Merchandise exports increase by 4.4% to US$ 968.8 Mn in Nov.

Sri Lanka’s merchandise exports increased by 4.4% to US$ 968.8 Million in November 2023 compared to October 2023 as per the provisional data released by the Sri Lanka Customs. However, it is a 2.67 % decrease when compared to the value recorded in November 2022.

The estimated value of services exports for the period of January to November2023 was US$ 2,908.61Mn, increasing 68.72% over the corresponding period of 2022. The services exports estimated by EDB consist of ICT/BPM, Construction, Financial services and Transport & Logistics.

Export earnings from tea which made up 12% of merchandise exports, increased by 6.78 % y-o-y to US$ 112.82 Mn in November 2023 compared to November 2022. This increase is mainly due to the strong performance in the export of Tea packets, Tea bags and Instant Tea, which increased by 11.82%, 89.23% and 176.17% respectively in November 2023.

In addition, Export earnings from Rubber and Rubber Finished products have increased by 12.87 % y-o-y to US$ 78.74Mn in November 2023, with the strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (28.32 %).

On monthly analysis, export earnings of Coconut based products increased by 21.05 % in November 2023. Export earnings from Seafood increased by 10.48 % to US$ 25.2Mn in November 2023 compared toNovember 2022.

Moreover, export earnings from Ornamental fish increased by 9.42 % to US$ 2.44Mn in November 2023. Export earnings from Apparel & Textile have decreased by 11.94 % y-o-y to US$ 395.05Million in November 2023.

Export earnings from Food & Beverages have decreased by 3.34 % y-o-y to US$ 43.75 Million in November 2023, with the negative performance in exports of Alcoholic beverages (-37.61 %).

In addition, export earnings from the Electrical & Electronics Components decreased by 6.55% y-o-y to US$ 37.39Mn in November 2023 with poor performance in exports of Switches, Boards & Panels (-14.74%) and Electrical Transformers (-54.88 %).

Cumulative merchandise exports during the period of January to November2023,decreased by 9.64 % to US$ 10,878.6Million compared to the corresponding period of 2022. Earnings from export ofTea, Spices and Concentrates, Gems & Jewellery, Electronics & Electronic Components and Food & Beverages increased by 4.11%, 8.09 %,0.34%,2.49% and1.85 %respectively during the period of January –November 2023.

Earnings from export of Tea increased y-o-yby 4.11% to US$ 1,198.77Mn in the period of January to November 2023. This increase was mainly due to the strong performance in export of Tea packets (12.23%).

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) increased by 2.49% to US$ 451.68Mn in the period of January to November 2023.

The value of ICT exports is estimated to increase by 47.91% to US$ 1,520Mn in the period of January to November of 2023 compared to the corresponding period of 2022. In addition, Construction, Financial and Transport & Logistics services exports are estimated to increase by 788.1%, 73.72 % and 93.92% respectively in the period of January to November 2023.

For the period of January toNovember2023, export earnings from Coconut & Coconut based products decreased by 14.37% to US$ 652.7Mn from the same period last year.Further, export earnings from Seafood decreased by 3.73% to US$ 238.43Mn during the period of January to November. Among the top 10 export markets, Italyand France have shown a strong performance in both the month of November 2023 and the period of January to November 2023.

Furthermore,UAE has shown significant performance during the period of January to November2023. Exports to the United States of America, Sri Lanka’s single largest export destination, decreased 7.27 % to US$ 223.26 Mnin November 2023.

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