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ECONOMYNEXT – Sri Lanka’s merchandise exports fell 5.59 p.c in Might 2023 from a yr earlier to 989.7 million US {dollars}, because of a drop in attire, textile and coconut exports, information from the island’s Export Growth Board confirmed.
Within the first 5 months to Might, merchandise exports fell 8.29 p.c 4,835.99 million US {dollars} from a yr earlier.
Export earnings from Attire & Textiles fell by 14.55 p.c from a yr earlier to 412.43 Million US {dollars} in Might 2023.
Demand from Western nations are falling as pandemic period cash printing is phased out. Commodity costs are additionally falling amid tighter coverage.
Coconut based mostly merchandise fell 5.57 p.c through the interval from a yr earlier to 66.6 million US {dollars}.
Tea, which accounted for 12 p.c of merchandise exports, elevated by 24.16 p.c to 116.33 million US {dollars}.
Export of Rubber and Rubber Completed merchandise have elevated by 0.20 p.c to 76.84 million US {dollars}, with rubber tyres and tubes up 6.82 p.c.
Earnings from Activated Carbon fell 4.23 p.c to 14.05 million {dollars}.
Spices and important Oils elevated by 26.24 p.c to 27.13 million {dollars}.
Out of high 10 export markets, Italy and France markets have proven a optimistic efficiency through the month of Might 2023 from a yr in the past.
UAE market has proven a optimistic efficiency through the month of Might 2023 in comparison with the corresponding interval of earlier yr.
Exports to United States of America, Sri Lanka’s single largest export vacation spot, fell 15.25 p.c to 225.8 million US {dollars} and United States of America fell by 16.38 p.c to 1140.70 million US {dollars} within the interval of January to Might 2023 in comparison with the identical interval in 2022. (Colombo/ June 28/2023)
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