Merchandise exports have increased by 4.6% to US$ 13,070.6 Million in 2022 compared to the corresponding period of 2021, Sri Lanka Customs data showed.
Earnings from the merchandise exports, however, decreased by 9.7% y-o-y to US$ 1,044 Mn in December 2022, as per the data released by Sri Lanka Customs.
This was mainly due to the decrease in export earnings from Apparel & Textiles, Tea, Rubber based Products, and Coconut based Products, Food & Beverages, Spices & Essential Oils, and Fisheries products.
The reason for this decline was the ongoing recession in major markets due to the rising cost of production, energy, etc. Imports declined sharply due to inflation and the demand for goods & services is reduced.
Major Exports during the period of January – December 2022
Values in US$ Mns
| Exports of Goods | 2020 | 2021 | 2022 | % Growth | Dec 2021 | Dec 2022 | % Growth |
| Apparel & Textiles | 4,405.83 | 5,415.91 | 5,933.52 | 9.56 | 531.05 | 480.28 | -9.56 |
| Tea | 1,240.94 | 1,324.38 | 1,258.81 | -4.95 | 110.62 | 107.29 | -3.01 |
| Rubber-based | 816.17 | 1,092.60 | 1,018.38 | -6.79 | 93.49 | 74.47 | -20.34 |
| Coconut-based | 664.58 | 836.10 | 817.09 | -2.27 | 69.29 | 54.86 | -20.83 |
| Diamond, Gems & Jewelry | 148.35 | 294.05 | 399.77 | 35.95 | 22.66 | 30.75 | 35.70 |
| Electronics & Electronic Components | 328.28 | 421.43 | 483.28 | 14.68 | 36.96 | 42.94 | 16.18 |
| Spices and Essential Oils | 335.50 | 456.78 | 370.30 | -18.93 | 43.90 | 31.39 | -28.50 |
| Food & Beverages | 351.36 | 443.97 | 426.39 | -3.96 | 38.79 | 34.84 | -10.18 |
| Seafood | 189.80 | 274.07 | 269.02 | -1.84 | 26.64 | 21.31 | -20.01 |
| Ornamental Fish | 13.03 | 20.97 | 21.74 | 3.67 | 2.07 | 2.13 | 2.90 |
| Vegetables | 25.76 | 27.43 | 27.80 | 1.35 | 2.37 | 2.34 | -1.27 |
| Fruits & Nuts | 35.67 | 39.45 | 38.78 | -1.70 | 3.59 | 4.00 | 11.42 |
| Other Export Crops | 67.59 | 68.58 | 92.42 | 34.76 | 5.36 | 2.79 | -47.95 |
| Flowers & Foliage | 12.61 | 16.20 | 14.66 | -9.51 | 1.28 | 1.16 | -9.38 |
| Boat Building | 2.39 | 37.81 | 17.40 | -53.98 | 0.18 | 0.19 | 5.56 |
| Petroleum Products | 271.80 | 234.36 | 283.23 | 20.85 | 21.21 | 30.32 | 42.95 |
| Others | 1,137.74 | 1,494.51 | 1,598.01 | 6.93 | 146.84 | 122.94 | -16.28 |
| Total Merchandize Exports | 10,047.4 | 12,498.6 | 13,070.6 | 4.6 | 1,156.3 | 1,044.0 | -9.7 |
Sources: Central Bank of Sri Lanka, Sri Lanka Customs & Sri Lanka Export Development Board
Top 15 Export Destinations
Values in US$ Mns
| Country | 2020 | 2021 | 2022 | % Growth | Dec 2021 | Dec 2022 | % Growth | |
| 1 | United States | 2,507.20 | 3,068.80 | 3,319.85 | 8.18 | 300.13 | 256.20 | -14.64 |
