Sri Lanka merchandise exports posted first rebound in 3 months

By: Staff Writer

Colombo (LNW): Sri Lanka merchandise exports posted their first rebound in 3 months with November exports up 4.4% to US $ 969 million from October but down 2.67% from a year ago, Export Development Board data shows.

First 11 months cumulative merchandise exports fell 9.6% to $ 10.87 billion. Agriculture has helped to increase exports in November on a month-on-month basis though the performance is lower in comparison to a year ago.

Releasing provisional Customs data, the Sri Lanka Export Development Board (SLEDB) said yesterday merchandise exports increased by 4.4% to $ 968.8 million in November 2023 compared to October 2023 but 2.67 % lower from a year ago.

Export earnings from tea that made up 12% of merchandise exports, increased by 6.78 % y-o-y to $ 112.82 million 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, that increased by 11.82%, 89.23% and 176.17% respectively in November 2023 compared to November 2022.

In addition, export earnings from rubber and rubber finished products have increased by 12.87 % y-o-y to $ 78.74 million in November 2023, with the strong performance in exports of pneumatic and retreated rubber tyres and tubes (28.32 %).

On monthly analysis, export earnings of coconut based products increased by 21.05 % in November 2023 compared to November 2022.

Moreover, export earnings of coconut kernel products, coconut fibre products and coconut shell products increased by 26.14%, 23.64 % and 6.21 % respectively in November 2023 as compared to November 2022.

Export earnings from coconut oil, desiccated coconut and liquid coconut milk categorised under the coconut kernel products decreased by 47.61 %, 7.99 % and 50.91 % respectively in November 2023 as compared to November 2022.

Being the largest contributor to the coconut based sector, coco peat, fibre pith and moulded products categorised under the coconut fibre products, decreased by 39.78 % to $ 11.7 million in November 2023 as compared to November 2022.

Earnings from activated carbon, categorised under the coconut shell products decreased by 8.61 % to $ 11.6 million in November 2023 as compared to November 2022.

Export earnings from seafood increased by 10.48 % to $ 25.2 million in November 2023 as compared to November 2022. This increase was mainly due to the strong performance in export of fresh fish (82.35 %) and shrimp (98.99 %).

Moreover, export earnings from ornamental fish increased by 9.42 % to $ 2.44 million in November 2023 compared to November 2022.

The estimated value of ICT exports is expected to increase by 96 % to $ 166.01 million in November 2023 compared to November 2022.

Also, the value of transport and logistics services exports is expected to increase by 54.7 % in November 2023 compared to the corresponding period in the previous year.

Export earnings from apparel and textile have decreased by 11.94 % y-o-y to $ 395.05 million in November 2023 compared to November 2022.