Sri Lanka’s merchandise exports decreased by 8.06 % to US$ 1,005.2 Million in February 2023 compared to February 2022 as per the data released by Sri Lanka Customs. However, it is a 5.62% increase when compared to February 2021.
Export earnings from tea which made up 12% of merchandise exports, increased by 9.14% y-o-y to US$ 204.13 Mn in February 2023 compared to February 2022. In addition, export earnings from the Electrical & Electronics Components increased by 13.72% y-o-y to US$ 43.01 Mn in February 2023 with a strong performance in exports of Other Electrical & Electronic Products (22.12%).
However, export earnings from Apparel and Textile have decreased by 2.32 % y-o-y to $ 483.35 million in February 2023 compared to February 2022. Although earnings from exports of Apparel decreased by 14.75%, earnings from export of Textiles increased by 146.67% in February 2023 compared to February 2022.
Also, export earnings from Rubber and Rubber Finished products have decreased by 17.81 % y-o-y to US$ 76.58 million in February 2022, with negative performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-6.10%) and Industrial & surgical gloves (-45.38%). Export earnings from Seafood decreased by 5.57% to US$ 19.99 Mn in February 2023 compared to February 2022. However, export earnings from Ornamental fish increased by 37.93% to US$ 2.0 Mn in February 2023 compared to February 2022.
Out of the top 15 export markets, Italy, Canada, UAE and Bangladesh recorded a positive performance in February 2023.
From January to February 2023, only UAE recorded a positive performance compared to the corresponding period of the previous year.
Exports to the United States of America, Sri Lanka’s single largest export destination, decreased by 20.94 % to US$ 231.06 Mn in February 2023 compared to February 2022. In addition, exports to the United States of America decreased by 17.31 % to US$ 485.83 Mn from January to February 2023 compared to January to February 2022.