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Lanka’s Merchandise exports surpasses USD 1 Bn mark in August

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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. However, it is a 10.91 % decrease when compared to the value recorded in August 2022.

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. Export earnings from Spices and Essential Oils increased by 19.52 % to US$ 47.94 Mn in the month of August 2023 compared to the 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.

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. 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. 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.

For the period of January to August2023, overall merchandise exports decreased by 10.42 % to US$ 7,983.13 Million compared to the corresponding period of 2022. 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. 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. In addition, export earnings from Spices and Essential Oils increased y-o-y by 12.91 % to US$ 264.65 Mn.

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.

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.

Earnings from export of Apparel & Textile decreased by 18.79% to US$ 3,315.56 Mn during the period of January to August2023 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.

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. Further, export earnings from Seafood decreased by 11.18 % to US$ 167.30Mn during the period of January to August 2023. 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.

Exports to the United States of America, Sri Lanka’s single largest export destination, decreased 21.29 % to US$ 252.13 Mn in August 2023. Exports to Free Trade Agreement (FTA) partners accounted for 6.5 % of total merchandise exports and increased by 23.02% to US$ 93.2 Mn in August 2023 compared to August 2022.

The post Lanka’s Merchandise exports surpasses USD 1 Bn mark in August appeared first on DailyNews.

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