbon, which is categorized under Coconut shell products, increased by 30.13 % to US$ 14.51 Mn in December 2024 compared to the month of December 2023.

Export earnings from Electrical and Electronics Components increased by 13.24 % y-o-y to US$ 39.6 million in December 2024, primarily due to an increase in the export of Insulated Wires and Cables (12.48%) and Switches, Boards & Panels (53.14%).

Export earnings from Food & Beverages increased by 42.07 % y-o-y to US$ 41.5 Million in December 2024, with a positive performance in exports of Animal feed (31.42 %) and Processed Food (100.14%).

Export earnings from Spices and Concentrates increased by 50.1 % to US$ 47.16 Mn in the month of December 2024 compared to month of December 2023 mainly due to the strong performance in the export of Pepper (195.11 %) and Cinnamon (17.89 %).

Furthermore, the estimated value of ICT exports is expected to increase by 29.81 % to US$ 141.06 Mn in December 2024 when compared to December 2023. In addition, the estimated value of Logistics & transport services is expected to increase by 46.45 % to US$ 162.28 Mn in December 2024 when compared to December 2023.

Products & Services with Negative Growth (Decreases)

Export earnings from Seafood decreased by 15.34 % to US$ 20.14 Mn in December 2024 compared to December 2023. This decrease was mainly due to the poor performance in the export of Fresh fish (-30.08%) and shrimp (-68.9%).

Moreover, export earnings from Ornamental fish decreased by 1.97 % to US$ 1.99 Mn in December 2024 compared to December 2023.

Exports during the period of January – December 2024

During the year 2024, cumulative merchandise exports recorded notable growth of 6.67 % to US$ 12,705.44 million compared to the same period in 2023.

Services exports also showed promising growth, with an estimated increase of 8.51 % to US$ 3,467.15 Mn during the year 2024, compared to the corresponding period last year.

As a result, the total export value, encompassing both merchandise and services, reached US$ 16,172.59 Mn during this period, reflecting a 7.06 % growth over the same period in 2023.

This performance underscores the resilience and continued potential of Sri Lanka’s export sector amidst evolving global trade dynamics.

Products & Services with Positive Growth (Increases)

Earnings from the export of Apparel, Tea, Rubber products, Coconut products, Food & Beverages, and Spices & Concentrates increased by 3.83 %, 9.62 %, 7.66 %, 20.9 %, 11.7 % and 16.11 % respectively during the period of January to December 2024 in comparison to the corresponding period of 2023.

Earnings from the export of Apparel & Textiles have increased by 3.83 % to US$ 5,050.99 Mn during the year 2024 compared to the same period in 2023. Additionally, exports of Apparel & Textiles to the USA and UK increased by 5.05 % & 7.6 % respectively in the year 2024 compared to the corresponding period of 2023.

Earnings from the export of Tea increased y-o-y by 9.62 % to US$ 1,435.86 Mn in 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (11.74 %) & Tea Packets (9.07 %).

In addition, export earnings from Rubber & Rubber finished products increased by 7.66 % to US$ 1,001.54 Mn in the year 2024 compared to the year 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (23.09 %) and Pneumatic & Retreated Rubber Tyres & Tubes (1.39 %).

Export earnings of Coconut & Coconut-based products increased by 20.9 % to US$ 856.39 Mn during the year 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in 2024 compared to 2023, due to the strong performance in the export of Coconut Oil (24.05 %), Desiccated Coconut (39.22 %), Coconut Milk Powder (41.8 %), Coconut Cream (25.06 %), Liquid Coconut Milk (26.14 %), Cocopeat (23.16 %) and Activated Carbon (17.1 %).

In addition, export earnings from Spices and Concentrates increased y-o-y by 16.11 % to US$ 461.85 Mn in the year 2024. This increase was mainly driven by the strong performance in exports of Pepper (90.14%) and Cinnamon(3.87%). Pepper exports to India increased by 91.35 % in the year 2024 compared to the corresponding period of the previous year.

Export earnings from Food & Beverages have increased by 11.7 % y-o-y to US$ 478.05 Million in the year 2024, with a positive performance in exports of Processed food (40.36 %).

Furthermore, the estimated value of ICT exports is expected to increase by 18.55 % to US$ 1,454.46 Mn during the year 2024 when compared to the corresponding period of 2023.

In addition, the estimated value of Logistics & transport services is expected to increase by 13.13 % to US$ 1,753.11 Mn during the year 2024 when compared to the corresponding period of 2023.

Products & Services with Negative Growth (Decreases)

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 13.29 % to US$ 421.98 Mn in the period of January to November 2024 compared to the corresponding period of 2023. This decline was primarily driven by poor performance in exports of Switches, boards & Panels (-14.45 %), Insulated wires (-12.63 %) and Other Electrical & Electronic Products (-16.72 %).

Further, export earnings from Seafood decreased by 11.15 % to US$ 257.45 Mn during the year 2024 compared to the year 2023 due to the poor performance of Frozen Fish (-8.3 %) and Shrimps (-37.49 %).

Export earnings from Ornamental fish decreased by 7.28 % to US$ 24.46 Mn in the year 2024 compared to the same period of 2023.

Table 1 shows the comparison of Export performance during the month of December 2024 and the year 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance

Values in US$ Mns

Exports of Goods & Services	Jan-Dec 2023	Jan-Dec 2024	% Growth (23-24)	Dec 2023	Dec 2024	% Growth (23-24)
Apparel & Textile	4,864.53	5,050.99	3.83	438.78	446.83	1.83
Tea	1309.90	1435.87	9.62	111.12	131.60	18.43
Rubber-based	930.24	1001.54	7.66	79.62	80.74	1.41
Coconut-based	708.70	856.79	20.90	55.97	74.47	33.05
Diamond, Gems & Jewelery	388.16	282.07	-27.33	17.88	11.03	-38.31
Electronics & Electronic Components	486.66	421.98	-13.29	34.97	39.60	13.24
Spices and Concentrates	397.78	461.85	16.11	31.42	47.16	50.10
Processed Food & Beverages	427.97	478.05	11.70	29.21	41.50	42.07
Seafood	262.24	232.99	-11.15	23.79	20.14	-15.34
Ornamental Fish	26.38	24.46	-7.28	2.03	1.99	-1.97
Vegetables	29.19	29.79	2.06	2.58	3.05	18.22
Fruits	43.27	41.72	-3.58	3.42	3.79	10.82
Other Export Crops	91.30	65.02	-28.78	3.04	5.46	79.61
Flowers & Foliage	15.01	13.67	-8.93	1.28	1.25	-2.34
Boat Building	78.50	41.10	-47.64	0.76	0.45	-40.79
Petroleum Products	372.04	415.65	11.72	13.49	33.95	151.67
Others	1,478.93	1,851.90	25.22	152.44	99.49	-34.73
Total Merchandize Exports	11,910.80	12,705.44	6.67	1,001.80	1,042.50	4.06
ICT/ BPM	1,226.87	1454.46	18.55	108.67	141.06	29.81
Construction	354.80	207.50	-41.52	22.30	15.80	-29.15
Financial Services	64.00	52.08	-18.63	6.70	3.78	-43.58
Transport & Logistics	1,549.69	1,753.11	13.13	110.81	162.28	46.45
Total Services Exports	3,195.36	3,467.15	8.51	248.48	322.92	29.96
Total Exports	15,106.16	16,172.59	7.06	1,250.28	1,365.42	9.21

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among Sri Lanka’s top 10 export markets, India, Germany and Netherlands markets showed positive growth in the month of December 2024 and the cumulative period from January to December 2024, compared to the corresponding periods in 2023.

Furthermore, the United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, decreased by 1.47 % to US$ 250.02 Mn in December 2024 compared to December 2023. In parallel, exports to the United States of America in the cumulative period of January to December 2024 increased by 5.49 % to US$ 2,909.97 Mn compared to the corresponding periods in 2023.

Exports to the United Kingdom decreased by 3.98 % to US$ 69.45 Mn in December 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 6.8 % to US$ 903.72 Mn in the cumulative period of January to December 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of December 2024 and the year 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations

Values in US$ Mns

	Destination	Jan-Dec 2023	Jan-Dec 2024	% Growth (23-24)	Dec 2023	Dec 2024	% Growth (23-24)
1	United States	2,758.57	2,909.97	5.49	253.74	250.02	-1.47
2	United Kingdom	846.16	903.72	6.80	72.33	69.45	-3.98
3	India	829.70	883.65	6.50	53.70	86.77	61.58
4	Italy	679.05	595.43	-12.31	47.01	44.62	-5.08
5	Germany	587.40	628.25	6.95	57.61	59.96	4.08
6	United Arab Emirates	357.09	334.63	-6.29	27.95	34.14	22.15
7	Netherlands	343.47	393.60	14.60	37.01	39.55	6.86
8	France	304.95	263.75	-13.51	19.50	21.25	8.97
9	Canada	293.21	319.87	9.09	24.24	23.69	-2.27
10	China	257.73	251.91	-2.26	19.69	23.39	18.79
11	Australia	226.51	247.13	9.10	18.74	23.26	24.12
12	Belgium	221.45	239.09	7.97	16.21	22.10	36.34
13	Turkey	195.66	136.77	-30.10	12.62	10.01	-20.68
14	Japan	188.76	179.24	-5.04	14.58	16.42	12.62
15	Switzerland	185.30	160.62	-13.32	11.78	7.52	-36.16
	Others	3,635.79	4,257.81	17.11	315.09	310.35	-1.50
	Total	11,910.80	12,705.44	6.67	1,001.80	1,042.50	4.06

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

December 2024

In December 2024, exports to India and Pakistan accounted for 8.4 % of total merchandise exports, experiencing an increase of 60.89 % to US$ 93.22 Mn compared to December 2023. Both, exports to India and Pakistan increased by 61.58 % and 51.53 % respectively in December 2024 compared to December 2023.

