SL export earnings surpass US$ 1 billion mark in significant leap
By: Staff Writer
Colombo (LNW): Sri Lanka’s export earnings made a significant leap, crossing the desired US$ 1 billion threshold, hitting $ 1,027.2 million, according to provisional data from Sri Lanka Customs.
This figure highlights a 2.18% upsurge compared to earnings in June 2023. Such a rise, despite the unrestrained global economic landscape, highlights the country’s resilience and adaptive capabilities in foreign trade.
However, retrospective data displays a slightly different picture. Compared to July 2022, there was an 11.79% decline in earnings.
Such a contraction underscores the external challenges and fluctuating demand Sri Lanka has encountered in its export journey, primarily in some of its traditionally strong sectors.
Export Development Board (EDB) says Sri Lanka’s earnings from merchandise exports increased by 2.18% in July 2023 compared to June 2023.
As per the provisional data released by Sri Lanka Customs, merchandise export earnings in July 2023 have surpassed the USD 1 billion mark, recording a total of USD 1,027.2 million.
However, this is a decline of 11.79% as opposed to the value recorded in July 2022, the EDB says.
This decline in merchandise exports is due to the reduced demand shown in export products, especially in apparel and textiles, rubber- and rubber-based products and coconut- and coconut-based products.
For the period of January to July 2023, overall merchandise exports decreased by 10.26 % to USD 6,898.34 million, compared to the corresponding period of 2022.
Further, the EDB mentioned that out of top 10 export markets, only UAE has shown strong performance during the month of July 2023 and the period of January to July 2023 compared to the corresponding period in the previous year.
In addition, India, the UAE and France have shown strong performance during the month of July 2023 compared to July 2022.
Exports to the USA, Sri Lanka’s single largest export destination, decreased 15.60 % to USD 253.79 million in July 2023 compared to July 2022. Further, exports to the USA decreased by 18.5 % to USD 1,620.57 million in the period of January to July 2023 compared to the same period in 2022.
Moreover, India and France have also displayed commendable export growth in July 2023 in relation to July 2022.
In July 2023, exports to the USA declined by 15.60% at USD 253.79 million in comparison to July 2022.
This trend extended to the January to July 2023 period, where there was an 18.5% contraction to USD 1,620.57 million against 2022’s figures.
Export Development Board (EDB) says the decline in merchandise exports is due to the reduced demand shown in export products, especially in apparel and textiles, rubber- and rubber-based products and coconut- and coconut-based products.