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Sri Lanka exports decreased by 2-pct to USD 1,037 Mn in March

Sri Lanka’s merchandise exports decreased by 1.96 % to US$ 1,037.5 Million in March 2023 compared to March 2022. Moreover, it is a 5.14 % decrease when compared to March 2021. Less demand created for major products in major markets due to the current economic situation further continues.

 Figure 1: Monthly Merchandise Export Performance 2020- March, 2023

Sources: CBSL, SL Customs

Table 1: Comparison of Product-wise Merchandise Export Performance 

                           Values in US$ Mns

Exports of Goods Jan-Mar 2022 Jan-Mar 2023 % Growth (22-23) Mar 2022 Mar 2023 % Growth (22-23)
Apparel & Textile 1,472.16  1,269.42  -13.77 462.92  416.17  -10.10
Tea 286.77  314.28  9.59 94.68  110.15  16.34
Rubber-based 266.27  243.62  -8.51 86.02  91.19  6.01
Coconut-based 208.71  162.58  -22.10 72.50  59.84  -17.46
Diamond, Gems & Jewelery 72.70  99.99  37.54 28.15  30.90  9.77
Electronics & Electronic   Components 112.26  126.81  12.96 38.48  45.54  18.35
Spices and Concentrates 85.58  101.52  18.63 23.47  32.57  38.77
Processed Food & Beverages 101.53  100.22  -1.29 32.79  36.41  11.04
Seafood 67.73  66.63  -1.62 22.44  25.71  14.57
Ornamental Fish 4.81  6.58  36.80 1.58  2.38  50.63
Vegetables 6.23  7.42  19.10 2.11  2.66  26.07
Fruits 7.83  10.45  33.46 2.57  3.89  51.36
Other Export Crops 14.99  7.25  -51.63 5.79  2.57  -55.61
Flowers & Foliage 3.98  3.81  -4.27 1.41  1.32  -6.38
Boat Building 4.77  1.03  -78.41 2.54  0.62  -75.59
Petroleum Products 60.76  126.73  108.57 9.78  24.46  150.10
Others 477.09 349.26 -26.79 170.97 151.12 -11.61
Total Merchandize Exports 3,254.17    2,997.60 -7.88 1,058.20 1,037.5 -1.96

Sources: CBSL, SL Customs

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns


Destination Jan-Mar 2022 Jan-Mar 2023 % Growth (22-23) Mar 2022 Mar 2023 % Growth (22-23)
1 United States 848.63 721.70 -14.96 261.14 235.87 -9.68
2 United Kingdom 249.26 224.30 -10.01 86.37 78.05 -9.63
3 India 223.01 208.57 -6.48 74.05 68.85 -7.02
4 Germany 180.82 154.16 -14.74 59.92 55.55 -7.29
5 Italy 149.84 158.44 5.74 46.94 58.16 23.90
6 Netherlands 102.69 83.63 -18.56 30.94 29.53 -4.56
7 Canada 87.38 81.56 -6.66 29.87 26.76 -10.41
8 UAE 74.19 120.67 62.65 29.47 21.72 -26.30
9 Belgium 69.10 55.67 -19.44 21.63 18.30 -15.40
10 France 64.90 57.30 -11.71 21.87 22.08 0.96
11 Australia 58.85 56.39 -4.18 19.72 20.89 5.93
12 China 64.60 61.01 -5.56 20.51 20.18 -1.61
13 Japan 46.70 46.28 -0.90 14.88 16.54 11.16
14 Bangladesh 64.85 55.48 -14.45 14.79 22.18 49.97
15 Mexico 46.29 44.16 -4.60 11.91 15.39 29.22

Others 923.06 868.28 -5.93 314.19 327.45 4.22

Total  3,254.17    2,997.60 -7.88 1,058.20 1,037.5 -1.96

Sources: CBSL, SL Customs

Table 3: Comparison of Region wise Merchandise Export Performance

Values in US$ Mns

Region Jan-Mar 2022 Jan-Mar 2023 % Growth (22-23) Mar 2022 Mar 2023 % Growth (22-23)
United States 848.63 721.70 -14.96 261.14 235.87 -9.68
European Union (EU) excluding UK 726.04 654.84 -9.81 237.61 237.13 -0.20
South Asia 338.33 308.71 -8.75 105.69 108.25 2.42
ASEAN 226.21 274.08 21.16 81.99 75.17 -8.32
CIS Countries 85.46 90.76 6.20 29.41 31.58 7.38
African Countries 70.74 85.79 21.28 20.95 29.88 42.63
Middle East Countries (excl. Cyprus & Egypt) 55.36 60.87 9.95 11.52 21.40 85.76
Others 903.40 800.85 -11.35 309.92 298.22 -3.78
Total Merchandise Exports 3,254.17   2,997.60 -7.88 1,058.20 1,037.5 -1.96

Export of Services

The estimated value of services exports for the period of January to March 2023 was US$ 543 Million, increasing 5.8 % over the corresponding period of 2022. The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.

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