The Positive performance of India was driven by higher exports of Petroleum oils (925%) and Pepper (216.74%) and the Positive performance of Pakistan was driven by higher exports of Other Articles of Stones and Other Textile Articles.

January – December 2024

Exports to India & Pakistan accounted for 6.8 % of total merchandise exports increased by 6.14 % to US$ 959.96 Mn during the year 2024 compared to the corresponding period of the previous year.

Exports to India increased by 6.5 % while Exports to Pakistan decreased by 2.17 % during the period of January to November 2024 when compared with the corresponding period in 2023.

The positive export performance of India was driven by the higher export of Pepper (91.35 %). In parallel, increased exports to Pakistan were led by increased exports of Other Products of Base Metal.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of December 2024 and the year 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Region	Jan-Dec 2023	Jan-Dec 2024	% Growth (23-24)	Dec 2023	Dec 2024	% Growth (23-24)
United States	2,758.57	2,909.97	5.49	253.74	250.02	-1.47
European Union (EU) excluding UK	2,711.93	2,739.95	1.03	226.05	242.56	7.30
South Asia	1,192.75	1,348.93	13.09	79.48	127.05	59.85
ASEAN	995.00	969.05	-2.61	72.53	90.89	25.31
CIS Countries	324.79	318.18	-2.04	25.98	25.29	-2.66
African Countries	327.95	341.34	4.08	23.19	23.13	-0.26
Middle East Countries (excl. Cyprus & Egypt)	239.87	292.74	22.04	18.24	29.58	62.17
Others	3,359.94	3,785.28	12.66	302.59	253.98	-16.06
Total Merchandise Exports	11,910.80	12,705.44	6.67	1,001.80	1,042.50	4.06

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports, increased by 7.3 % y-o-y in December 2024. However, exports to the EU increased by 5.49 % during the year 2024.

Exports to the top five EU markets were recorded as; Germany US$ 628.25 Mn (increased by 6.95 %), Italy US$ 595.43 Mn (decreased by 12.31 %), Netherlands US$ 393.6 Mn (increased by 14.6 %), France US$ 263.75 Mn. (decreased 13.51 %) and Belgium US$ 239.09 Mn (increased by 7.97 %) during the year 2024 in comparison to the corresponding period in 2023. (Newswire)

The post Increased : Sri Lanka’s Export Performance in December 2024 appeared first on Newswire.

Sri Lanka’s Export Performance declines in September 2024

Editor VV — Wed, 30 Oct 2024 05:31:51 +0000

Sri Lanka’s merchandise export performance in September 2024 amounted to US$ 937.95 million, recording a decline of 3.49 % compared to September 2023, the Export Development Board (EDB) reported.

As per the provisional data released by Sri Lanka Customs, this was mainly due to the decrease in earnings from the export of Tea, Rubber-based products, Electrical and Electronics and Seafood.

The estimated value of services exports for September 2024 was US$ 329.89 Million, increasing 6.08 % over the corresponding period of 2023.

Consequently, total exports for September 2024, including both merchandise and services, were recorded at US$ 1,267.84 million, decreasing 1.17 % over the corresponding period of 2023.

The full EDB statement on export performance in September 2024 :

Major Exports in September 2024

Products & Services with Positive Growth (Increases)

Export earnings from Apparel & Textiles increased by 15.71 % y-o-y to US $ 418.68 Mn in September 2024 compared to September 2023. Additionally, exports of Apparel & Textile to the USA increased by 36.87 % in September 2024 compared to September 2023.

On monthly analysis, export earnings of Coconut-based products increased by 10.36 % in September 2024 compared to September 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 9.29 %, 9.39 % and 814.8 % respectively in September 2024 compared to September 2023.

Moreover, Export earnings from Coconut oil, Desiccated Coconut, Coconut milk powder, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 5.75%, 14.03%, 3.91 %, 11.76 % and 26.76 % respectively in September 2024 compared to September 2023.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 14.27 % to US$ 16.42 Mn in September 2024 in comparison to September 2023.

In addition, export of Activated Carbon, which is categorized under Coconut shell products, increased by 21.05 % to US$ 13.17 Mn in September 2024 in comparison to September 2023.

Export earnings from Spices and Concentrates increased by 26.39 % to US$ 48.04 Mn in the month of September 2024 compared to month of September 2023 mainly due to the strong performance in the export of Pepper (43.91%) and Cinnamon (16.34%).

Export earnings from Food & Beverages have increased by 8.78 % y-o-y to US$ 33.21 Million in September 2024, with the positive performance in exports of Processed food (69.41%).

Furthermore, the estimated value of ICT exports is expected to increase by 28.66 % to US$ 150.28 Mn in September 2024 when compared to September 2023. In addition, the estimated value of Logistics & transport services is expected to increase by 24.94 % to US$ 158.4 Mn in September 2024 when compared to September 2023.

Products & Services with Negative Growth (Decreases)

Export earnings from tea, which made up 12% of merchandise exports, decreased by 2.44 % y-o-y to US$ 117.03 Mn in September 2024 compared to September 2023. This decrease is mainly due to the negative performance in the export of Bulk Tea (-10.26%).

Export earnings from Rubber and Rubber finished products have decreased by 4.1 % y-o-y to US$ 79.5 Mn in September 2024, with a negative performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-12.19%).

Export earnings from the Electrical & Electronics Components decreased by 27.73 % y-o-y to US$ 28.1 Mn in September 2024 with poor performance in exports of Other Electrical & Electronic Products (-25.41 %).

Furthermore, the export of Other Export crops decreased by 73.57 % in September 2024 compared with September 2023 due to the negative performance in the export of Arecanut (-85.91%).

Export earnings from Seafood decreased by 42.18 % to US$ 14.83 Mn in September 2024 compared to September 2023. This decrease was mainly due to the poor performance in the export of frozen fish (-38.88%), Fresh fish (-48.96%) and Shrimps (-43.56%).

In parallel, export earnings from Ornamental fish decreased by 14.23 % to US$ 2.17 Mn in September 2024 compared to September 2023.

Exports during the period of January – September 2024

During the first nine months of 2024, cumulative merchandise exports increased by 5.07 % to US$ 9,437.11 million compared to the same period in 2023.

The estimated value of services exports is expected to increase by 8.03 % to US$ 2,577.22 Mn during the first nine months of 2024 when compared to the corresponding period of 2023.

Consequently, total exports for the first nine months of 2024, including both merchandise and services, were recorded at US$ 12,014.33 Million, a 73.24 % increase over the same period of 2023.

Products & Services with Positive Growth (Increases)

Earnings from the export of Apparel, Tea, Rubber products, Coconut products and Spices & Concentrates increased by 2.7 %, 6.97 %, 9.64 %, 19.57 % and 6.41 % respectively during the first nine months of 2024 in comparison to the corresponding period of 2023.

Earnings from the export of Apparel & Textiles have increased by 2.7 % to US$ 3,478.91 Mn during the period of January to September 2024 compared to the same period in 2023. Additionally, exports of Apparel & Textiles to the USA and UK increased by 4.96 % & 8.44% respectively in the period of January to September 2024 compared to the corresponding period of 2023.

Earnings from the export of Tea increased y-o-y by 6.97 % to US$ 1,059.29 Mn in the period of January to September 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (12.0 %) & Tea Packets (3.62%).

In addition, export earnings from Rubber & Rubber finished products increased by 9.64 % to US$ 758.91 Mn in January – September 2024 compared to the same period in 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (17.12 %) and Pneumatic & Retreated Rubber Tyres & Tubes (7.79 %).

Export earnings of Coconut & coconut-based products increased by 19.57 % to US$ 634.93 Mn during January – September 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in the period of January – September 2024 compared with the corresponding period of 2023 due to the strong performance in the export of Coconut Oil (21.61 %), Desiccated Coconut (37.97 %), Coconut Milk Powder (37.7 %), Coconut Cream (36.23 %), Liquid Coconut Milk (29.09 %), Cocopeat (19.02 %) and Activated Carbon (16.82 %).

In addition, export earnings from Spices and Concentrates increased y-o-y by 6.41 % to US$ 322.09 Mn in the period of January to September 2024. This increase was mainly driven by the strong performance in exports of Pepper (72.38%). Pepper exports to India increased by 74.69 % in the first nine months of 2024 compared to the corresponding period of the previous year.

Export earnings from Food & Beverages have increased by 8.27 % y-o-y to US$ 348.95 Million in the period of January to September 2024, with a positive performance in exports of Processed food (30.54 %).

Furthermore, the estimated value of ICT exports is expected to increase by 18.52 % to US$ 1,089.88 Mn during the period of January to September 2024 when compared to the corresponding period of 2023.

In addition, the estimated value of Logistics & transport services is expected to increase by 12.21 % to US$ 1,287.33 Mn during the period of January to September 2024 when compared to the corresponding period of 2023.

Products & Services with Negative Growth (Decreases)

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 17.59 % to US$ 310.44 Mn in the period of January to September 2024 compared to the corresponding period of 2023. This decline was primarily driven by poor performance in exports of Electrical Transformers (-16.21 %), Insulated wires (-11.08 %) and Other Electrical & Electronic Products (-22.64 %).

Further, export earnings from Seafood decreased by 7.05 % to US$ 179.36 Mn during the period of January to September 2024 compared to the year 2023 due to the poor performance in Frozen Fish (-7.59 %) and Shrimps (-28.08%).

