Export of Services from Sri Lanka increase by 9.56%

Export of Services from Sri Lanka increased by 9.56% over the corresponding period of 2022 according to the Export Development Board. (EDB)

The estimated value of services exports for the period of January to April 2023 was US$ 723.68 million. The services exports estimated by EDB consist of ICT/BPM, Construction, Financial services and Transport & Logistics.

Earnings from export of Tea, Spices and Concentrates and Electronics & Electronic Components increased by 11.02 %, 14.48 % and 13.68 % respectively during the period of January – April 2023 compared with the corresponding period of 2022.

Earnings from export of Tea increased by 11.02 % to US$ 407.66 Mn was due to the increase of all the sub categories of tea sector except Bulk Tea and Tea Bags ( Tea packets (22.41 %), Instant Tea (55.66 %) and Green Tea (20.0%))

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) increased by 13.68 % to US$ 166.81 million in the period of January to April 2023 compared to the corresponding period of 2022.

However Sri Lanka’s merchandise exports decreased by 16.15 % to US$ 814.1 Million in April 2023 compared to April 2022. Moreover, it is a 0.5 % decrease when compared to April 2021.

Earnings from export of Apparel & Textile decreased by 15.94 % to US$ 1,612.24 Mn during the period of January to April 2023 compared to the same period of 2022. Export of Apparel declined by 17.02 % and export of Textiles declined by 3.01 % in January to April 2023.

Declining trend in merchandise exports continues further due to the negative trends shown in major export products. Apparel & Textiles, Rubber & Rubber based products and Coconut & Coconut based products.

Out of top 10 export markets, only the UAE market has shown a positive performance both in the month of April 2023 and during the period of January to April 2023.