The Sri Lanka Export Development Board (EDB Sri Lanka) states that despite the ongoing conflict in the Middle East, Sri Lanka recorded export earnings of US$ 1,467 million in March.

The Chief Executive Officer of the Board, Mangala Wijesinghe made these remarks at a press conference held yesterday (23).

According to the data, US$ 1,180 million was generated from merchandise exports, while US$ 286 million was earned from service exports.

This represents a 9% increase in export earnings for March compared to February. 

However, due to the conflict in the Middle East, export earnings for March this year reflect a 5.2% decline compared to March of the previous year.

Meanwhile, sectors such as coconut-based products, electronics, food and beverages, gems and jewellery, and Information Technology (IT) recorded notable growth during the past month.

On a regional basis, although export earnings from Latin America declined, Sri Lanka recorded significant growth in exports to European, African, and Asian markets during the same period. However, export earnings from the Middle East region decreased by 48% in March.

The Export Development Board further stated that Sri Lanka earned total export revenue of US$ 4,308 million during the period from January to March. This represents an increase of nearly 2% compared to the corresponding period last year.

Of this total, US$ 3,387 million was generated from merchandise exports, while US$ 921 million was derived from service exports.

Accordingly, the Board noted that achieving overall export growth despite the Middle East conflict is a positive development for Sri Lanka.