Export earnings from Ornamental fish decreased by 3.76 % to US$ 18.71 Mn in the first nine months of 2024 compared to the same period of 2023.

Table 1 shows the comparison of Export performance during the month of September 2024 and the period of January to September 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance

Values in US$ Mns

Exports of Goods & Services	Jan-Sept 2023	Jan-Sept 2024	% Growth (23-24)	Sept 2023	Sept 2024	% Growth (23-24)
Apparel & Textile	3,677.38	3,776.72	2.70	361.83	418.68	15.71
Tea	990.30	1,059.29	6.97	119.96	117.03	-2.44
Rubber-based	692.16	758.91	9.64	82.90	79.50	-4.10
Coconut-based	530.99	634.93	19.57	64.31	70.97	10.36
Diamond, Gems & Jewelery	306.12	230.38	-24.74	39.56	16.08	-59.35
Electronics & Electronic Components	376.69	310.44	-17.59	38.88	28.10	-27.73
Spices and Concentrates	302.69	322.09	6.41	38.01	48.04	26.39
Processed Food & Beverages	322.31	348.95	8.27	30.53	33.21	8.78
Seafood	192.96	179.36	-7.05	25.65	14.83	-42.18
Ornamental Fish	19.44	18.71	-3.76	2.53	2.17	-14.23
Vegetables	21.60	21.33	-1.25	2.64	1.95	-26.14
Fruits	32.32	30.50	-5.63	3.53	3.42	-3.12
Other Export Crops	74.62	49.82	-33.24	12.94	3.42	-73.57
Flowers & Foliage	11.07	10.32	-6.78	1.20	1.09	-9.17
Boat Building	67.25	25.75	-61.71	0.09	0.84	833.33
Petroleum Products	294.82	283.96	-3.68	27.22	9.09	-66.61
Others	1,069.28	1,375.65	28.65	120.12	89.53	-25.47
Total Merchandize Exports	8,982.00	9,437.11	5.07	971.90	937.95	-3.49
ICT/ BPM	919.57	1,089.88	18.52	116.80	150.28	28.66
Construction	274.11	155.93	-43.12	63.31	15.83	-75.00
Financial Services	44.61	44.08	-1.20	4.07	5.38	32.05
Transport & Logistics	1,147.28	1,287.33	12.21	126.79	158.40	24.94
Total Services Exports	2,385.57	2,577.22	8.03	310.97	329.89	6.08
Total Exports	10,129.28	12,014.33	5.69	1,282.87	1,267.84	-1.17

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among Sri Lanka’s top 10 export markets, the USA, UK, Germany, Netherlands, Canada and China markets showed positive growth in the month of September 2024 and the cumulative period from January to September 2024, compared to the corresponding periods in 2023.

Furthermore, the United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, increased by 21.57 % to US$ 245.69 Mn in September 2024 compared to September 2023. In parallel, exports to the United States of America in the cumulative period of January to September 2024 increased by 5.33 % to US$ 2,185.45 Mn compared to the corresponding periods in 2023.

Exports to the United Kingdom increased by 3.69 % to US$ 77.75 Mn in September 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 7.06 % to US$ 691.31 Mn in the cumulative period of January to September 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of September 2024 and the period of January to September 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations

Values in US$ Mns

	Destination	Jan-Sept 2023	Jan-Sept 2024	% Growth (23-24)	Sept 2023	Sept 2024	% Growth (23-24)
1	United States	2,074.80	2,185.45	5.33	202.1	245.69	21.57
2	United Kingdom	645.74	691.31	7.06	74.98	77.75	3.69
3	India	655.6	643.78	-1.80	79.68	66.31	-16.78
4	Italy	507.32	441.88	-12.90	62.46	46.19	-26.05
5	Germany	438.41	477.33	8.88	42.11	47.32	12.37
6	United Arab Emirates	279.72	256.24	-8.39	25.17	22.37	-11.12
7	Netherlands	246.44	285.57	15.88	21.48	32.29	50.33
8	France	248.33	199.24	-19.77	21.27	20.75	-2.44
9	Canada	230.00	243.17	5.73	23.10	24.04	4.07
10	China	176.99	186.52	5.38	15.30	16.66	8.89
11	Australia	169.25	180.71	6.77	16.88	18.94	12.20
12	Belgium	169.98	174.08	2.41	19.22	19.50	1.46
13	Turkey	154.74	104.85	-32.24	19.8	9.86	-50.20
14	Japan	145.20	129.98	-10.48	14.36	14.15	-1.46
15	Switzerland	140.71	126.77	-9.91	12.25	9.85	-19.59
	Others	2,698.77	3,110.23	15.25	321.74	266.28	-17.24
	Total	8,982.00	9,437.11	5.07	971.90	937.95	-3.49

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

September 2024

In September 2024, exports to India and Pakistan accounted for 8.4 % of total merchandise exports, experiencing a decline of 17.13 % to US$ 72.28 Mn compared to September 2023. Both, exports to India and Pakistan decreased by 16.78 % and 20.82% respectively in September 2024 compared to September 2023.

The negative performance of India was driven by lower exports of Arecanut while Pakistan’s negative performance was led by decreased exports of Betel leaves.

January – September 2024

Exports to India & Pakistan accounted for 6.8 % of total merchandise exports decreased by 1.84 % to US$ 701.73 Mn during the period of January to September 2024 compared to the corresponding period of the previous year.

Exports to India and Pakistan decreased by 1.8 % and 2.24 % respectively during the period of January to September 2024 when compared with the corresponding period in 2023.

The negative export performance of India was driven by lower exports of Arecanut (-42.31 %). Meanwhile, decreased exports to Pakistan were led by decreased exports of Betel leaves (-37.34%)

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of September 2024 and the period of January to September 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Region	Jan-Sept 2023	Jan-Sept 2024	% Growth (23-24)	Sept 2023	Sept 2024	% Growth (23-24)
United States	2,074.80	2,185.45	5.33	202.1	245.69	21.57
European Union (EU) excluding UK	2,044.40	2,031.68	-0.62	215.25	216.19	0.44
South Asia	937.71	962.97	2.69	110.54	90.49	-18.14
ASEAN	778.00	732.61	-5.83	90.51	68.59	-24.22
CIS Countries	246.57	229.79	-6.81	30.92	26.17	-15.36
African Countries	251.75	265.41	5.43	32.34	23.55	-27.18
Middle East Countries (excl. Cyprus & Egypt)	185.95	210.34	13.12	20.43	23.89	16.94
Others	2,462.82	2,818.86	14.46	269.81	243.38	-9.80
Total Merchandise Exports	8,982.00	9,437.11	5.07	971.90	937.95	-3.49

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports, increased by 0.44 % y-o-y in September 2024. However, exports to the EU decreased by 0.62 % during the cumulative period of January to September 2024.

Exports to the top five EU markets were recorded as; Germany US$ 477.33 Mn (increased by 8.88 %), Italy US$ 441.88 Mn (decreased by 12.9 %), Netherlands US$ 285.57 Mn (increased by 15.88 %), France US$ 199.24 Mn. (decreased 19.77 %) and Belgium US$ 174.08 Mn (increased by 2.41%) during the cumulative period of January to September 2024 in comparison to the corresponding period in 2023. (Newswire)

The post Sri Lanka’s Export Performance declines in September 2024 appeared first on Newswire.

Sri Lanka’s Export Performance in April 2024

Editor VV — Wed, 22 May 2024 06:20:56 +0000

Sri Lanka’s total exports (Merchandise & Services) for the month of April 2024 were recorded as US$ 1,114.22 Million, increasing 1.25 % over the corresponding period of 2023, according to the Export Development Board.

As per the provisional data released by Sri Lanka Customs, the merchandise export performance in April 2024 amounted to US$ 813.81 million, recording a decrease of 4.1 % compared to April 2023.

The estimated value of services exports for the month of April 2024 was US$ 300.41 Million, increasing 19.28 % over the corresponding period of 2023.

Major Exports in April 2024

Products & Services with Positive Growth (Increases)

Export earnings from tea which made up 12% of merchandise exports, increased by 2.22 % y-o-y to US$ 95.46 Mn in April 2024 compared to April 2023. This increase is mainly due to the strong performance of the export of Bulk Tea (increased by 12.08%).

Furthermore, the volume of tea exports increased by 12.03 % in April 2024 compared to April 2023. Additionally, Tea exports to UAE, Iraq and Saudi Arabia markets increased by 61.25 %, 57.11 % and 40.23 % respectively.

Moreover, Export earnings from Rubber and Rubber Finished products have increased by 20.18 % y-o-y to US$ 66.58 Mn in April 2024, with a strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (36.09 %).

On monthly analysis, export earnings of Coconut-based products increased by 17.73 % in April 2024 compared to April 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 26.31 %, 10.55 % and 9.98 % respectively in April 2024 compared to April 2023.

Export earnings from Coconut Oil, Desiccated Coconut, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 18.2%, 45.85 %, 46.79 % and 35.92 % respectively in April 2024 compared to April 2023.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 17.23 % to US$ 15.38 Mn in April 2024 in comparison to April 2023.

Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 10.3 % to US$ 11.35 Mn in April 2024 compared to April 2023.

Export earnings from Food & Beverages have increased by 7.55 % y-o-y to US$ 32.35 Million in April 2024, with a positive performance in exports of Processed food (18.25 %).

Export earnings from Seafood increased by 7.76 % to US$ 26.79 Mn in April 2024 compared to April 2023. This increase was mainly due to the positive performance in the export of Frozen fish (11.08%) and Fresh fish (23.68%).

