Sri Lanka recorded export earnings of US$ 1,467 million in March despite the ongoing conflict in the Middle East, the Sri Lanka Export Development Board (EDB) said.

EDB Chief Executive Officer Mangala Wijesinghe made the remarks at a press conference held yesterday (23).

According to the EDB, merchandise exports generated US$ 1,180 million, while service exports brought in US$ 286 million during the month.

The March figure marked a 9% increase compared to February.

However, export earnings for March this year reflected a 5.2% decline compared to March last year, with officials attributing the drop to the impact of the Middle East conflict.

The Board said sectors including coconut-based products, electronics, food and beverages, gems and jewellery, and Information Technology (IT) recorded notable growth during the month.

Regionally, although export earnings from Latin America declined, Sri Lanka posted significant export growth to European, African, and Asian markets. Export earnings from the Middle East, however, fell by 48% in March.

The EDB further stated that Sri Lanka earned total export revenue of US$ 4,308 million from January to March, representing an increase of nearly 2% compared to the corresponding period last year.

Of the total, US$ 3,387 million came from merchandise exports, while US$ 921 million was generated through service exports.

Accordingly, the Board said sustaining overall export growth despite the Middle East conflict was a positive sign for the country’s economy.