COLOMBO (NewsRadio); Earnings from Sri Lanka’s merchandise exports are nearing USD 8 billion this year.
The Export Development Board said in a statement, Sri Lanka’s merchandise exports in 2023 as of end of August were at USD 7,983.13 million.
Sri Lanka’s merchandise exports exceeded USD 13 billion in 2022.
Meanwhile, Sri Lanka’s merchandise exports increased by 6.98 per cent to USD 1,091.6 million in August 2023 compared to the month of July.
According to provisional data released by Sri Lanka Customs, the value however is a 10.91 per cent reduction in comparison to the amount recorded in August 2022.
The EDB noted that the reduction in merchandise exports is due to decrease in demand for export products, particularly in sectors such as apparel and textiles, rubber and rubber-based products, and coconut and coconut-based products.
Meanwhile, out of the top 10 export markets, India, Italy, the United Arab Emirates and France have shown strong performance during the month of August and the period from January to August 2023 compared to the corresponding period in 2022.
The EDB added exports to the United States, Sri Lanka’s single largest export market, decreased 21.29 per cent to USD 252.13 million in August 2023 compared to August 2022.