In parallel, export earnings from Ornamental fish increased by 30.66 % to US$ 2.77 Mn in April 2024 compared to April 2023.

Furthermore, the estimated value of ICT exports is expected to increase by 21.6 % to US$ 120.69 Mn in April 2024 when compared to April 2023. Also, the value of Transport & Logistics services exports is expected to increase by 24.94 % in April 2024 compared to the corresponding period in the previous year.

Products & Services with Negative Growth (Decreases)

Export earnings from Apparel & Textile decreased by 6.34 % y-o-y to US $ 321.06 Mn in April 2024 compared to April 2023.

Export earnings from Spices and Essential Oils decreased by 14.47 % to US$ 18.03 Mn in the month of April 2024 compared to month of April 2023 mainly due to the poor performance in the export of Cinnamon (-15.99%) and Cloves (-52.22%). Clove exports to India decreased by nearly 100% in April 2024 compared to April 2023.

Furthermore, the total export earnings from Diamonds, Gems & Jewellery decreased by 14.14 % y-o-y to US$ 21.68 million in April 2024. Export earnings from Diamonds experienced a substantial decrease by 23.88 % in April 2024.

Additionally, export earnings from the Electrical & Electronics Components decreased by 23.07 % y-o-y to US$ 30.78 Mn in April 2024 with poor performance in exports of Electrical Transformers (-26.11 %) and Other Electrical & Electronic products (-21.61%).

Moreover, the estimated value of construction services exports is expected to decrease by 31.05 % to US$ 14.87 Mn in April 2024 when compared to April 2023.

Exports during the period of January – April 2024

Cumulative merchandise exports during the period of January to April 2024, increased by 3.55% to US$ 3,982.71 Million compared to the corresponding period in 2023.

The estimated value of services exports is expected to increase by 6.47 % to US$ 1,048.61 Mn during the period of January to April 2024 when compared to the corresponding period of 2023.

Products & Services with Positive Growth (Increases)

Earnings from the export of Tea, Rubber products, Coconut products and Food & Beverages increased by 10.44 %, 12.03 %, 23.44 % and 21.83 % respectively during the period of January – April 2024 in comparison to the corresponding period of 2023.

Earnings from the export of Tea increased y-o-y by 10.44 % to US$ 450.23 Mn in the period of January to April 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (24.07 %).

In addition, export earnings from Rubber & Rubber finished products increased by 12.03 % to US$ 335.0 Mn in January – April 2024 compared to the same period in 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (8.0 %) and Pneumatic & Retreated Rubber Tyres & Tubes (17.39 %).

Export earnings of Coconut & coconut-based products increased by 23.44 % to US$ 264.4 Mn during January – April 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in the period of January – April 2024 compared with the corresponding period of 2023 due to the strong performance in the export of Coconut Oil (21.94 %), Desiccated Coconut (37.48 %), Coconut Milk Powder (36.2 %), Coconut Cream (44.15 %), Liquid Coconut Milk (30.91 %), Cocopeat (27.15 %) and Activated Carbon (20.35 %).

Export earnings from Food & Beverages have increased by 21.83 % y-o-y to US$ 158.72 Million in the period of January to April 2024, with a positive performance in exports of Processed food (63.73 %).

Furthermore, the estimated value of ICT exports is expected to increase by 1.82 % to US$ 405.89 Mn during the period of January to April 2024 when compared to the corresponding period of 2023. Also, the value of Transport & Logistics services exports is expected to increase by 15.54 % to US$ 558.89 Mn during the period of January to April 2024 when compared to the corresponding period of 2023.

Products & Services with Negative Growth (Decreases)

Earnings from the export of Apparel & Textiles have decreased by 2.84 % to US$ 1,566.39 Mn during the period of January to April 2024 compared to the same period in 2023. Further, earnings from the export of Apparel declined by 2.11 % and the export of Textiles declined by 10.38 % from January to April 2024.

In addition, export earnings from Spices and Essential Oils decreased y-o-y by 28.66 % to US$ 87.48 Mn in the period of January to April 2024. This decrease was due to the poor performance in exports of Cloves (-85.27 %).

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 17.31 % to US$ 137.93 Mn in the period of January to April 2024 compared to the corresponding period of 2023. This decrease was due to the poor performance in exports of Insulated wires (-7.99%) and Other Electrical & Electronic Products (-28.05 %).

Further, export earnings from Seafood decreased by 0.9 % to US$ 90.68 Mn during the period of January to April 2024 compared to the year 2023 due to the poor performance of Frozen Fish (-8.8 %).

Table 1 shows the comparison of Export performance during the month of April 2024 and the period of January to April 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance

Values in US$ Mns

Exports of Goods & Services	Jan-Apr 2023	Jan-Apr 2024	% Growth (23-24)	Apr 2023	Apr 2024	% Growth (23-24)
Apparel & Textile	1,612.24	1,566.39	-2.84	342.81	321.06	-6.34
Tea	407.66	450.23	10.44	93.39	95.46	2.22
Rubber-based	299.03	335.00	12.03	55.40	66.58	20.18
Coconut-based	214.19	264.40	23.44	51.61	60.76	17.73
Diamond, Gems & Jewelery	65.84	71.91	9.22	25.25	21.68	-14.14
Electronics & Electronic Components	166.81	137.93	-17.31	40.01	30.78	-23.07
Spices and Concentrates	122.62	87.48	-28.66	21.08	18.03	-14.47
Processed Food & Beverages	130.28	158.72	21.83	30.08	32.35	7.55
Seafood	91.50	90.68	-0.90	24.86	26.79	7.76
Ornamental Fish	8.70	8.52	-2.07	2.12	2.77	30.66
Vegetables	9.69	9.68	-0.10	2.27	3.59	58.15
Fruits	13.89	13.25	-4.61	3.45	3.25	-5.80
Other Export Crops	14.03	23.28	65.93	6.79	5.35	-21.21
Flowers & Foliage	5.01	4.94	-1.40	1.20	1.69	40.83
Boat Building	11.83	11.06	-6.51	10.80	0.10	-99.07
Petroleum Products	140.36	98.33	-29.94	13.64	34.95	156.23
Others	532.62	650.91	22.21	123.84	88.62	-28.44
Total Merchandize Exports	3,846.30	3,982.71	3.55	848.60	813.81	-4.10
ICT/ BPM	398.65	405.89	1.82	99.25	120.69	21.60
Construction	79.86	67.27	-15.77	21.56	14.87	-31.05
Financial Services	22.64	16.57	-26.81	4.44	6.67	50.31
Transport & Logistics	483.73	558.89	15.54	126.62	158.19	24.94
Total Services Exports	984.87	1,048.61	6.47	251.86	300.41	19.28
Total Exports	4,831.17	5,031.32	4.14	1,100.46	1,114.22	1.25

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among the top 10 export markets of Sri Lanka, the UK, Italy, Germany, Netherlands, France and China have shown positive growth in both April 2024 and the cumulative period of January to April 2024 compared to the corresponding periods in 2023.

United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, decreased by 5.09 % to US$ 183.37 Mn in April 2024 compared to April 2023. In parallel, exports to America in the cumulative period of January to April 2024 decreased by 2.18 % to US$ 894.94 Mn compared to the corresponding periods in 2023.

Additionally, exports to the United Kingdom increased by 7.65 % to US$ 66.14 Mn in April 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 6.8 % to US$ 305.16 Mn in a cumulative period of January to April 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of April 2024 and the period of January to April 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations

Values in US$ Mns

	Destination	Jan-Apr 2023	Jan-Apr 2024	% Growth (23-24)	Apr 2023	Apr 2024	% Growth (23-24)
1	United States	914.90	894.94	-2.18	193.20	183.37	-5.09
2	United Kingdom	285.74	305.16	6.80	61.44	66.14	7.65
3	India	267.44	239.39	-10.49	58.88	56.93	-3.31
4	Italy	197.35	198.59	0.63	38.91	40.77	4.78
5	Germany	193.72	205.01	5.83	39.56	41.07	3.82
6	United Arab Emirates	137.10	114.74	-16.31	16.43	22.27	35.54
7	Netherlands	106.30	114.08	7.32	22.67	26.26	15.84
8	France	79.82	84.94	6.41	22.52	24.32	7.99
9	Canada	103.27	103.57	0.29	21.72	19.31	-11.10
10	China	79.76	83.10	4.19	18.75	21.24	13.28
11	Australia	73.72	78.35	6.28	17.33	17.40	0.40
12	Belgium	72.65	72.06	-0.81	16.98	16.64	-2.00
13	Turkey	61.42	42.40	-30.97	13.18	9.48	-28.07
14	Japan	60.81	56.83	-6.54	14.54	12.57	-13.55
15	Switzerland	57.35	55.58	-3.09	15.70	12.45	-20.70
	Others	1726.74	1904.17	10.28	145.89	67.91	-53.45
	Total	3,846.30	3,982.71	3.55	848.60	813.81	-4.10

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

April 2024

In April 2024, exports to India & Pakistan constituted 7.5 % of the total merchandise exports and experienced a notable 2.9 % decrease to reach US$ 61.54 Mn, compared to April 2023. Further, exports to India recorded a decrease of 3.31 % whereas exports to Pakistan increased by 2.67 % in April 2024 compared to April 2023.

The negative performance of India was driven by lower exports of Animal Feed, while Pakistan’s positive performance was led by increased exports of Other textile articles and other Electrical & Electronic Products.

January – April 2024

Exports to India & Pakistan accounted for 6.6% of total merchandise exports decreased by 8.67 % to US$ 262.17 Mn during the period of January to April 2024 compared to the corresponding period of the previous year.

