Sri Lanka’s export earnings surpass USD 1 billion mark in July 2023

Export Development Board (EDB) says Sri Lanka’s earnings from merchandise exports increased by 2.18% in July 2023 compared to June 2023.

As per the provisional data released by Sri Lanka Customs, merchandise export earnings in July 2023 have surpassed the USD 1 billion mark, recording a total of USD 1,027.2 million.

However, this is a decline of 11.79% as opposed to the value recorded in July 2022, the EDB says.

This decline in merchandise exports is due to the reduced demand shown in export products, especially in apparel and textiles, rubber- and rubber-based products and coconut- and coconut-based products.

For the period of January to July 2023, overall merchandise exports decreased by 10.26 % to USD 6,898.34 million, compared to the corresponding period of 2022.

Further, the EDB mentioned that out of top 10 export markets, only UAE has shown strong performance during the month of July 2023 and the period of January to July 2023 compared to the corresponding period in the previous year.

In addition, India, the UAE and France have shown strong performance during the month of July 2023 compared to July 2022.

Exports to the USA, Sri Lanka’s single largest export destination, decreased 15.60 % to USD 253.79 million in July 2023 compared to July 2022. Further, exports to the USA decreased by 18.5 % to USD 1,620.57 million in the period of January to July 2023 compared to the same period in 2022.