| 2 | United Kingdom | 910.47 | 933.72 | 966.04 | 3.46 | 81.05 | 79.12 | -2.38 |
| 3 | India | 604.50 | 815.11 | 854.88 | 4.88 | 90.22 | 64.97 | -27.99 |
| 4 | Germany | 570.39 | 754.11 | 744.57 | -1.27 | 75.57 | 59.84 | -20.82 |
| 5 | Italy | 457.32 | 578.91 | 640.18 | 10.58 | 45.61 | 50.36 | 10.41 |
| 6 | Netherlands | 290.17 | 425.72 | 428.27 | 0.60 | 36.77 | 40.61 | 10.44 |
| 7 | Canada | 213.05 | 312.85 | 361.44 | 15.53 | 27.47 | 24.07 | -12.38 |
| 8 | United Arab Emirates | 188.90 | 282.84 | 345.82 | 22.27 | 29.96 | 30.67 | 2.37 |
| 9 | Belgium | 295.48 | 334.32 | 307.68 | -7.97 | 31.86 | 20.83 | -34.62 |
| 10 | France | 184.74 | 245.92 | 257.52 | 4.72 | 19.95 | 15.80 | -20.80 |
| 11 | Australia | 173.99 | 254.30 | 254.40 | 0.04 | 22.28 | 20.92 | -6.10 |
| 12 | China | 223.00 | 273.73 | 253.11 | -7.53 | 21.59 | 20.84 | -3.47 |
| 13 | Japan | 187.71 | 223.77 | 226.30 | 1.13 | 16.21 | 19.36 | 19.43 |
| 14 | Bangladesh | 153.44 | 221.60 | 217.54 | -1.83 | 16.38 | 23.46 | 43.22 |
| 15 | Mexico | 135.64 | 204.82 | 190.30 | -7.09 | 20.15 | 14.37 | -28.68 |
| Other Markets | 2,951.40 | 3,568.08 | 3,702.70 | 3.77 | 321.10 | 302.58 | -5.77 | |
| Total | 10,047.40 | 12,498.60 | 13,070.60 | 4.58 | 1,156.30 | 1,044.00 | -9.71 |
Sources: Central Bank of Sri Lanka, Sri Lanka Customs & Sri Lanka Export Development Board
Export Regions
Values in US$ Mns
| Country | 2020 | 2021 | 2022 | % Growth | Dec 2021 | Dec 2022 | % Growth |
| United States | 2,507.20 | 3,068.80 | 3,319.85 | 8.18 | 300.13 | 256.20 | -14.64 |
| European Union (EU) excluding UK | 2,271.59 | 2,948.17 | 3,038.59 | 3.07 | 267.40 | 239.25 | -10.53 |
| South Asia | 916.17 | 1,243.52 | 1,261.36 | 1.43 | 125.86 | 103.33 | -17.90 |
| Middle East Countries (Excl. Cyprus & Egypt) | 708.59 | 913.06 | 998.34 | 9.34 | 80.65 | 92.74 | 14.99 |
| African Countries | 245.83 | 319.79 | 301.91 | -5.59 | 28.57 | 22.86 | -19.99 |
| ASEAN Countries | 283.44 | 348.89 | 374.13 | 7.23 | 34.09 | 44.40 | 30.24 |
| CIS Countries | 269.66 | 253.54 | 248.85 | -1.85 | 23.58 | 19.53 | -17.18 |
| Others | 2,842.94 | 3,402.83 | 3,527.57 | 3.67 | 296.02 | 265.69 | -10.25 |
| Total Merchandise Exports | 10,047.40 | 12,498.60 | 13,070.60 | 4.58 | 1,156.30 | 1,044.00 | -9.71 |
Sources: Central Bank of Sri Lanka, Sri Lanka Customs & Sri Lanka Export Development Board
Export of Services
The estimated value of services exports for the year 2022 was 1,876.3 Million dollars, decreasing 5.9 % over the corresponding period of 2021. The services exports estimated by EDB consist of ICT/BPM, Construction, Financial services, and Transport & Logistics.