Sri Lanka’s merchandise exports increased by 6.98 % to US$ 1,091.6 Million in August 2023 compared to July 2023 as per the provisional data released by the Sri Lanka Customs. However, it is a 10.91 % decrease when compared to the value recorded in August 2022.
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.
Figure 1: Monthly Merchandise Export Performance 2020 - August, 2023
Table 1: Comparison of Product-wise Merchandise Export Performance
Values in US$ Mns
| Exports of Goods | Jan-Aug 2022 | Jan-Aug 2023 | % Growth (22-23) | Aug 2022 | Aug 2023 | % Growth (22-23) |
| Apparel & Textile | 4,082.80 | 3,315.56 | -18.79 | 565.37 | 434.98 | -23.06 |
| Tea | 819.30 | 870.37 | 6.23 | 124.40 | 119.64 | -3.83 |
| Rubber-based | 705.71 | 609.26 | -13.67 | 99.83 | 80.16 | -19.70 |
| Coconut-based | 572.68 | 466.67 | -18.51 | 71.23 | 63.89 | -10.30 |
| Diamond, Gems & Jewelery | 234.82 | 266.56 | 13.52 | 42.54 | 37.64 | -11.52 |
| Electronics & Electronic Components | 311.52 | 337.85 | 8.45 | 41.89 | 41.22 | -1.60 |
| Spices and Concentrates | 234.39 | 264.65 | 12.91 | 40.11 | 47.94 | 19.52 |
| Processed Food & Beverages | 290.77 | 291.77 | 0.34 | 42.74 | 46.10 | 7.86 |
| Seafood | 188.36 | 167.30 | -11.18 | 25.53 | 17.66 | -30.83 |
| Ornamental Fish | 13.83 | 16.91 | 22.27 | 2.31 | 2.02 | -12.55 |
| Vegetables | 18.26 | 18.95 | 3.78 | 3.13 | 2.12 | -32.27 |
| Fruits | 23.92 | 28.79 | 20.36 | 3.95 | 3.55 | -10.13 |
| Other Export Crops | 63.03 | 61.68 | -2.14 | 11.57 | 11.38 | -1.64 |
| Flowers & Foliage | 10.05 | 9.87 | -1.79 | 1.50 | 0.95 | -36.67 |
| Boat Building | 6.23 | 67.15 | 977.85 | 0.36 | 54.44 | 15022.22 |
| Petroleum Products | 107.70 | 267.59 | 148.46 | 22.44 | 23.56 | 4.99 |
| Others | 1,228.75 | 922.20 | -24.95 | 126.47 | 104.38 | -17.47 |
| Total Merchandize Exports | 8,912.12 | 7,983.13 | -10.42 | 1,225.37 | 1,091.63 | -10.91 |
Sources: CBSL, SL Customs
Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations
Values in US$ Mns
|
| Destination | Jan-Aug 2022 | Jan-Aug 2023 | % Growth (22-23) | Aug 2022 | Aug 2023 | % Growth (22-23) |
| 1 | United States | 2,308.75 | 1,872.70 | -18.89 | 320.31 | 252.13 | -21.29 |
| 2 | United Kingdom | 682.56 | 570.76 | -16.38 | 80.55 | 72.51 | -9.98 |
| 3 | India | 570.46 | 575.92 | 0.96 | 69.71 | 82.05 | 17.70 |
| 4 | Germany | 514.75 | 396.30 | -23.01 | 64.24 | 46.40 | -27.77 |
| 5 | Italy | 414.26 | 444.86 | 7.39 | 55.06 | 63.63 | 15.56 |
| 6 | Netherlands | 274.28 | 224.96 | -17.98 | 40.39 | 27.85 | -31.05 |
| 7 | Canada | 254.58 | 206.90 | -18.73 | 40.57 | 27.16 | -33.05 |
| 8 | UAE | 191.10 | 254.55 | 33.20 | 29.53 | 32.98 | 11.68 |
| 9 | Belgium | 215.49 | 150.76 | -30.04 | 29.14 | 18.25 | -37.37 |
| 10 | France | 177.78 | 227.06 | 27.72 | 23.99 | 74.81 | 211.84 |
| 11 | Australia | 170.57 | 152.38 | -10.66 | 27.40 | 21.77 | -20.55 |
| 12 | China | 165.45 | 161.69 | -2.27 | 24.47 | 19.99 | -18.31 |
| 13 | Japan | 150.32 | 130.83 | -12.97 | 29.11 | 15.93 | -45.28 |
| 14 | Bangladesh | 147.51 | 125.89 | -14.66 | 18.18 | 15.16 | -16.61 |
| 15 | Mexico | 121.51 | 115.50 | -4.95 | 22.20 | 14.96 | -32.61 |
|
| Others | 2,552.75 | 2,372.07 | -7.08 | 350.52 | 306.05 | -12.69 |
|
| Total | 8,912.12 | 7,983.13 | -10.42 | 1,225.37 | 1,091.63 | -10.91 |
Sources: CBSL, SL Customs
Table 3: Comparison of Region wise Merchandise Export Performance
Values in US$ Mns
| Region | Jan-Aug 2022 | Jan-Aug 2023 | % Growth (22-23) | Aug 2022 | Aug 2023 | % Growth (22-23) |
| United States | 2,308.75 | 1,872.70 | -18.89 | 320.31 | 252.13 | -21.29 |
| European Union (EU) excluding UK | 2,045.04 | 1,829.15 | -10.56 | 276.03 | 286.47 | 3.78 |
| South Asia | 842.74 | 827.18 | -1.85 | 104.99 | 118.13 | 12.52 |
| ASEAN | 624.23 | 687.49 | 10.13 | 98.76 | 90.40 | -8.46 |
| CIS Countries | 209.95 | 215.65 | 2.71 | 25.56 | 25.22 | -1.33 |
| African Countries | 205.28 | 219.41 | 6.88 | 35.70 | 34.75 | -2.66 |
| Middle East Countries (excl. Cyprus & Egypt) | 149.90 | 165.51 | 10.41 | 26.72 | 19.36 | -27.54 |
| Others | 2,526.23 | 2,166.04 | -14.26 | 337.30 | 265.17 | -21.38 |
| Total Merchandise Exports | 8,912.12 | 7,983.13 | -10.42 | 1,225.37 | 1,091.63 | -10.91 |
Export of Services
The estimated value of services exports for the period of January to August 2023 was US$ 1,409.08 Mn, increasing 12.96 % over the corresponding period of 2022. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.