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

Chief Executive Officer Mangala Wijesinghe highlighted these figures at a press conference held yesterday, April 23. According to the data, merchandise exports contributed $1,180 million, while service exports added $286 million to the total.

This marks a 9% increase in export earnings for March compared to February. However, when compared to March of the previous year, earnings reflect a 5.2% decline, largely attributed to the Middle East unrest.

Certain sectors showed notable growth in the past month, including coconut-based products, electronics, food and beverages, gems and jewelry, and Information Technology (IT).

Regionally, exports to Latin America declined, but Sri Lanka experienced significant growth in exports to European, African, and Asian markets. Conversely, exports to the Middle East fell sharply by 48% in March.

The Export Development Board also reported that from January to March, Sri Lanka earned a total of $4,308 million in export revenue, representing a nearly 2% increase compared to the same period last year.

Of this total, merchandise exports accounted for $3,387 million, and service exports contributed $921 million.

The Board emphasised that achieving overall export growth amid regional conflicts is a positive sign for Sri Lanka’s economy.