Sri Lanka's merchandise export earnings increased by 2.18% in July 2023 compared to June 2023, reaching a total of USD 1,027.2 million, according to the Export Development Board (EDB),
However, there was a decline of 11.79% compared to July 2022. This decline can be attributed to reduced demand for export products, particularly in apparel and textiles, rubber-based products, and coconut-based products.
From January to July 2023, overall merchandise exports decreased by 10.26% to USD 6,898.34 million compared to the same period in 2022.
Among the top 10 export markets, only the United Arab Emirates (UAE) showed strong performance during July 2023 and the January to July 2023 period compared to the previous year.
India, the UAE, and France also demonstrated strong performance in July 2023 compared to July 2022. However, exports to the USA, which is Sri Lanka's largest export destination, decreased by 15.60% in July 2023 and by 18.5% from January to July 2023 compared to the same periods in 2022.
