Sri Lanka Faces Downturn in Merchandise Exports: October 2023 Records a 14.6% YoY Decrease

December 05, 2023

Sri Lanka's merchandise export sector experienced a significant setback in October 2023, with a substantial 14.6% year-on-year decrease, bringing the total to US$ 898 million. This decline is further underscored by a 13.13% decrease compared to the export value recorded in September 2023, signaling a challenging environment for the country's trade.

The dip in exports has been attributed to a diminished demand for export products, particularly impacting sectors such as Apparel & Textiles, Rubber & Rubber-based products, and Coconut & Coconut-based products. These industries, which traditionally contribute significantly to Sri Lanka's export revenue, have grappled with various challenges, including global market conditions and disruptions in the supply chain.

The Apparel & Textiles sector, a cornerstone of Sri Lanka's export portfolio, has witnessed a notable decline in demand, reflecting broader shifts in consumer behavior and economic uncertainties. Similarly, the Rubber & Rubber-based products industry, which plays a pivotal role in the country's export landscape, has been affected by factors such as fluctuating raw material costs and international market dynamics.

The Coconut & Coconut-based products sector, renowned for its contributions to Sri Lanka's export earnings, has also faced challenges in the global market, impacting the overall performance of the country's merchandise exports.