Sri Lanka’s services exports have recorded a substantial growth, surging by 55.6 percent to reach USD 2,304 million by end of last month compared to first nine months of 2022, as reported by the Export Development Board (EDB). Services exports include services such as ICT/BPO, construction, financial services, transport, and logistics.
In September, the EDB revealed that services exports up to August had increased by 12.9 percent to USD1, 409 million. However, in September, services exports saw a growth of USD 985 million, marking a 39 percent rise. The exact reason for this significant surge hasn’t been disclosed.
In the broader context of Sri Lanka’s export performance, earnings of both goods and services combined for the nine months leading up to September 2023 was USD11,262 million, a marginal decrease of 1.8 percent compared to the previous year.
Services exports do not encompass remittances. In the same period, official remittances showed impressive growth, surging by 68 percent to USD 4,345 million in the first nine months, EDB said.
This surge brought the total inflows, excluding tourism, to USD 15,610 million—a significant 68 percent increase from the previous year.This report does not include data related to tourism.
In terms of imports, they reached USD10, 974 million up to September 2023. The decline in imports was influenced by a slowdown in private credit and a halt in money printing.
Other significant outflows include tourism, remittances, interest payments on borrowings, dividends, and net debt repayments. These figures provide a comprehensive overview of Sri Lanka’s evolving economic landscape, reflecting both challenges and opportunities.