INSUBCONTINENT EXCLUSIVE:
the EDB says.The decline in merchandise exports is due to decreased demand for export products, particularly in sectors such as Apparel and
Textiles, Rubber - Rubber-based products, and Coconut and Coconut-based products.Meanwhile, the export earnings from Food - Beverages have
increased by 20.77 % y-o-y to US$ 36.86 Million in October 2023, with the strong performance in exports of Processed Food, according to the
EDB.Export earnings from Seafood increased by 3.73 % to US$ 20.29 Mn in October 2023 compared to October 2022
This increase was mainly due to the strong performance in export of Frozen fish (5.21 %) and Fresh fish (13.78 %).Moreover, export earnings
from Ornamental fish increased by 35.71 % to US$ 2.47 Mn in October 2023 compared to October 2022.Furthermore, the estimated value of ICT
exports is expected to increase by 96 % to US$ 166.01 Mn in October 2023 when compared to October 2022
Also, the value of Transport - Logistics services exports is expected to increase by 54.73 % in October 2023 compared to the corresponding
period in the previous year.Export earnings from Apparel - Textile have decreased by 20.05 % y-o-y to US$ 353.3 Million in October 2023
Mn in October 2023, with the strong performance in exports of Industrial - Surgical Gloves of Rubber (19.32 %).Cumulative merchandise
exports during the period of January to October 2023, decreased by 10.54 % to US$ 9,879.8 Million compared to the corresponding period of
increasing 67.2 % over the corresponding period of 2022
The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport - Logistics.
