Sri Lanka exports fell 11.9 percent in July 2023 from a year ago to 1,027.2 million US dollars with double digit falls to key export destinations, the island’s Export Development Board said.
In the seven months to July 2023, exports were down 10.2 percent to 6,898 million US dollars.
Exports to the US, the top buyer of Sri Lankan products fell 15.6 percent to 253.7 million dollars from a year ago.
Exports to the UK were 73.42 million US dollars, down 22.8 percent, to Germany 50.46 million US dollars down 24.2 percent, to Italy 59.02 million US dollars down 7.61 percent and to Netherlands 27.55 million US dollars down 10.7 percent.
Most Western countries are experiencing a downturn after a bout of inflation triggered by money printing up to early 2022.
Exports to India, which is under a free trade agreement, went up 29 percent to 81.28 million US dollars.
Exports to the UAE were also up 43 percent to 37.88 million US dollars.
Source : Economynext