Sri Lanka’s Service exports up by 5.8%

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 consist of ICT/BPM, Construction, Financial services and Transport & Logistics.

The value of ICT exports is estimated to increase by 33.68% to US$ 132.25 Mn in March 2023 compared to March 2022.

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, 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.

However Sri Lanka’s merchandise exports decreased by 1.96% to US$ 1,037.5 million in March 2023 compared to March 2022. 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.

Export earnings from tea which made up 12% of merchandise exports, increased by 16.34 % y-o-y to US$ 110.15 Mn.

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 %).

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

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 %).

Export earnings from Seafood increased by 14.57% to US$ 25.71 Mn in March 2023 compared to March 2022 and export earnings from Ornamental fish increased by 50.63 % to US$ 2.38 Mn.

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.

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.

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.

Earnings from export of Tea increased by 9.59 % to US$ 314.28 Mn during the period of January to March 2023.

Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 12.96 % to US$ 126.81 Mn.