Exports to India decreased by 10.49 % during the period of January to April 2024 when compared with the corresponding period in 2023 while exports to Pakistan increased by 16.16 % y-o-y in the same period.

The negative export performance of India was driven by lower exports of Animal feed (-11.51 %), while Pakistan’s positive performance was led by increased exports of Other textile articles, other Electrical & Electronic Products and Desiccated coconut.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of April 2024 and the period of January to April 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Region	Jan-Apr 2023	Jan-Apr 2024	% Growth (23-24)	Apr 2023	Apr 2024	% Growth (23-24)
United States	914.90	894.94	-2.18	193.20	183.37	-5.09
European Union (EU) excluding UK	835.07	864.96	3.58	180.24	193.50	7.36
South Asia	392.38	366.91	-6.49	83.66	86.00	2.80
ASEAN	333.66	329.00	1.36	59.58	60.39	-1.40
CIS Countries	115.63	93.85	-18.84	24.87	28.52	14.68
African Countries	106.23	109.98	3.53	20.44	23.50	14.97
Middle East Countries (excl. Cyprus & Egypt)	81.06	87.47	7.91	20.19	22.20	9.96
Others	1,067.37	1,235.60	15.76	266.42	216.33	-18.80
Total Merchandise Exports	3,846.30	3,982.71	3.55	848.60	813.81	-4.10

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports during both April 2024 and the cumulative period of January to April 2024 increased respectively by 7.36 % and 3.58 %.

Exports to the top five EU markets were recorded as; Germany US$ 205.01 Mn (increased by 5.83 %), Italy US$ 198.59 Mn (increased by 0.63 %), Netherlands US$ 114.08 Mn (increased by 7.32 %), France US$ 84.94 Mn. (increased 6.41 %) and Belgium US$ 72.06 Mn (decreased by 0.81%) during the cumulative period of January to April 2024 in comparison to the corresponding period in 2023. (Newswire)

The post Sri Lanka’s Export Performance in April 2024 appeared first on Newswire.

Sri Lanka’s Export Performance in January 2024

Editor VV — Wed, 06 Mar 2024 05:52:21 +0000

Sri Lanka’s merchandise export performance in January 2024 amounted to US$ 970.7 million, and recorded a 0.77 % decline compared to January 2023, the Export Development Board (EDB) said.

According to the EDB, compared to January 2023, agricultural exports have shown a modest increase of 3.58%, reaching US$ 225.43 million in January 2024.

However, industrial exports experienced a decline of 2.08% during the same period, dropping to US$ 744.77 million.

Major Exports in January 2024

Products with Positive Growth (Increases)

Export earnings from tea which made up 12% of merchandise exports, increased by 2.63 % y-o-y to US$ 102.18 Mn in January 2024 compared to January 2023. This increase is mainly due to the strong performance in the export of Bulk Tea, Tea Bags and Green Tea, which increased by 8.9 %, 58.33% and 89.29% respectively.

Furthermore, the volume of tea exports increased by 6.88 % in January 2024 compared to January 2023. Additionally, Tea exports to Iran and Iraq markets, increased by 93.81% and 35.11% respectively.

Moreover, Export earnings from Rubber and Rubber Finished products have increased by 7.68 % y-o-y to US$ 81.72 Mn in January 2024, with a strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (17.57%). Furthermore, exports of rubber to Italy and Canada experienced significant growth, surpassing 100% in January 2024 compared to January 2023.

On monthly analysis, export earnings of Coconut-based products increased by 16.74 % in January 2024 compared to January 2023. Moreover, export earnings of Coconut kernel products and Coconut shell products increased by 19.92 % and 42.68 % respectively in January 2024 compared to January 2023.

Export earnings from Coconut Oil, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 39.74 %, 37.5 % and 15.01 % respectively in January 2024 compared to January 2023.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 0.57% to US$ 10.55 Mn in January 2024 in comparison to January 2023.

Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 44.07 % to US$ 12.88 Mn in January 2024 compared to January 2023.

Export earnings from Seafood increased by 9.93 % to US$ 23.02 Mn in January 2024 compared to January 2023. This increase was mainly due to the strong performance in the export of Fresh fish (30.8 %) and shrimp (44.83 %). Furthermore, export earnings from Ornamental fish increased by 0.45% to US$ 2.21 Mn in January 2024 compared to January 2023.

Export earnings from Food & Beverages have increased by 4.57 % y-o-y to US$ 33.87 Million in January 2024, with the positive performance in exports of Processed food (124.73%).

Products with Negative Growth (Decreases)

Export earnings from Apparel & Textile decreased by 10.17 % y-o-y to US $ 380.1 Mn in January 2024 compared to January 2023. Additionally, exports of Apparel & Textiles to the USA, UK and EU Region decreased by 10.16%, 17.8% and 9.54% respectively in January 2024 compared to January 2023.

Similarly, export earnings from Spices and Essential Oils decreased by 14.94 % to US$ 29.33 Mn in the month of January 2024 compared to month of January 2023 mainly due to the poor performance in the export of Cloves (-94.13%). Clove exports to India decreased by nearly 100% in January 2024 compared to January 2023.

In addition, export earnings from the Electrical & Electronics Components decreased by 18.37 % y-o-y to US$ 31.24 Mn in January 2024 with poor performance in exports of Insulated Wires and Cables (-3.24%), Electrical Transformers (-1.23 %) and Other Electrical & Electronic products (-36.67%).

Export earnings of Coconut fiber-based products decreased by 5.33 % in January 2024 compared to January 2023.

Furthermore, the total export earnings from Diamonds, Gems & Jewellery declined by 29.09 % y-o-y to US$ 32.98 million in January 2024. Export earnings from all three sub-sectors experienced decreases in January 2024: Diamonds (-23.23%), Gems (-33.56%), and Jewellery (-33.79%). Specifically, exports of Gems to the USA decreased by 53.03%, while exports of Diamonds to Israel decreased by 64.8%.

Export earnings of Boat building decreased by 14.29% to US$ 0.06 Mn in January 2024 compared to January 2023.

Table 1 shows the comparison of Merchandise export performance during the month of January 2024 compared to January 2023.

Table 1: Comparison of Product-wise Merchandise Export Performance

Values in US$ Mns

Exports of Goods	January 2023	January 2024	% Growth (23-24)
Apparel & Textile	423.13	380.10	-10.17
Tea	99.56	102.18	2.63
Rubber-based	75.89	81.72	7.68
Coconut-based	48.22	56.29	16.74
Diamond, Gems & Jewelery	46.51	32.98	-29.09
Electronics & Electronic Components	38.27	31.24	-18.37
Spices and Concentrates	34.48	29.33	-14.94
Processed Food & Beverages	32.39	33.87	4.57
Seafood	20.94	23.02	9.93
Ornamental Fish	2.20	2.21	0.45
Vegetables	2.49	2.00	-19.68
Fruits	3.23	3.44	6.50
Other Export Crops	2.14	4.11	92.06
Flowers & Foliage	1.16	1.17	0.86
Boat Building	0.07	0.06	-14.29
Petroleum Products	77.84	21.45	-72.44
Others	69.68	165.53	137.56
Total Merchandize Exports	978.20	970.70	-0.77

Sources: CBSL, SL Customs

Sri Lanka’s Export Performance in Major Markets

Among the top 15 export markets of Sri Lanka, Italy, Germany and Canada have shown positive growth in January 2024 compared to January 2023.

The United States of America continued as a key export destination for Sri Lanka, absorbing 23% of Sri Lanka’s merchandise exports in 2024. Exports to the United States of America, Sri Lanka’s single largest export destination, decreased by 13.46 % to US$ 220.48 Mn in January 2024 compared to January 2023.

Additionally, exports to the United Kingdom decreased by 12.79% to US$ 67.52 Mn in January 2024 compared to the corresponding month in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of January 2024 compared to January 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations

Values in US$ Mns

	Destination	January 2023	January 2024	% Growth (23-24)
1	United States	254.78	220.48	-13.46
2	United Kingdom	77.42	67.52	-12.79
3	India	69.58	56.93	-18.18
4	Italy	46.21	49.57	7.27
5	Germany	48.12	49.34	2.54
6	United Arab Emirates	71.35	29.84	-58.18
7	Netherlands	26.55	26.02	-2.00
8	France	17.89	17.16	-4.08
9	Canada	19.57	30.45	55.60
10	China	19.35	18.41	-4.86
11	Australia	17.81	19.75	10.89
12	Belgium	19.57	15.72	-19.67
13	Turkey	16.02	11.46	-28.46
14	Japan	15.37	12.91	-16.01
15	Switzerland	15.14	13.40	-11.49
	Others	243.47	331.74	36.25
	Total	978.20	970.70	-0.77

Sources: CBSL, SL Customs

Exports to FTA Partners (India & Pakistan)

In January 2024, exports to India & Pakistan constituted 6.5% of the total merchandise exports, experienced a notable 16.76 % decrease, reaching US$ 62.03 Mn, compared to January 2023. Furthermore, Exports to India decreased by 18.18 % US$ 56.93 Mn in January 2024 while exports to Pakistan increased by 3.24 % respectively during the month of January 2024 compared to January 2023.

The decline in exports to India was driven by lower exports of Animal feed (-52.21%) and the positive performance of Pakistan was driven by increased exports of textiles, Article o stones, and Chemical and Base Metal products.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of January 2024 compared to January 2023.

