Sri Lanka’s Merchandise Exports Grow by 6.98% in August 2023
Sri Lanka’s merchandise exports experienced a notable increase of 6.98% in August 2023, totaling USD 1,091.6 million, according to the Export Development Board (EDB). However, when compared to the same month in the previous year (August 2022), this figure represents a 10.91% decrease.
The decline in merchandise exports is primarily attributed to reduced demand for export products, particularly in sectors such as apparel and textiles, rubber and rubber-based products, and coconut and coconut-based products.
Looking at the period from January to August 2023, overall merchandise exports have decreased by 10.42% to USD 7,983.13 million compared to the corresponding period in 2022.
Despite the overall decline, some of the top export markets have shown strong performance during August 2023 and the January-August 2023 period. Notable performers include India, Italy, the UAE, and France. In contrast, exports to the USA, Sri Lanka’s largest single export destination, declined by 21.29% to USD 252.13 million in August 2023 compared to August 2022. Over the January-August 2023 period, exports to the USA decreased by 18.89% to USD 1,872.7 million compared to the same period in 2022.