Sri Lanka’s export earnings increase by 16.6% in May 2023

Sri Lanka’s merchandise export earnings amounted to USD 989.7 million in May 2023 on a month-on-month basis, recording an increase of 16.6% from the month of April, the Export Development Board (EDB) says.

However, this is a decline of 5.59% in comparison to May 2022, the EDB said explaining that this declining trend in merchandise exports further continues due to the negative trend shown in major export products, especially in apparel and textiles as well as in coconut and coconut-based products.

The EDB mentioned that export earnings from apparel and textiles have decreased by 14.55 % year-on-year to USD 412.43 million in May 2023 compared to May 2022.

On monthly analysis, export earnings of kernel products, fiber products and shell products categorized under the coconut-based products decreased by 3.70 %, -9.59 % and -4.23 % respectively in May 2023 compared to May 2022.

Export earnings from coconut oil and desiccated coconut which are categorized under the coconut kernel products decreased by 17.46 % and 24.04% respectively in May 2023 compared to May 2022.

According to the EDB, the value of transport and logistics exports is estimated to decrease by 9.17 % to USD 40.25 million in May 2023 compared to May 2022. Further, export value of construction services is also estimated to decrease by 42.62 % in May 2023 in comparison to May 2022.

However, export earnings from tea which made up 12% of merchandise exports, increased by 24.16 % year-on-year to USD 116.33 million in May 2023 compared to May 2022. Earnings from export of tea packets increased by 25.76 % to USD 56.58 million.

In addition, export earnings from Rubber and Rubber Finished products have increased by 0.20% year-on-year to USD 76.84 million in May 2023, with positive performance in exports of pneumatic and retreated rubber tyres and tubes (6.82 %).

Export earnings from spices and essential oils increased by 26.24 % to USD 27.13 million in the month of May 2023 compared to month of May 2022. Export earnings from cinnamon increased by 27.20 % to USD 14.87 million in May 2023 compared to May 2022.

Meanwhile, export earnings from the electrical and electronics components increased by 5.0% year-on-year to USD 43.90 million in May 2023 with strong performance in exports of Insulated wire (4.50 %) and other electrical and electronic products (1.7 %).

Export earnings from Seafood increased by 36.54 % to US$ 22.98 Mn in May 2023 compared to May 2022. This increase was mainly due to the strong performance in export of Frozen fish (20.7 %), Fresh fish (2.86 %) and Shrimps (76.21%).