Table 3: Comparison of Region wise Merchandise Export Performance

Values in US$ Mns

Region	January 2023	January 2024	% Growth (23-24)
United States	254.78	220.48	-13.46
European Union (EU) excluding UK	202.23	195.33	-3.41
South Asia	96.51	92.95	-3.69
ASEAN	121.46	81.38	-33.00
CIS Countries	33.08	17.94	-45.77
African Countries	27.49	24.95	-9.24
Middle East Countries (excl. Cyprus & Egypt)	21.21	19.09	-10.00
Others	221.44	318.58	43.87
Total Merchandise Exports	978.20	970.70	-0.77

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports during the month of January 2024 decreased by 3.41 % y-o-y to US$ 195.33 Mn.

Exports to the top five EU markets were recorded as; Italy US$ 49.57 Mn (increased by 7.27 %), Germany US$ 49.34 Mn (increased by 2.54 %), Netherlands US$ 26.02 Mn (decreased by 2.0 %), France US$ 17.16 Mn. (decreased by 4.08 %) and Belgium US$ 15.72 Mn (decreased by 19.67 %) during the month of 2024 in comparison to the corresponding month in 2023. (NewsWire)

The post Sri Lanka’s Export Performance in January 2024 appeared first on Newswire.

Sri Lanka’s export performance: August 2023 data revealed

Editor VV — Tue, 26 Sep 2023 07:11:22 +0000

Sri Lanka’s merchandise exports increased by 6.98% to US$ 1,091.6 Million in August 2023 compared to July 2023, as per the provisional data released by the Sri Lanka Customs.

According to the Export Development Board (EDB), however, it is a 10.91% decrease when compared to the value recorded in August 2022.

An EDB statement said the decline in merchandise exports is due to decreased demand for export products, particularly in sectors such as Apparel & Textiles, Rubber & Rubber-based products, and Coconut & Coconut-based products.

Major Exports in August 2023

Products & Services with Positive Growth (Increases)

Export earnings from Spices and Essential Oils increased by 19.52 % to US$ 47.94 Mn in the month of August 2023 compared to month of August 2022. This increase was primarily driven by a remarkable increase in the export of Pepper 176.83%.

Furthermore, the estimated value of ICT exports is expected to increase by 45.5% to US$ 132.25 Mn in August 2023 when compared to August 2022. Additionally, the value of Transport & Logistics services exports is projected to increase by 26.45% in August 2023 compared to the same month in the previous year.

Products & Services with Negative Growth (Decreases)

Export earnings from Apparel & Textile have decreased by 23.06 % y-o-y to US$ 434.98 Million in August 2023 compared to August 2022.

In addition, Export earnings from tea which made up 12% of merchandise exports, decreased by 3.83 % y-o-y to US$ 119.64 Mn in August 2023 compared to August 2022. Earnings from export of Bulk Tea decreased by 15.03 % to US$ 59.07 Mn.

Export earnings from Rubber and Rubber Finished products have decreased by 19.70 % y-o-y to US$ 80.16 Million in August 2023, with negative performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-17.40 %) and Industrial & Surgical Gloves of Rubber (-29.92 %).

In addition, export earnings from the Electrical & Electronics Components decreased by 1.60 % y-o-y to US$ 41.22 Mn in August 2023 with poor performance in exports of Electrical Transformers (-44.48 %).

On monthly analysis, export earnings of Coconut based products decreased by 10.30 % in August 2023 compared to August 2022. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products decreased by 6.68 %, 12.80 % and 15.86 % respectively in August 2023 compared to August 2022.

Export earnings from Coconut Oil, Desiccated Coconut and Liquid Coconut Milk which are categorized under the Coconut kernel products decreased by 10.15 %, 14.32 % and 9.97 % respectively in August 2023 compared to August 2022.

Being the largest contributor to Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, decreased by 13.44 % to US$ 13.59 Mn in August 2023 in comparison to August 2022.

Earnings from Activated Carbon, which is categorized under the Coconut shell products decreased by 16.94 % to US$ 10.74 Mn in August 2023 compared to August 2022.

Export earnings from Seafood decreased by 30.83 % to US$ 17.66 Mn in August 2023 compared to August 2022. This decrease was mainly due to the poor performance in export of Frozen fish (-31.42 %), Shrimps (-37.67 %) and Fresh fish (-41.24 %).

Moreover, export earnings from Ornamental fish decreased by 12.55 % to US$ 2.02 Mn in August 2023 compared to August 2022.

Exports during the period of January –August 2023

For the period of January to August 2023, overall merchandise exports decreased by 10.42 % to US$ 7,983.13 Million compared to the corresponding period of 2022.

Products & Services with Positive Growth (Increases)

Earnings from export of Tea, Spices and Concentrates, Gems & Jewellery and Electronics & Electronic Components increased by 6.23 %, 12.91 % 13.52 %and 8.45 % respectively during the period of January – August 2023 compared with the corresponding period of 2022.

Earnings from export of Tea increased by 6.23 % to US$ 870.37 Mn was due to the increase of all the sub categories of tea sector except Bulk Tea and Tea Bags. Earnings from Tea packets, Instant Tea, Green Tea and Other Tea increased by 13.71%, 34.61 %, 40.48% and 46.09 % in the period of Jan-Aug 2023.

In addition, export earnings from Spices and Essential Oils increased y-o-y by 12.91 % to US$ 264.65 Mn in the period of January to August 2023. Export earnings from Pepper, Cloves and Nutmeg & Mace increased y-o-y by 14.87 %, 317.95% and 49.66% respectively in the period of January to August 2023.

Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 8.45 % to US$ 337.85 Mn in the period of January to August 2023 compared to the corresponding period of 2022.

Earnings from export of Printed Circuits, Switches/ Boards & Panels, Boilers/ Piston Engines/ Pumps & Vacuum Pumps and Other Electrical & Electronic Products increased by 56.27 %, 13.71% and 11.43 % respectively in the period of January to August 2023 compared to the corresponding period of 2022.

The value of ICT exports is estimated to increase by 20.88 % to US$ 926.05 Mn in the first eight months of 2023 compared to the corresponding period of 2022.

In addition, Construction and Financial services exports are estimated to increase by 75.43 % and 15.78 % respectively in the period of January to August 2023 compared with the corresponding period of 2022.

Products & Services with Negative Growth (Decreases)

Earnings from export of Apparel & Textile decreased by 18.79 % to US$ 3,315.56 Mn during the period of January to August 2023 compared to the same period of 2022. Export of Apparel declined by 19.95 % and export of Textiles declined by 4.66 % in January to August 2023.

In addition, export earnings from Rubber & Rubber finished products decreased by 13.67 % to US$ 609.26 Mn in January – August 2023 compared with the same period of 2022 attributed to lower exports of Industrial & Surgical Gloves of Rubber (-26.98 %) and Pneumatic & Retreated Rubber Tyres & Tubes (-7.68 %).

For the period of January to August 2023, export earnings from Coconut & Coconut based products decreased by 18.51 % to US$ 466.67 Mn from the same period last year. Earnings from all the major categories of Coconut based products decreased in the period of January – August 2023 compared with the corresponding period of 2022 due to the poor performance in export of Coconut Oil (-23.17 %), Desiccated Coconut (-32.92 %), Coconut Milk Powder (-9.44 %), Coconut Cream (-17.14 %), Liquid Coconut Milk (-12.01 %), Cocopeat (-16.22 %) and Activated Carbon (-16.83 %).

Further, export earnings from Seafood decreased by 11.18 % to US$ 167.30 Mn during the period of January to August 2023 compared to year 2022 due to the poor performance in Frozen Fish (-10.16 %), Fresh fish (-11.12 %) and Shrimps (-38.0 %).

Table 1 shows the comparison of Merchandise export performance in August 2023 and January to August 2023 compared to corresponding periods of previous year.

Table 1: Comparison of Product-wise Merchandise Export Performance, Values in US$ Mns

Exports of Goods	Jan-Aug 2022	Jan-Aug 2023	% Growth (22-23)	Aug 2022	Aug 2023	% Growth (22-23)
Apparel & Textile	4,082.80	3,315.56	-18.79	565.37	434.98	-23.06
Tea	819.30	870.37	6.23	124.40	119.64	-3.83
Rubber-based	705.71	609.26	-13.67	99.83	80.16	-19.70
Coconut-based	572.68	466.67	-18.51	71.23	63.89	-10.30
Diamond, Gems & Jewelery	234.82	266.56	13.52	42.54	37.64	-11.52
Electronics & Electronic Components	311.52	337.85	8.45	41.89	41.22	-1.60
Spices and Concentrates	234.39	264.65	12.91	40.11	47.94	19.52
Processed Food & Beverages	290.77	291.77	0.34	42.74	46.10	7.86
Seafood	188.36	167.30	-11.18	25.53	17.66	-30.83
Ornamental Fish	13.83	16.91	22.27	2.31	2.02	-12.55
Vegetables	18.26	18.95	3.78	3.13	2.12	-32.27
Fruits	23.92	28.79	20.36	3.95	3.55	-10.13
Other Export Crops	63.03	61.68	-2.14	11.57	11.38	-1.64
Flowers & Foliage	10.05	9.87	-1.79	1.50	0.95	-36.67
Boat Building	6.23	67.15	977.85	0.36	54.44	15022.22
Petroleum Products	107.70	267.59	148.46	22.44	23.56	4.99
Others	1,228.75	922.20	-24.95	126.47	104.38	-17.47
Total Merchandize Exports	8,912.12	7,983.13	-10.42	1,225.37	1,091.63	-10.91

Sources: CBSL, SL Customs

Sri Lanka’s Export Performance in Major Markets

Out of top 10 export markets, India, Italy, UAE and France have shown strong performance during the month of August 2023 and the period of January to August 2023 compared to the corresponding period in the previous year.

