Sri Lanka has recorded over USD 1 billion in export revenue for the month of August 2023, marking the highest export revenue earned in a month for this year, as reported by the Central Bank of Sri Lanka (CBSL).
Thus, the CBSL confirmed that earnings from merchandise exports in August 2023, stood at USD 1,119 million.
On the flip side, a reduction of 8.7% has been observed in contrast to the export revenue gained in August, 2022.
Decrease in export earnings was primarily driven forward by industrial exports, notably garments owing to prolonged downturn in export demand.
Furthermore, the total export proceeds obtained from January to August 2023 have dropped by 10.1% compared with the preceding year, equivalent to USD 8,010 million.
The CBSL also pointed out that the primary force for the slump in export revenue was the fall in demand for local outputs in the global market.
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