• Declines by 1.96% from previous year

Sri Lanka’s merchandise exports decreased by 1.96% to $ 1,037.5 million in March 2023 compared to March 2022. It is also 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.

Export earnings from tea which made up 12% of merchandise exports, increased by 16.34% Y-o-Y to $ 110.15 million in March 2023 compared to March 2022. Earnings from export of tea packets increased by 32.46% to $ 58.4 million while the export of Bulk Tea decreased by 0.52% to $ 46.25 million in March 2023 compared to March 2022.

In addition, export earnings from Rubber and Rubber Finished products have increased by 6.01% Y-o-Y to $ 91.19  million in March 2023, with positive performance in exports of pneumatic and retreated rubber tyres and tubes (14.65%). However, earnings from exports of industrial and surgical gloves decreased by 3.97% to $ 21.76 million in March 2023 compared to March 2022.

Moreover, export earnings from the electrical and electronics components increased by 18.35% Y-o-Y to $ 45.54  million in March 2023 with strong performance in exports of other electrical and electronic products (24.34%). 

Earnings from activated carbon, which is categorised under coconut shell products, increased Y-o-Y by 1.81% to $ 14.02  million in March 2023.

The value of ICT exports is estimated to increase by 33.68% to $ 132.25 million in March 2023 compared to March 2022. In addition, the value of construction and financial services exports are estimated to increase by 206.9% and 2.53% respectively in March 2023 compared with March 2022.

However, export earnings from the apparel and textile industry have decreased by 10.1 % Y-o-Y to $ 416.17 million in March 2023 compared to March 2022. Both earnings from the export of apparel and textiles decreased by 10.68% and 3.61% respectively in March 2023 compared to March 2022.

For the period of January to March 2023, overall merchandise exports decreased by 7.88% to $ 2,997.6 million compared to the corresponding period of 2022. 

Earnings from the export of tea, spices, concentrates and electronics and electronic components increased by 9.59%, 18.63% and 12.96% respectively during the period of January - March 2023 compared with the corresponding period of 2022.

Earnings from the export of tea increased by 9.59% to $ 314.28  million during the period of January to March 2023 compared with the corresponding period of 2022. Exports of all the subcategories of the tea sector except bulk tea and tea bags, tea packets (20.56%), instant tea (69.64%) and green tea (25.0%) increased during the period. 

The value of ICT exports is estimated to increase by 33.59% to $ 397 million in the first quarter of 2023 compared to the corresponding period of 2022. In addition, Construction and Financial services exports are estimated to increase by 75% and 2.15% respectively in the period of January to March 2023 compared with the corresponding period of 2022.

Earnings from export of apparel and textile decreased by 13.77% to $ 1,269.42  million during the period of January to March 2023 compared to the same period of 2022, export of apparel down by 14.9% while export of textiles expanded by 0.01% in January to March 2023.

In addition, export earnings from rubber and rubber finished products decreased by 8.51% to $ 243.62 million in January – March 2022 compared with the same period of 2022 attributed to lower exports of Industrial and surgical gloves of rubber (-26.63%). 

The estimated value of services exports for the period of January to March 2023 was $ 543 million, increasing 5.8% over the corresponding period of 2022. The services exports estimated by EDB consist of ICT/BPM, construction, financial services and transport and logistics.