Sri Lanka records US$ 14.94 Bn merchandise exports in 2023
By: Staff Writer
January 30, Colombo (LNW): 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 compare to the value recorded in previous year (US$ 14.99 Bn). Estimated increase in service exports is around 63%, Export Development Board data showed.
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.
However the exports of Apparel and Textile recorded the highest in the year in December 2023 showing a positive sign of regaining its momentum.
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, Export 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. Moreover, export earnings of Coconut kernel products and Coconut shell products increased by 9.07 % and 3.53 % respectively 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 Activated Carbon, which is categorized under the Coconut shell products increased by 4.6 % to US$ 11.5 Mn in December 2023 compared to December 2022.
Export earnings from Spices and Essential Oils increased by 0.1 % to US$ 31.42 Mn in the month of December 2023 compared to December 2022. This increase was mainly driven by a significant increase in the export of Cinnamon by 13.75 %.
Export earnings from Seafood increased by 11.64 % to US$ 23.79 Mn in December 2023 compared to December 2022. This increase was mainly due to the strong performance in export of Fresh fish (74.58 %) and Shrimps (49.74 %). Furthermore, the estimated value of ICT exports is expected to increase by 33.3 % to US$ 112.9 Mn in December 2023 when compared to December 2022. Also, the value of Transport & Logistics services exports is expected to increase by 107.4 % in December 2023 compared to the corresponding period in the previous year
