Courtesy Adaderana

Sri Lanka’s merchandise exports increased by 6.98% to USD 1,091.6 million in August 2023 compared to July 2023, the Export Development Board (EDB) said today (Sept. 26).

Citing the provisional data released by Sri Lanka Customs, the EDB said it is, however, a 10.91 % decrease when compared to the value recorded in August 2022.

The decline in merchandise exports is due to decreased demand for export products, particularly in sectors such as apparel and textiles, rubber and rubber-based products, and coconut and coconut-based products.

The EDB further mentioned that for the period of January to August 2023, overall merchandise exports have decreased by 10.42% to USD 7,983.13 million compared to the corresponding period of 2022.

Meanwhile, out of the top 10 export markets, India, Italy, the UAE and France have shown strong performance during the month of August 2023 and the period of January-August 2023 compared to the corresponding period in the previous year.

Exports to the USA, Sri Lanka’s single largest export destination, have meanwhile decreased 21.29% to USD 252.13 million in August 2023 compared to August 2022.

Further, exports to the USA decreased by 18.89% to USD 1,872.7 million in the period of January-August 2023 compared to the same period in 2022.