Export earnings decline by 11.3% in January 2023

Earnings from merchandise exports declined by 11.3% to USD 978 in January 2023, as opposed to those recorded in January 2022.

Meanwhile, the deficit in the merchandise trade account narrowed to USD 410 million in January 2023 from USD 857 million recorded in January 2022, the Central Bank of Sri Lanka (CBSL) reported.
  However, the merchandise trade deficit in January 2023 widened, compared to the deficit of USD 358 million recorded in December 2022.

The major contributory factors for the Year On Year (Y-o-Y) change in the trade deficit in January 2023 were the gems, diamonds and jewellery sector, tea, plastics and articles thereof, cereals and milling industry related products, building material, base metals, textiles and textile articles and machinery and equipment.

While gems, diamonds and jewellery and tea scetors contributed towards an increase in exports, all other sectors mentioned contributed to the decline in imports.

Attached below is the relevant press release issued by CBSL.