Lanka’s service exports value increases by 55.67% from Jan. to Sep.

The estimated value of Sri Lanka’s services exports for the period of January to September 2023 was US$ 2,304.1million, increasing 55.67% over the corresponding period of 2022.

Furthermore, the estimated value of ICT exports is expected to increase by 60.26 % to US$ 147.69 Mn in September 2023 when compared to September 2022. Also, the value of Transport & Logistics services exports is expected to increase by 113.60 % in September 2023 compared to the corresponding period in the previous year.

The services exports estimated by EDB consist of ICT/BPM, Construction, Financial services and Transport & Logistics. Meanwhile, earnings from export of Electrical and Electronic Components (EEC) increased by 6.27% to US$ 376.69 Mn in the period of January to eptember 2023 compared to the corresponding period of 2022.

Sri Lanka’s merchandise exports decreased by 11.88 % to US$ 951.5 million in September 2023 compared to September 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 14.94 % decrease when compared to the value recorded in August 2023.

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 tea which made up 12% of merchandise exports, increased by 1.82 % y-o-y to US$ 119.96 Mn in September 2023 compared to September 2022. This expansion is mainly due to the strong performance in the export of tea packets, which increased by 15.81% to reach US$ 58.08 Mn in September 2023.

In addition, Export earnings from Rubber and Rubber Finished products have increased by 0.86 % y-o-y to US$ 82.89 Mn in September 2023, with the strong performance in exports of Pneumatic & Retreated Rubber Tyres& Tubes (13.77 %). Export earnings from Food & Beverages have increased by 7.42 % y-o-y to US$ 30.54 Million in September 2023, with the strong performance in exports of Cereal products (37.68 %).

Export earnings from Seafood increased by 51.33 % to US$ 25.65 Mn in September 2023 compared to September 2022. This increase was mainly due to the strong performance in export of Frozen fish (51.96 %) and Fresh fish (125 %).

Export earnings from Apparel & Textile have decreased by 24.6 % y-o-y to US$ 361.82 Mn in September 2023 compared to September 2022.

On monthly analysis, export earnings of Coconut based products decreased by 2.37 % in September 2023 compared to September 2022.

Earnings from export of Tea, Spices and Concentrates, Gems & Jewellery and Electronics & Electronic Components increased by 5.67%, 9.97 %, 4.24% and 6.27% respectively during the period of January –September 2023 compared with the corresponding period of 2022.

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