Exports to United States of America, Sri Lanka’s single largest export destination, decreased 21.29 % to US$ 252.13 Mn in August 2023 compared to August 2022.

Further, exports to United States of America decreased by 18.89 % to US$ 1,872.7 Mn in the period of January to August 2023 compared to the same period in 2022.

Table 2 shows the comparison of Merchandise export performance of top 15 export markets in August 2023 and January to August 2023 compared to corresponding periods of previous year.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations, Values in US$ Mns

	Destination	Jan-Aug 2022	Jan-Aug 2023	% Growth (22-23)	Aug 2022	Aug 2023	% Growth (22-23)
1	United States	2,308.75	1,872.70	-18.89	320.31	252.13	-21.29
2	United Kingdom	682.56	570.76	-16.38	80.55	72.51	-9.98
3	India	570.46	575.92	0.96	69.71	82.05	17.70
4	Germany	514.75	396.30	-23.01	64.24	46.40	-27.77
5	Italy	414.26	444.86	7.39	55.06	63.63	15.56
6	Netherlands	274.28	224.96	-17.98	40.39	27.85	-31.05
7	Canada	254.58	206.90	-18.73	40.57	27.16	-33.05
8	UAE	191.10	254.55	33.20	29.53	32.98	11.68
9	Belgium	215.49	150.76	-30.04	29.14	18.25	-37.37
10	France	177.78	227.06	27.72	23.99	74.81	211.84
11	Australia	170.57	152.38	-10.66	27.40	21.77	-20.55
12	China	165.45	161.69	-2.27	24.47	19.99	-18.31
13	Japan	150.32	130.83	-12.97	29.11	15.93	-45.28
14	Bangladesh	147.51	125.89	-14.66	18.18	15.16	-16.61
15	Mexico	121.51	115.50	-4.95	22.20	14.96	-32.61
	Others	2,552.75	2,372.07	-7.08	350.52	306.05	-12.69
	Total	8,912.12	7,983.13	-10.42	1,225.37	1,091.63	-10.91

Sources: CBSL, SL Customs

Exports to FTA Partners

August 2023

Exports to Free Trade Agreement (FTA) partners accounted for 6.5 % of total merchandise exports has increased by 23.02 % to US$ 93.2 Mn in August 2023 compared to August 2022.

Exports to India increased by 17.7 % and exports to Pakistan increased by 84.3 % in August 2023 compared to August 2022.

Strong performance recorded in India led by increased exports of Pepper (192.66%) Arecanut (2.8 %) and Animal Feed (37.3%). Better performance recorded in Pakistan led by increased exports of Other textile articles and Woven fabrics.

Jan – Aug 2023

Exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports increased by 0.72 % to US$ 627.65 Mn during the period of January to August 2023 compared with the corresponding period of previous year.

Exports to India increased by 0.93% while exports to Pakistan decreased by 1.84 % r during the period of January to August 2023 when compared with the corresponding period of 2022.

Increased exports to India led by good export performance of Animal feed (0.22 %), Pepper (15.38 %), Cloves (471.05%) and Other textile articles (68.94 %) and decreased exports to Pakistan led by export of Sheet rubber (-12.48 %) and Desiccated Coconut (13.88 %).

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region wise exports during the month of August 2023 and the period of January to August 2023 compared to corresponding period of previous year.

Table 3: Comparison of Region wise Merchandise Export Performance, Values in US$ Mns

Region	Jan-Aug 2022	Jan-Aug 2023	% Growth (22-23)	Aug 2022	Aug 2023	% Growth (22-23)
United States	2,308.75	1,872.70	-18.89	320.31	252.13	-21.29
European Union (EU) excluding UK	2,045.04	1,829.15	-10.56	276.03	286.47	3.78
South Asia	842.74	827.18	-1.85	104.99	118.13	12.52
ASEAN	624.23	687.49	10.13	98.76	90.40	-8.46
CIS Countries	209.95	215.65	2.71	25.56	25.22	-1.33
African Countries	205.28	219.41	6.88	35.70	34.75	-2.66
Middle East Countries (excl. Cyprus & Egypt)	149.90	165.51	10.41	26.72	19.36	-27.54
Others	2,526.23	2,166.04	-14.26	337.30	265.17	-21.38
Total Merchandise Exports	8,912.12	7,983.13	-10.42	1,225.37	1,091.63	-10.91

Exports to the European Union (EU) which comprised 21% of Sri Lanka’s exports during the month of August 2023 increased by 3.78 % y-o-y to US$ 252.13 Mn. Further, exports to the European Union (EU) decreased by 18.89 % y-o-y to US$ 1,872.70 Mn during the period of January to August 2023 compared to the corresponding period of previous year.

During the period of January to August 2023, breakdown of exports to the top five EU markets which accounted for 78 % of Sri Lanka’s total exports to the EU were; Germany US$ 396.3 Mn (decreased by 23.01 %), Italy US$ 444.86 Mn (increased by 7.39 %), Netherlands US$ 224.96 Mn (decreased by 17.98 %), Belgium US$ 150.76 Mn (decreased by 30.04 %) and France US$ 227.06 Mn. (increased by 27.72 %).

Export of Services

The estimated value of services exports for the period of January to August 2023 was US$ 1,409.08 Mn, increasing 12.96 % over the corresponding period of 2022. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics. (NewsWire)

The post Sri Lanka’s export performance: August 2023 data revealed appeared first on Newswire.

Sri Lanka’s Export Performance in March 2023

Editor VV — Thu, 04 May 2023 07:12:00 +0000

Sri Lanka’s merchandise exports decreased by 1.96 % to US$ 1,037.5 Million in March 2023 compared to March 2022, the Export Development Board of Sri Lanka (EDB) reported.

The EDB stated that moreover, it is a 5.14 % decrease when compared to March 2021.

Less demand created for major products in major markets due to the current economic situation further continues, it added.

Figure 1 shows the comparison of Monthly Merchandise Export Performance 2020- March 2023.

Major Exports in March 2023

Products & Services with Positive Growth (Increased)

Export earnings from tea which made up 12% of merchandise exports, increased by 16.34 % y-o-y to US$ 110.15 Mn in March 2023 compared to March 2022. Earnings from export of Tea packets increased by 32.46 % to US$ 58.4 Mn while export of Bulk Tea decreased by 0.52% to US$ 46.25 Mn in March 2023 compared to March 2022.

In addition, Export earnings from Rubber and Rubber Finished products have increased by 6.01 % y-o-y to US$ 91.19 Mn in March 2023, with positive performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (14.65 %). However, earnings from exports of Industrial & surgical gloves decreased by 3.97% to US$ 21.76Mn in March 2023 compared to March 2022.

Moreover, export earnings from the Electrical & Electronics Components increased by 18.35% y-o-y to US$ 45.54 Mn in March 2023 with strong performance in exports of Other Electrical & Electronic Products (24.34%).

Earnings from Activated Carbon, which is categorised under the Coconut shell products increased y-o-y by 1.81% to US$ 14.02 Mn in March 2023.

Export earnings from Spices and Essential Oils increased by 38.77 % to US$ 32.57 Mn in the month of March 2023 compared to month of March 2022 with strong performance in Cinnamon (66.24 %) and Cloves (216.58 %). Despite the increase recorded in the sector, earnings from Pepper & Essential Oils decreased by 21.4 % and 35.77% respectively in March 2023 compared to March 2022.

Export earnings from Seafood increased by 14.57% to US$ 25.71 Mn in March 2023 compared to March 2022. This increase was mainly due to the strong performance in export of Frozen fish (9.47 %), Fresh fish (7.04 %) and Shrimps (0.34%).

Moreover, export earnings from Ornamental fish increased by 50.63 % to US$ 2.38 Mn in March 2023 compared to March 2022.

The value of ICT exports is estimated to increase by 33.68% to US$ 132.25 Mn in March 2023 compared to March 2022. In addition, value of Construction and Financial services exports are estimated to increase by 206.9% and 2.53% respectively in March 2023 compared with March 2022.

Products & Services with Negative Growth (Decreased)

However, export earnings from Apparel & Textile have decreased by 10.1 % y-o-y to US$ 416.17 million in March 2023 compared to March 2022. Both earnings from exports of Apparel and Textiles decreased by 10.68 % and 3.61% respectively in March 2023 compared to March 2022.

On monthly analysis, export earnings of kernel products and fiber products categorized under the Coconut based decreased by 24.96 % and 15.10 % respectively in March 2023 compared to March 2022. Further, earnings from Coconut shell products stagnated in March 2023 compared to March 2022.

Export earnings from Liquid Coconut Milk, Coconut Oil and Desiccated Coconut which are categorised under the Coconut kernel products decreased by 17.14 %, 26.24% and 36.97% respectively in in March 2023 compared to March 2022.

Being the largest contributor to Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, decreased by 12.43 % to US$ 14.02 Mn in March 2023 in comparison to March 2022.

The value of Transport & Logistics exports is estimated to decrease by 37.04 % to US$ 40.25 Mn in March 2023 compared to March 2022.

Major Exports during the period of January -March 2023

For the period of January to March 2023, overall merchandise exports decreased by 7.88 % to US$ 2,997.6 Million compared to the corresponding period of 2022.

Products & Services with Positive Growth (Increased)

Earnings from export of Tea, Spices and Concentrates and Electronics & Electronic Components increased by 9.59 %, 18.63 % and 12.96 % respectively during the period of January – March 2023 compared with the corresponding period of 2022.

