External trade – 3rd Quarter 2023
Highlights
Total Exports
Total exports (inclusive of ship's stores & bunkers) for the third quarter of 2023, were valued at Rs 27,454 million, showing a decrease of 1.0%, compared to the corresponding quarter of 2022. This was mainly explained by decreases in the exports of “Manufactured goods classified chiefly by material" (-12.4%), “Miscellaneous manufactured articles" (-10.6%), “Ship's stores & bunkers" (-7.2%) and “Chemicals and related products, n.e.s" (-4.4%), partly offset by an increase in the exports of “Food and live animals" (+21.1%).
Total exports, for the third quarter of 2023 increased by 9.0%, compared to the previous quarter.
Total Imports
Total imports, for the third quarter of 2023, amounted to Rs 72,212 million showing a decrease of 6.2%, compared to the corresponding quarter of 2022. This was mainly explained by decreases in the imports of “Manufactured goods classified chiefly by material" (-28.6%), “Chemicals and related products, n.e.s." (-8.2%), “Miscellaneous manufactured articles" (-8.0%), “Mineral fuels, lubricants, & related products" (-4.0%) and “Food and live animals" (-3.0%), partly offset by an increase in the imports of “Machinery & transport equipment" (+22.7%).
Total imports, for the third quarter of 2023 decreased by 0.6%, compared to the previous quarter.
Balance of trade
The resulting trade deficit for the third quarter of 2023 worked out to Rs 44,758 million, 5.7% lower than the deficit of Rs 47,469 million of the previous quarter and 9.2% lower than the deficit of Rs 49,276 million of the corresponding quarter of 2022.
Forecast for year 2023
Based on trends and information from various sources, the forecast for total exports have been maintained at the previous forecast figures while total imports have been revised downwards for 2023 due to lower imports of petroleum products, textile materials and construction materials during the first nine months of 2023.
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 300 billion, 2.7% higher than the total imports of around Rs 292 billion in 2022. The trade deficit for 2023 is forecasted at around Rs 190 billion, 1.6% higher as compared to around Rs 187 billion in 2022.
