Total exports reach US$ 14.94 Bn in 2023
Sri Lanka’s exports of apparel and textile recorded the highest in December 2023 showing a positive sign of regaining its momentum.
Sri Lanka’s total exports reached US$ 14.94 Bn in 2023 including merchandise exports (US$ 11.85Bn) and estimated service exports (US$ 3.08 Bn). It is only a 0.39% decline when compared to the value recorded in previous year ( US$ 14.99 Bn).Estimated increase in service exports is around 63%.
Sri Lanka’s merchandise exports decreased by 11.25% to US$ 947.5 Million in December 2023 compared to December 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 5.16 % decrease when compared to the value recorded in November 2023. Export earnings from tea which made up 12% of merchandise exports, increased by 3.57% y-o-y to US$ 111.12 Mn in December 2023 compared to December 2022.
This increase is mainly due to the strong performance in the export of tea packets & tea bags, increased by 10.95% and 142.37% respectively in December 2023 compared to December 2022. In addition, eExport earnings from rubber and rubber finished products have increased by 6.92 % y-o-y to US$ 79.62 Mn in December 2023, with the strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (18.43 %). On monthly analysis, export earnings of Coconut based products increased by 2.02 % in December 2023 compared to December 2022.
Export earnings from Coconut Oil, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 9.17 %, 41.38 % and 22.27 % respectively in December 2023 compared to December 2022.
Earnings from export of tea, spices & concentrates, electronics & electronic components and food & beverages increased by 4.06 %, 7.42 %, 0.62 % and 0.37 % respectively during the period of January – December 2023 compared, in comparison to the corresponding period of 2022. Earnings from export of Tea increased y-o-y by 4.06% to US$ 1,390.9 Mn in the period of January to December 2023. This increase was mainly due to the strong performance in export of Tea packets (10.95%).
In addition, export earnings from Spices and Essential Oils increased y-o-y by 7.42 % to US$ 397.78 Mn in the period of January to December 2023. This increase was due to the strong performance in exports of Pepper (18.65%), Cloves (116.01%) and Nutmeg & Mace (14.01%).
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