Sri Lanka’s Merchandise Exports Exceed $1 Billion in February 2023

Sri Lanka’s merchandise exports saw a decrease of 8.06% to US$1,005.2 million in February 2023 compared to the same period last year, according to data released by Sri Lanka Customs. However, there was a 5.62% increase when compared to February 2021. The export earnings from tea, which made up 12% of merchandise exports, increased by 9.14% year-on-year (YoY) to US$204.13 million in February 2023. The earnings from the export of electrical and electronic components increased by 13.72% YoY to US$43.01 million, with a strong performance in exports of other electrical and electronic products (22.12%). Meanwhile, export earnings from spices and essential oils increased by 27.0% to US$34.48 million in February 2023, with a strong performance in cinnamon (20.16%) and cloves (412.82%). However, export earnings from rubber and rubber finished products decreased by 17.81% YoY to US$76.58 million, with negative performance in exports of pneumatic and retreated rubber tyres and tubes (-6.10%) and industrial and surgical gloves (-45.38%).