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Merchandise and service exports increase in May

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Sri Lanka’s merchandise exports increased by 16.6 % to US$ 989.7 million in May 2023 compared to April 2023. However, it is a 5.59 % decrease when compared to May 2022.

The estimated value of services exports for the period of January to May 2023 was US$ 904.58 million, increasing 12.07 % over the corresponding period of 2022.

The value of ICT exports is estimated to increase by 39.21% to US$ 132.25 Mn in May 2023 compared to May 2022. In addition, the value of financial services exports is estimated to increase by 8.8 % in May 2023 compared with May 2022. Declining trend in merchandise exports further continues due to the negative trends shown in major export products specially in Apparel & Textiles and Coconut & Coconut based products.

Export earnings from tea, which made up 12% of merchandise exports, increased by 24.16% y-o-y to US$ 116.33 Mn in May 202. In addition, export earnings from Rubber and Rubber Finished products have increased by 0.20 % y-o-y to US$ 76.84 million in May 2023, with positive performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (6.82 %).

Export earnings from Spices and Essential Oils increased by 26.24 % to US$ 27.13 Mn in the month of May 2023. Export earnings from Cinnamon increased by 27.20 % to US$ 14.87 Mn in May 2023 compared to May 2022. In addition, export earnings from the Electrical & Electronics Components increased by 5.0% y-o-y to US$ 43.90 Mn in May 2023 with strong performance in exports of Insulated wire (4.50 %) and Other Electrical & Electronic Products (1.7%).

Export earnings from Seafood increased by 36.54% to US$ 22.98 Mn in May 2023 compared to May 2022. This increase was mainly due to the strong performance in export of Frozen fish (20.7%), Fresh fish (2.86%) and Shrimps (76.21%). Moreover, export earnings from Ornamental fish increased by 85.04% to US$ 2.35 Mn in May 2023 compared to May 2022. Export earnings from Apparel & Textile have decreased by 14.55 % y-o-y to US$ 412.43 million in May 2023. Being the largest contributor to the Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, decreased by 9.81 % to US$ 15.45 Mn in May 2023 in comparison to May 2022.

The value of Transport & Logistics exports is estimated to decrease by 9.17 % to US$ 40.25 Mn in May 2023 compared to May 2022. Also, export value of Construction services is also estimated to decrease by 42.62 % in May 2023 compared with May 2022.

Thursday, June 29, 2023 – 01:00











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