External trade – 1st Quarter 2023
Highlights
Total Exports
For the first quarter of 2023, total exports proceeds, including domestic exports,
re-exports and ship's stores and bunkers amounted to Rs 25,160 million, showing a decrease of 11.0% compared to the previous quarter. This is mainly explained by decreases in the exports of “Ship's Stores and Bunkers" (-26.0%), “Miscellaneous manufactured articles" (-13.6%). “Manufactured goods classified chiefly by material" (-11.1%) and “Food and live animals"
(-2.1%), partly offset by an increase in the exports of “Machinery and transport equipment" (+57.3%).
Compared to the corresponding quarter of 2022, total exports for the first quarter of 2023 increased by 13.9%. This is mainly explained by increases in exports of “Machinery and transport equipment" (+138.2%)"and “Food and live animals" (+44.4%), partly offset by decreases in the exports of “Ship's Stores and Bunkers" (-7.6%), “Manufactured goods classified chiefly by material" (-6.8%) and “Miscellaneous manufactured articles" (-1.2%).
Total Imports
Total imports for the first quarter of 2023 amounted to Rs 65,642 million, showing a decrease of 15.5% compared to the previous quarter. This is mainly due to decreases in the imports of “Miscellaneous manufactured articles" (-29.5%), “Manufactured goods classified chiefly by material" (-20.9%), “Food and live animals" (-17.9%), “Chemicals & related products, n.e.s."
(-14.1%), “Machinery and transport equipment" (-12.5%) and “Mineral fuels, lubricants & related products" (-3.9%).
Compared to the corresponding quarter of 2022, total imports for the first quarter of 2023 increased by 6.0%. This is mainly due to increases in imports of “Machinery & transport equipment" (+13.7%), “Mineral fuels, lubricants & related products" (+11.7%), “Food and live animals" (+7.2%), “Chemicals and related products n.e.s" (+3.6%) and “Miscellaneous manufactured articles" (+2.0%), partly offset by a decrease in the imports “Manufactured goods classified chiefly by material" (-10.1%).
Balance of trade
The resulting trade deficit for the first quarter of 2023 worked out to Rs 40,482 million, 18.0% lower than the deficit of Rs 49,385 million of the previous quarter and 1.7% higher than the deficit of Rs 39,821 million of the corresponding quarter of 2022.
Forecast for year 2023
Based on trends and information from various sources, the forecast of total exports for 2023 will be around Rs 110 billion, 3.8% higher than the total exports of around Rs 106 billion in 2022. Total imports for 2023 including one-off items such as machinery for metro terminals, will be around Rs 320 billion, 9.6% higher than the total imports of around Rs 292 billion in 2022.
The trade deficit for 2023 is forecasted at around Rs 210 billion, 12.3% higher as compared to around Rs 187 billion in 2022.
