Sri Lanka has reported a remarkable milestone in its trade sector as it recorded export revenue exceeding USD 1,000 million in the month of August 2023, marking the highest monthly export earnings for the year, as confirmed by the Central Bank of Sri Lanka.

According to the Central Bank's data, the total export revenue for August 2023 reached an impressive USD 1,119 million, signifying a significant boost in the country's export activities.

However, when compared to the export revenue generated in the same month of the previous year, August 2023's figure shows a decline of 8.7%. In August 2022, Sri Lanka had earned a higher export revenue, highlighting the challenges and fluctuations in the global trade environment.

Looking at the cumulative figures for the year, the total export revenue for the period from January to August 2023 stands at USD 8,010 million. While this is a substantial amount, it remains 10.1% lower than the earnings recorded during the corresponding period in 2022.

The Central Bank of Sri Lanka attributes this decline in export revenue primarily to a reduced demand for local products in foreign markets. The global economic landscape has been marked by uncertainties and shifting consumer preferences, which have had an impact on export figures.