Sri Lanka’s export earnings surpass $ 1 billion mark in July
The Morning: The Export Development Board (EDB) says Sri Lanka’s earnings from merchandise exports increased by 2.18% in July 2023 compared to June 2023.
As per the provisional data released by Sri Lanka Customs, merchandise export earnings in July 2023 have surpassed the $ 1 billion mark, recording a total of $ 1,027.2 million.
However, this is a decline of 11.79% as opposed to the value recorded in July 2022, the EDB says.
This decline in merchandise exports is due to the reduced demand shown in export products, especially in apparel and textiles, rubber- and rubber-based products and coconut and coconut-based products.
For the period of January to July 2023, overall merchandise exports decreased by 10.26 % to $ 6,898.34 million, compared to the corresponding period of 2022.
Further, the EDB mentioned that out of top 10 export markets, only UAE has shown strong performance during the month of July 2023 and the period of January to July 2023 compared to the corresponding period in the previous year.
In addition, India, the UAE and France have shown strong performance during the month of July 2023 compared to July 2022.
Exports to the USA, Sri Lanka’s single largest export destination, decreased 15.60% to $ 253.79 million in July 2023 compared to July 2022. Further, exports to the USA decreased by 18.5% to $ 1,620.57 million in the period of January to July 2023 compared to the same period in 2022.
Sri Lanka’s manufacturing and export sectors are two of the key revenue generators of the country. These two sectors continued operations and generated revenue to the country even amidst challenging conditions. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s export sector. Local authorities are also engaged in many promotional campaigns in New foreign markets while also promoting local manufacturers to diversify their product portfolios. With Sri Lanka’s economy picking up pace after facing the global pandemic and the economic crisis that followed it, efforts are being made to further uplift and develop the manufacturing and exports sectors. Authorities have also introduced many incentives to expand operations of Sri Lanka’s exports sector. Given the growth and business potential in Sri Lanka’s manufacturing and exports sectors, foreign businesses/investors could confidently explore the expanding opportunities in these sectors.
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