Lanka’s service exports top USD 1.2 Bn in July, increase by 17% YoY

On Aug 30, 2023

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Sri Lanka’s estimated value of services exports for the period of January to July 2023 was US$ 1,228.17 million, increasing 17.32% over the corresponding period of 2022.

The services exports estimated by Export Development Board (EDB) consist of ICT/BPM, Construction, Financial services and Transport & Logistics. The value of ICT exports is estimated to increase by 17.78% to US$ 793.8 Mn in the first seven months of 2023 compared to the corresponding period of 2022.

The value of ICT exports is estimated for the month of July 2023 to increase by 45.5% to US$ 132.25 Mn compared to July 2022. In addition, the value of Transport & Logistics services exports is estimated to increase by 26.45% in July 2023 compared with July 2022.

Construction and Financial services exports are estimated to increase by 130.21% and 37.77% respectively in the period of January to July 2023 compared with the corresponding period of 2022.

Earnings from export of tea, spices and concentrates, gems & jewellery and electronics & electronic components increased by 8.03%, 11.57%, 19.06 % and 10.0% respectively during the period of January – July 2023 compared with the corresponding period of 2022. Earnings from export of Tea increased by 8.03 % to US$ 750.72 Mn due to the increase of all the subcategories of the tea sector except bulk tea and tea bags. Earnings from tea packets, instant tea, green tea and other tea increased by 13.5%,44.71 %, 57.65% and 48.41% in the period of Jan-July 2023.

In addition, export earnings from Spices and Essential Oils increased by 11.57 % to US$ 216.73 Mn in the period of January to July 2023. Export earnings from Cloves increased y-o-y by 247.25 % to US$ 35.94 Mn in the period of January to July 2023. However, earnings from export of Apparel & Textile decreased by 18.10 % to US$ 2,880.61 Mn during the period of January to July 2023 compared to the same period of 2022. For the period of January to July 2023, overall merchandise exports decreased by 10.26 % to US$ 6,898.34 Million compared to the corresponding period of 2022.

In addition, Export earnings from tea, which made up 12% of merchandise exports, decreased by 1.97 % y-o-y to US$ 115.2 Mn in July 2023 compared to July 2022. In addition, export earnings from the Electrical & Electronics Components decreased by 1.04 % y-o-y to US$ 40.82 Mn in July 2023 with poor performance in exports of Electrical Transformers (-32.13 %). Export earnings from Seafood decreased by 16.46 % to US$ 17.25 Mn in July 2023 compared to July 2022.

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