Sri Lanka’s merchandise exports earnings fell 9.68 percent in January to February 2023 year-on-year as the island nation saw a drop in buying from its key export destinations which are facing a looming recession after the Russia-Ukraine war, Export Development Board sources revealed.
For the period of January to February 2023, merchandise exports decreased by 9.68 % to US$ 1,983.42 Million compared to the corresponding period of 2021.
Export earnings of Apparel and Textiles, Rubber-based products and Coconut based products decreased by 2.32%, 17.81% and 19.74% respectively during the period of January – February 2023 compared with the corresponding period of 2022.
However, earnings from Spices and Concentrates, Electronics & Electronic Components, Food & Beverages and Seafood increased by 27%, 13.72%, 17.22% and 5.57% respectively during the period of January – February 2023 compared with the corresponding period of 2022.
Apparel and Textile exports decreased by 10.18% to US$ 946.46 Mn during the period of January to February 2023 compared to the same period of 2022, export of Apparel down by 16.82% while export of Textiles expanded by 74.16% in January to February 2023.
Export earnings from Tea increased by 6.27% to US$ 204.13 Mn during the period of January to February 2023 compared with the corresponding period of 2022.
Exports of all the sub categories of tea sector except Bulk Tea and Tea Bags; Tea packets (14.74%), Instant Tea (42.78%) and Green Tea (21.82%) increased during the period of January to February 2023 compared with the same period of 2022.
Export earnings from Rubber & Rubber finished products decreased by 15.44 % to US$ 152.45 Mn in January – February 2022 compared with the same period of 2021 attributed to lower exports of Pneumatic and Retreated Rubber Tyres & Tubes (-5.22%) and export of Industrial and Surgical Gloves of Rubber (-35.92%).
For the period of January to February 2023, export earnings from Coconut and Coconut based products decreased by 24.58% to US$ 102.72 Mn from the same period last year.
Earnings from all the major categories of Coconut based products decreased in the period of January – February 2023 compared with the corresponding period of 2021 due to the poor performance in export of Liquid Coconut Milk, Coconut cream, Coconut Milk Powder, Cocopeat, Activated Carbon, Coconut Oil and Desiccated Coconut.
Meanwhile, earnings from export of Electrical and Electronic Components (EEC) increased by 10.19 % to US$ 81.29 Mn in the period of January to February 2023 compared to the corresponding period of 2022.
Earnings from export of Switches, Boards and Panels and Other Electrical & Electronic Products increased by 37.31%, and 19.03 % respectively during the period of January to February 2023 compared with the corresponding period of previous year.
Export earnings from Seafood decreased by 1.84% to US$ 140.71 Mn in the period of January to February 2023 compared to year 2022 due to the poor performance in all the sub categories; Frozen Fish (-7.5%) and Prawns (-44.03%).
Out of the top 15 export markets, Italy, Canada, UAE and Bangladesh recorded positive performance in February 2023.
During the period of January to February 2023, only UAE has recorded a positive performance compared to the corresponding period of previous year.
Exports to the United States of America, Sri Lanka’s single largest export destination, decreased by 20.94 % to US$ 231.06 Mn in February 2023 compared to February 2022.
In addition, exports to United States of America decreased by 17.31 % to US$ 485.83 Mn in the period of January to February 2023 compared to January to February 2022