Earnings from export of Tea increased by 9.59 % to US$ 314.28 Mn during the period of January to March 2023 compared with the corresponding period of 2022. Exports of all the sub categories of tea sector except Bulk Tea and Tea Bags; Tea packets (20.56 %), Instant Tea (69.64 %) and Green Tea (25.0%) increased during the period.

Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 12.96 % to US$ 126.81 Mn in the period of January to March 2023 compared to the corresponding period of 2022.

Earnings from export of Switches, Boards & Panels and Other Electrical & Electronic Products increased by 36.07 %, and 20.91 % respectively during the period of January to March 2023 compared with the corresponding period of previous year.

The value of ICT exports is estimated to increase by 33.59% to US$ 397 Mn in the first quarter of 2023 compared to the corresponding period of 2022. In addition, Construction and Financial services exports are estimated to increase by 75 % and 2.15% respectively in the period of January to March 2023 compared with the corresponding period of 2022.

Products & Services with Negative Growth (Decreased)

Earnings from export of Apparel & Textile decreased by 13.77% to US$ 1,269.42 Mn during the period of January to March 2023 compared to the same period of 2022, export of Apparel down by 14.9 % while export of Textiles expanded by 0.01% in January to March 2023.

In addition, export earnings from Rubber & Rubber finished products decreased by 8.51 % to US$ 243.62 Mn in January – March 2022 compared with the same period of 2022 attributed to lower exports of Industrial & Surgical Gloves of Rubber (-26.63%).

For the period of January to March 2023, export earnings from Coconut & Coconut based products decreased by 22.10 % to US$ 162.58 Mn from the same period last year. Earnings from all the major categories of Coconut based products decreased in the period of January – March 2023 compared with the corresponding period of 2022 due to the poor performance in export of Liquid Coconut Milk (-20.62%), Coconut cream (-33.21%), Coconut Milk Powder (-30.64%), Cocopeat (-26.31%), Activated Carbon (-5.43%), Coconut Oil (-16.61%) and Desiccated Coconut (-39.57%).

Export earnings from Seafood decreased by 1.62% to US$ 66.63 Mn during the period of January to March 2023 compared to year 2022 due to the poor performance in all the sub categories; Frozen Fish (-1.91 %) and Prawns (-30.6 %).

The value of Transport & Logistics exports is estimated to decrease by 37.11 % to US$ 121 Mn in the first quarter 2023 compared to corresponding period of 2022.

Ttable 1 shows the comparison of monthly and quarterly Merchandise export performance during the month of March 2023 and the period of January to March 2023 compared to corresponding period of previous year.

Table 1: Comparison of Product-wise Merchandise Export Performance

Values in US$ Mns

Exports of Goods	Jan-Mar 2022	Jan-Mar 2023	% Growth (22-23)	Mar 2022	Mar 2023	% Growth (22-23)
Apparel & Textile	1,472.16	1,269.42	-13.77	462.92	416.17	-10.10
Tea	286.77	314.28	9.59	94.68	110.15	16.34
Rubber-based	266.27	243.62	-8.51	86.02	91.19	6.01
Coconut-based	208.71	162.58	-22.10	72.50	59.84	-17.46
Diamond, Gems & Jewelery	72.70	99.99	37.54	28.15	30.90	9.77
Electronics & Electronic Components	112.26	126.81	12.96	38.48	45.54	18.35
Spices and Concentrates	85.58	101.52	18.63	23.47	32.57	38.77
Processed Food & Beverages	101.53	100.22	-1.29	32.79	36.41	11.04
Seafood	67.73	66.63	-1.62	22.44	25.71	14.57
Ornamental Fish	4.81	6.58	36.80	1.58	2.38	50.63
Vegetables	6.23	7.42	19.10	2.11	2.66	26.07
Fruits	7.83	10.45	33.46	2.57	3.89	51.36
Other Export Crops	14.99	7.25	-51.63	5.79	2.57	-55.61
Flowers & Foliage	3.98	3.81	-4.27	1.41	1.32	-6.38
Boat Building	4.77	1.03	-78.41	2.54	0.62	-75.59
Petroleum Products	60.76	126.73	108.57	9.78	24.46	150.10
Others	477.09	349.26	-26.79	170.97	151.12	-11.61
Total Merchandize Exports	3,254.17	2,997.60	-7.88	1,058.20	1,037.5	-1.96

Sources: CBSL, SL Customs

Sri Lanka’s Export Performance in Major Markets

Out of top 5 export markets, only the Italy market has shown a positive performance both in the month of March 2023 and during the period of January to March 2023.

UAE has shown a positive performance compared to the corresponding period of previous year.

Exports to United States of America, Sri Lanka’s single largest export destination, decreased by 9.68 % to US$ 235.87 Mn in March 2023 compared to March 2022. Further, exports to United States of America decreased by 14.96 % to US$ 721.70 Mn during the period of January to March 2023 compared to the same period in 2022.

Table 2 shows the comparison of monthly and quarterly Merchandise export performance of top 15 export markets during the month of March 2023 and the period of January to March 2023 compared to corresponding period of previous year.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations

Values in US$ Mns

	Destination	Jan-Mar 2022	Jan-Mar 2023	% Growth (22-23)	Mar 2022	Mar 2023	% Growth (22-23)
1	United States	848.63	721.70	-14.96	261.14	235.87	-9.68
2	United Kingdom	249.26	224.30	-10.01	86.37	78.05	-9.63
3	India	223.01	208.57	-6.48	74.05	68.85	-7.02
4	Germany	180.82	154.16	-14.74	59.92	55.55	-7.29
5	Italy	149.84	158.44	5.74	46.94	58.16	23.90
6	Netherlands	102.69	83.63	-18.56	30.94	29.53	-4.56
7	Canada	87.38	81.56	-6.66	29.87	26.76	-10.41
8	UAE	74.19	120.67	62.65	29.47	21.72	-26.30
9	Belgium	69.10	55.67	-19.44	21.63	18.30	-15.40
10	France	64.90	57.30	-11.71	21.87	22.08	0.96
11	Australia	58.85	56.39	-4.18	19.72	20.89	5.93
12	China	64.60	61.01	-5.56	20.51	20.18	-1.61
13	Japan	46.70	46.28	-0.90	14.88	16.54	11.16
14	Bangladesh	64.85	55.48	-14.45	14.79	22.18	49.97
15	Mexico	46.29	44.16	-4.60	11.91	15.39	29.22
	Others	923.06	868.28	-5.93	314.19	327.45	4.22
	Total	3,254.17	2,997.60	-7.88	1,058.20	1,037.5	-1.96

Sources: CBSL, SL Customs

Exports to FTA Partners

During the month of March 2023, exports to Free Trade Agreement (FTA) partners accounted for 6.5 % of total merchandise exports has decreased by 8.79 % to US$ 74.27 Mn.

Exports to India and Pakistan decreased by 7.02 % and 26.56 % respectively in March 2023 compared to March 2022.

Poor performance recorded in India led by lower exports of Animal feed (-6.48%), Pepper (-23.57%) and Wood pulp (-34.78%) and poor performance recorded in Pakistan led by lower exports of Sheet rubber and Desiccated Coconut.

Moreover, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports decreased by 9.07 % to US$ 223.69 Mn during the period of January to March 2023 compared with the corresponding period of previous year.

During the period of January to March 2023 Exports to India and Pakistan decreased by 6.48% and 34.23% respectively when compared with the corresponding period of 2022.

Decreased exports to India led by poor export performance of Pepper (-45.95%) and decreased exports to Pakistan led by export of sheet rubber and Desiccated Coconut during the January – March 2023.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region wise exports during the month of March 2023 and the period of January to March 2023 compared to corresponding period of previous year.

Table 3: Comparison of Region wise Merchandise Export Performance

Values in US$ Mns

Region	Jan-Mar 2022	Jan-Mar 2023	% Growth (22-23)	Mar 2022	Mar 2023	% Growth (22-23)
United States	848.63	721.70	-14.96	261.14	235.87	-9.68
European Union (EU) excluding UK	726.04	654.84	-9.81	237.61	237.13	-0.20
South Asia	338.33	308.71	-8.75	105.69	108.25	2.42
ASEAN	226.21	274.08	21.16	81.99	75.17	-8.32
CIS Countries	85.46	90.76	6.20	29.41	31.58	7.38
African Countries	70.74	85.79	21.28	20.95	29.88	42.63
Middle East Countries (excl. Cyprus & Egypt)	55.36	60.87	9.95	11.52	21.40	85.76
Others	903.40	800.85	-11.35	309.92	298.22	-3.78
Total Merchandise Exports	3,254.17	2,997.60	-7.88	1,058.20	1,037.5	-1.96

Exports to the European Union (EU) which comprised 21% of Sri Lanka’s exports during the month of March 2023 decreased by 0.2 % y-o-y to US$ 654.84 Mn. Further, exports to the European Union (EU) decreased by 9.81 % y-o-y to US$ 654.84 Mn during the period of January to March 2023 compared to the corresponding period of previous year.

During the period of January to March 2023, breakdown of exports to the top five EU markets which accounted for 78 % of Sri Lanka’s total exports to the EU were; Germany US$ 154.16 Mn (decreased by 14.74 %), Italy US$ 158.44 Mn (increased by 5.74 %), Netherlands US$ 83.63 Mn (decreased by 18.56 %), Belgium US$ 55.67 Mn (decreased by 19.44 %) and France US$ 57.3 Mn. (decreased by 11.71 %).

Export of Services

The estimated value of services exports for the period of January to March 2023 was US$ 543 Million, increasing 5.8 % over the corresponding period of 2022. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics. (NewsWire)

The post Sri Lanka’s Export Performance in March 2023 appeared first on Newswire.