Sri Lanka’s exports decreased by 14.6-pct in October 2023

Sri Lanka’s merchandise exports decreased by 14.6 % to US$ 898.0 Million in October 2023 compared to October 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 13.13 % decrease when compared to the value recorded in September 2023.

The decline in merchandise exports is due to decreased demand for export products, particularly in sectors such as Apparel & Textiles, Rubber & Rubber-based products, and Coconut & Coconut-based products.

Table 1: Comparison of Product-wise Merchandise Export Performance 

                           Values in US$ Mns

Exports of Goods Jan-Oct 2022 Jan-Oct 2023 % Growth (22-23) Oct 2022 Oct 2023 % Growth (22-23)
Apparel & Textile 5,004.58 4,030.68 -19.46 441.89 353.30 -20.05
Tea 1,045.84 1,085.94 3.83 108.70 95.63 -12.02
Rubber-based 874.20 771.86 -11.71 86.31 79.70 -7.66
Coconut-based 710.97 590.69 -16.92 72.41 59.69 -17.57
Diamond, Gems & Jewelery 337.97 342.49 1.34 44.28 36.37 -17.86
Electronics & Electronic   Components 400.69 414.26 3.39 46.26 37.59 -18.74
Spices and Concentrates 311.63 335.39 7.62 36.39 32.70 -10.14
Processed Food & Beverages 349.71 359.20 2.71 30.52 36.86 20.77
Seafood 224.88 213.24 -5.18 19.56 20.29 3.73
Ornamental Fish 17.37 21.91 26.14 1.82 2.47 35.71
Vegetables 22.91 24.30 6.07 2.36 2.70 14.41
Fruits 30.92 36.24 17.21 3.76 3.93 4.52
Other Export Crops 82.84 83.82 1.18 8.46 9.19 8.63
Flowers & Foliage 12.59 12.30 -2.30 1.18 1.23 4.24
Boat Building 16.60 67.53 306.81 9.99 0.28 -97.20
Petroleum Products 220.25 325.49 47.78 79.30 30.67 -61.32
Others 1,379.55 1,164.46 -15.59 58.41 95.40 63.33
Total Merchandize Exports 11,043.50 9,879.80 -10.54 1,051.60 898.00 -14.61

Sources: CBSL, SL Customs

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns


Destination Jan-Oct 2022 Jan-Oct 2023 % Growth (22-23) Oct 2022 Oct 2023 % Growth (22-23)
1 United States 2,822.89 2,281.57 -19.18 239.98 206.77 -13.84
2 United Kingdom 829.15 709.09 -14.48 70.22 63.35 -9.78
3 India 725.85 720.84 -0.69 83.82 65.23 -22.18
4 Germany 633.81 484.28 -23.59 65.88 45.87 -30.37
5 Italy 535.84 571.48 6.65 58.59 64.16 9.51
6 Netherlands 353.26 270.92 -23.31 48.32 24.48 -49.34
7 Canada 305.41 249.76 -18.22 24.39 19.76 -18.98
8 UAE 274.00 301.67 10.10 43.31 21.95 -49.32
9 Belgium 266.44 186.89 -29.86 26.22 16.91 -35.51
10 France 223.48 266.99 19.47 23.60 18.66 -20.93
11 Australia 215.13 187.82 -12.69 21.91 18.56 -15.29
12 China 205.54 200.01 -2.69 20.05 23.02 14.81
13 Japan 185.56 159.07 -14.28 16.82 13.88 -17.48
14 Bangladesh 180.87 149.76 -17.20 19.51 10.99 -43.67
15 Mexico 160.61 147.08 -8.42 16.66 15.42 -7.44

Others 3,125.66 2,992.57 -4.26 272.32 268.99 -1.22

Total  11,043.50 9,879.80 -10.54 1051.60 898.00 -14.61

Sources: CBSL, SL Customs

Table 3: Comparison of Region wise Merchandise Export Performance

Values in US$ Mns

Region Jan-Oct 2022 Jan-Oct 2023 % Growth (22-23) Oct 2022 Oct 2023 % Growth (22-23)
United States 2,822.89 2,281.57 -19.18 239.98 206.77 -13.84
European Union (EU) excluding UK 2,571.00 2,257.58 -12.19 278.73 213.18 -23.52
South Asia 1,063.19 1,029.73 -3.15 119.82 92.02 -23.20
ASEAN 818.76 851.05 3.94 98.66 73.05 -25.96
CIS Countries 257.75 272.09 5.56 23.77 25.52 7.36
African Countries 299.70 276.20 -7.84 39.12 24.45 -37.50
Middle East Countries (excl. Cyprus & Egypt) 205.31 203.31 -0.97 29.32 17.36 -40.79
Others 3,004.90 2,708.27 -9.87 222.20 245.65 10.55
Total Merchandise Exports 11,043.50 9,879.80 -10.54 1051.60 898.00 -14.61

Export of Services

The estimated value of services exports for the period of January to October 2023 was US$ 2,606.34 Mn, increasing 67.2 % over the corresponding period of 2022. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.

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