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 compared to the value recorded in the previous year ( US$ 14.99 Bn). The estimated increase in service exports is around 63%.
Sri Lanka's Export Performance in December 2023
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 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.
Figure 1 shows the comparison of Monthly Merchandise Export Performance 2020 –2023.
Figure 1: Monthly Merchandise Export Performance 2020 –2023
Table 1: Comparison of Product-wise Merchandise Export Performance
Values in US$ Mns
| Exports of Goods | Jan-Dec 2022 | Jan-Dec 2023 | % Growth (22-23) | Dec 2022 | Dec 2023 | % Growth (22-23) |
| Apparel & Textile | 5,933.52 | 4,864.53 | -18.02 | 480.28 | 438.78 | -8.64 |
| Tea | 1,258.81 | 1,309.90 | 4.06 | 107.29 | 111.12 | 3.57 |
| Rubber-based | 1,018.40 | 930.24 | -8.66 | 74.47 | 79.62 | 6.92 |
| Coconut-based | 817.09 | 708.70 | -13.27 | 54.86 | 55.97 | 2.02 |
| Diamond, Gems & Jewelery | 399.77 | 388.16 | -2.90 | 30.75 | 17.88 | -41.85 |
| Electronics & Electronic Components | 483.65 | 486.66 | 0.62 | 42.94 | 34.97 | -18.56 |
| Spices and Concentrates | 370.30 | 397.78 | 7.42 | 31.39 | 31.42 | 0.10 |
| Processed Food & Beverages | 426.39 | 427.97 | 0.37 | 34.84 | 29.21 | -16.16 |
| Seafood | 269.02 | 262.24 | -2.52 | 21.31 | 23.79 | 11.64 |
| Ornamental Fish | 21.74 | 26.38 | 21.34 | 2.13 | 2.03 | -4.69 |
| Vegetables | 27.80 | 29.19 | 5.00 | 2.34 | 2.58 | 10.26 |
| Fruits | 38.78 | 43.26 | 11.55 | 4.00 | 3.42 | -14.50 |
| Other Export Crops | 92.42 | 91.30 | -1.21 | 2.79 | 3.04 | 8.96 |
| Flowers & Foliage | 14.66 | 15.01 | 2.39 | 1.16 | 1.28 | 10.34 |
| Boat Building | 17.40 | 78.50 | 351.15 | 0.19 | 0.76 | 300.00 |
| Petroleum Products | 283.23 | 372.04 | 31.36 | 30.32 | 13.49 | -55.51 |
| Others | 1,633.42 | 1,424.44 | -12.79 | 146.54 | 98.14 | -33.03 |
| Total Merchandize Exports | 13,106.40 | 11,856.3 | -9.54 | 1,067.6 | 947.5 | -11.25 |
Sources: CBSL, SL Customs
Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations
Values in US$ Mns
|
| Destination | Jan-Dec 2022 | Jan-Dec 2023 | % Growth (22-23) | Dec 2022 | Dec 2023 | % Growth (22-23) |
| 1 | United States | 3,319.85 | 2,758.57 | -16.91 | 256.20 | 253.74 | -0.96 |
| 2 | United Kingdom | 966.04 | 846.16 | -12.41 | 79.12 | 72.33 | -8.58 |
| 3 | India | 854.88 | 829.70 | -2.95 | 64.97 | 53.70 | -17.35 |
| 4 | Germany | 744.57 | 587.40 | -21.11 | 59.84 | 57.61 | -3.73 |
| 5 | Italy | 640.18 | 679.05 | 6.07 | 50.36 | 47.01 | -6.65 |
| 6 | Netherlands | 428.27 | 343.47 | -19.80 | 40.61 | 37.01 | -8.86 |
| 7 | Canada | 361.44 | 293.21 | -18.88 | 24.07 | 24.24 | 0.71 |
| 8 | UAE | 345.82 | 357.09 | 3.26 | 30.67 | 27.95 | -8.87 |
| 9 | Belgium | 307.68 | 221.45 | -28.03 | 20.83 | 16.21 | -22.18 |
| 10 | France | 257.52 | 304.95 | 18.42 | 15.80 | 19.50 | 23.42 |
| 11 | Australia | 254.40 | 226.51 | -10.96 | 20.92 | 18.74 | -10.42 |
| 12 | China | 253.11 | 257.73 | 1.83 | 20.84 | 19.69 | -5.52 |
| 13 | Japan | 226.30 | 188.76 | -16.59 | 19.36 | 14.58 | -24.69 |
| 14 | Bangladesh | 217.54 | 173.87 | -20.07 | 23.46 | 11.91 | -49.23 |
| 15 | Mexico | 190.30 | 182.77 | -3.96 | 14.37 | 17.97 | 25.05 |
|
| Others | 3,738.50 | 3,605.61 | -3.55 | 326.18 | 255.31 | -21.73 |
|
| Total | 13,106.40 | 11,856.30 | -9.54 | 1,067.60 | 947.5 | -11.25 |
Sources: CBSL, SL Customs
Table 3: Comparison of Region wise Merchandise Export Performance
Values in US$ Mns
| Region | Jan-Dec 2022 | Jan-Dec 2023 | % Growth (22-23) | Dec 2022 | Dec 2023 | % Growth (22-23) |
| United States | 3,319.85 | 2,758.57 | -16.91 | 256.20 | 253.74 | -0.96 |
| European Union (EU) excluding UK | 3,038.59 | 2,711.93 | -10.75 | 239.25 | 226.05 | -5.52 |
| South Asia | 1,261.36 | 1,192.75 | -5.44 | 103.33 | 79.48 | -23.08 |
| ASEAN | 998.34 | 995.00 | -0.33 | 92.74 | 72.53 | -21.79 |
| CIS Countries | 301.91 | 324.79 | 7.58 | 22.86 | 25.98 | 13.65 |
| African Countries | 374.13 | 327.95 | -12.34 | 44.40 | 23.19 | -47.77 |
| Middle East Countries (excl. Cyprus & Egypt) | 248.85 | 239.87 | -3.61 | 19.53 | 18.24 | -6.61 |
| Others | 3,563.37 | 3,305.44 | -7.24 | 289.29 | 248.29 | -14.17 |
| Total Merchandise Exports | 13,106.40 | 11,856.30 | -9.54 | 1,067.60 | 947.5 | -11.25 |
Export of Services
The estimated value of services exports for the period of January to December 2023 was US$ 3,080.9 Mn, increasing 63.1 % over the corresponding period in 2022. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.