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Sri Lankan service exports for January to October increases by 67%

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The Sri Lankan services exports for the period of January to October 2023 increased 67.2% over the corresponding period of 2022. Total exports were US$ 2,606.34 million, a release from Export Development Board said. The services exports consist of ICT/BPM, Construction, Financial services and Transport and Logistics.

The estimated value of ICT exports are expected to increase by 96% to US$ 166.01 million in October 2023 when compared to October 2022. Also, the value of Transport & Logistics services exports are expected to increase by 54.73% in October 2023 compared to the corresponding period in the previous year.

However in contrast Sri Lanka’s merchandise exports decreased by 14.6 % to US$ 898.0 million in October 2023 compared to October 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 13.13 % decrease when compared to the value recorded in September 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 Food & Beverages have increased by 20.77 % y-o-y to US$ 36.86 Million in October 2023, with the strong performance in exports of Processed Food (29.49 %). Export earnings from Seafood increased by 3.73 % to US$ 20.29 Mn in October 2023 compared to October 2022. This increase was mainly due to the strong performance in export of frozen fish (5.21 %) and Fresh fish (13.78 %).

Export earnings from Apparel & Textile have decreased by 20.05 % y-o-y to US$ 353.3Million in October 2023 compared to October 2022. Export earnings from tea, which made up 12% of merchandise exports, decreased by 12.02 % y-o-y to US$ 95.63 Mn in October 2023 compared to October 2022. This decline is mainly due to the negative performance in the export of Bulk tea, which decreased by 18.81% to reach US$ 43.35 Mn in October 2023.

Among the top 10 export markets, Italy has shown a strong performance in both the month of October 2023 and the period of January to October 2023 when compared to the corresponding periods in the previous year. Furthermore, UAE and France have shown significant performance during the period of January to October 2023 compared to the corresponding period in the previous year.

Exports to the United States of America, Sri Lanka’s single largest export destination, decreased 13.84 % to US$ 206.77 Mn in October 2023 compared to October 2022. Further, exports to the United States of America decreased by 19.18% to US$ 2,281.57 Mn in the period of January to October2023 compared to the same period in 2022.

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