Sri Lanka’s Export Performance in November 2023-12-28
Sri Lanka’s merchandise exports increased by 4.4% to US$ 968.8 Million in November 2023 compared to October 2023 as per the provisional data released by the Sri Lanka Customs. However, it is a 2.67 % decrease when compared to the value recorded in November 2022.
Sources: Central Bank of Sri Lanka, Sri Lanka Customs
Major Exports in November 2023
a) Products & Services with Positive Growth (Increases)
Export earnings from tea which made up 12% of merchandise exports, increased by 6.78 % y-o-y to US$ 112.82 Mn in November 2023 compared to November 2022. This increase is mainly due to the strong performance in the export of Tea packets, Tea bags and Instant Tea, increased by 11.82%, 89.23% and 176.17% respectively in November 2023 compared to November 2022.
In addition, Export earnings from Rubber and Rubber Finished products have increased by 12.87 % y-o-y to US$ 78.74 Mn in November 2023, with the strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (28.32 %).
On monthly analysis, export earnings of Coconut based products increased by 21.05 % in November 2023 compared to November 2022. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 26.14%, 23.64 % and 6.21 % respectively in November 2023 compared to November 2022.
Export earnings from Coconut Oil, Desiccated Coconut and Liquid Coconut Milk which are categorized under the Coconut kernel products decreased by 47.61 %, 7.99 % and 50.91 % respectively in November 2023 compared to November 2022.
Being the largest contributor to Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, decreased by 39.78 % to US$ 11.7 Mn in November 2023 in comparison to November 2022.
Earnings from Activated Carbon, which is categorized under the Coconut shell products decreased by 8.61 % to US$ 11.6 Mn in November 2023 compared to November 2022.
Export earnings from Seafood increased by 10.48 % to US$ 25.2 Mn in November 2023 compared to November 2022. This increase was mainly due to the strong performance in export of Fresh fish (82.35 %) and Shrimps (98.99 %).
Moreover, export earnings from Ornamental fish increased by 9.42 % to US$ 2.44 Mn in November 2023 compared to November 2022.
Furthermore, the estimated value of ICT exports is expected to increase by 96 % to US$ 166.01 Mn in November 2023 when compared to November 2022. Also, the value of Transport & Logistics services exports is expected to increase by 54.7 % in November 2023 compared to the corresponding period in the previous year.
b) Products & Services with Negative Growth (Decreases)
Export earnings from Apparel & Textile have decreased by 11.94 % y-o-y to US$ 395.05 Million in November 2023 compared to November 2022.
Export earnings from Food & Beverages have decreased by 3.34 % y-o-y to US$ 43.75 Million in November 2023, with the negative performance in exports of Alcoholic beverages (-37.61 %).
In addition, export earnings from the Electrical & Electronics Components decreased by 6.55 % y-o-y to US$ 37.39 Mn in November 2023 with poor performance in exports of Switches, Boards & Panels (-14.74%) and Electrical Transformers (-54.88 %).
Export earnings from Spices and Essential Oils decreased by 13.52 % to US$ 30.99 Mn in the month of November 2023 compared to month of November 2022. This decrease was primarily driven by a significant decrease in the export of Cinnamon 21.52 %.
Exports during the period of January – November 2023
Cumulative merchandise exports during the period of January to November 2023, decreased by 9.64 % to US$ 10,878.6 Million compared to the corresponding period of 2022.
a) Products & Services with Positive Growth (Increases)
Earnings from export of Tea, Spices and Concentrates, Gems & Jewellery, Electronics & Electronic Components and Food & Beverages increased by 4.11 %, 8.09 %, 0.34 %, 2.49 % and 1.85 % respectively during the period of January – November 2023 compared with the corresponding period of 2022.
Earnings from export of Tea increased y-o-y by 4.11 % to US$ 1,198.77 Mn in the period of January to November 2023. This increase was mainly due to the strong performance in export of Tea packets (12.23%).
In addition, export earnings from Spices and Essential Oils increased y-o-y by 8.09 % to US$ 366.37 Mn in the period of January to November 2023. This increase was due to the strong performance in exports of Pepper (19.18 %), Cloves (188.25 %) and Nutmeg & Mace (13.29 %).
Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 2.49 % to US$ 451.68 Mn in the period of January to November 2023 compared to the corresponding period of 2022. This increase was due to the strong performance in exports of Printed Circuits (58.75 %), Switches, Boards & Panels (4.82 %) and Boilers/ Piston Engines/ Pumps & Vacuum Pumps (719.87 %) in the period of January to November 2023 compared to the corresponding period of 2022.
The value of ICT exports is estimated to increase by 47.91 % to US$ 1,520 Mn in the period of January to November of 2023 compared to the corresponding period of 2022. In addition, Construction, Financial and Transport & Logistics services exports are estimated to increase by 788.1 %, 73.72 % and 93.92 % respectively in the period of January to November 2023 compared with the corresponding period of 2022.
b) Products with Negative Growth (Decreases)
Earnings from export of Apparel & Textile decreased by 18.84 % to US$ 4,425.74 Mn during the period of January to November 2023 compared to the same period of 2022. Further, earnings from export of Apparel declined by 20 % and export of Textiles declined by 4.84 % in January to November 2023.
In addition, export earnings from Rubber & Rubber finished products decreased by 9.89 % to US$ 850.61 Mn in January – November 2023 compared with the same period of 2022 attributed to lower exports of Industrial & Surgical Gloves of Rubber (-25 %) and Pneumatic & Retreated Rubber Tyres & Tubes (-2.6 %).
For the period of January to November 2023, export earnings from Coconut & Coconut based products decreased by 14.37 % to US$ 652.7 Mn from the same period last year. Earnings from all the major categories of Coconut based products decreased in the period of January – November 2023 compared with the corresponding period of 2022 due to the poor performance in export of Coconut Oil (-12.29 %), Desiccated Coconut (-23.3 %), Coconut Milk Powder (-4.93 %), Coconut Cream (-5.02 %), Liquid Coconut Milk (-3.91 %), Cocopeat (-14.81 %) and Activated Carbon (-16.96 %).
Further, export earnings from Seafood decreased by 3.73 % to US$ 238.43 Mn during the period of January to November 2023 compared to year 2022 due to the poor performance in Frozen Fish (-4.69 %), Shrimps (-25.06 %) and Crabs (-19.6 %).
Table 1 shows the comparison of Merchandise export performance in November 2023 and January to November 2023 compared to corresponding periods of previous year.