Economic Research Department

31 January 2023

External Sector Performance – December 2022

Highlights

• Earnings from exports remained resilient during 2022 recording the highest ever exports,
while expenditure on imports declined significantly in 2022, compared to 2021.
• Merchandise trade deficit recorded the lowest in 2022, since 2010.
• Foreign investments in the government securities market and Colombo Stock Exchange (CSE)
recorded a notable net inflow during 2022 compared to net outflow in 2021.
• The recovery in earnings from tourism persisted in 2022 and marked a noticeable growth,
although workers’ remittances moderated in 2022, compared to 2021.

Merchandise Trade Performance (US$ bn)

Exports Imports
12.5 13.1 20.6 18.3

1.2 1.1 2.2 1.4

Trade Deficit Dec Jan-Dec
2021 2022 2021 2022 2021 2022 2021 2022
2021 1.1 8.1
Dec Jan-Dec 2022 0.4 5.2 Dec Jan-Dec

Earnings from Tourism Workers’ Remittances (US$ mn) Gross Official Reserves*

2022: US$ 1,136 mn

2021: US$ 507 mn
End
5,491

124.2% (Y-o-Y) End Dec

476

Dec 2021
3,789

2022
325

233
US$ 3.1 bn US$ 1.9 bn
127
2021 2022 2021 2022
Jul
Jun

Oct
Jan

Sep

Nov
Aug
Apr
Mar

May
Feb

Dec

Dec * including the swap facility from the

2021 2022 Jan-Dec People’s Bank of China

Net Inflows to CSE (primary and secondary Gross Inflows to Government Exchange Rate Movements
markets-net) (US$ mn) (US$ mn) (USD/LKR)

2,418 2,190 *
Jan-Dec

182

-238 363.13
348 n.a
200.43 363.19
1 7 17 69
37
Dec

2021 2022 2021 2022 363.11

4
Dec Jan-Dec
Oct-22
Jun-22
Feb-22
Apr-22
Dec-21

Aug-22

6-Dec
11-Dec

21-Dec
1-Dec

16-Dec

26-Dec

2022 2021 Long Term Loans Treasury bills and bonds

* cumulative data for long term loans include
foreign loans only up to November 2022

1
Performance of Merchandise Trade in 2022

Earnings from exports in 2022 surpassed US dollars 13 billion per year for the first time, recording an
increase of 4.9 per cent from the previous highest recorded in 2021. This improvement was a result
of increased earnings from industrial exports, including garments, gems, diamonds and jewellery,
machinery and mechanical appliances and petroleum products. Meanwhile, total import expenditure
in 2022 amounted to US dollars 18,291 million, recording a decline of 11.4 per cent, year-on-year,
resulted from measures to restrict non-urgent imports and liquidity constraints prevailed in the
market for the most part of 2022. As a result, the deficit in the trade account in 2022 narrowed to the
lowest level since 2010 to US dollars 5,185 million, from US dollars 8,139 million recorded in 2021.
The major contributory factors for the decline in the cumulative trade deficit in 2022 are shown in
Figure 1.

Figure 1: Major Contributory Factors for the

change in the Trade Deficit Figure 2: Monthly Trade Balance
during 2022 over 2021 (US$ mn)
Decline in imports Increase in exports 2021 2022
100

Textiles and garments 516.9 -100

Gems, diamonds and jewellery 173.8
-300
US$ mn

Transport equipment -266.4

-500
Telecommunication devices -313.9

Building material -322.5 -700

Medical and pharmaceuticals -349.1 -900

Base metals -543.3

-1,100
Jan

Aug
Feb
Mar
Apr

Sep
May

Nov
Oct
Jun
Jul

Dec

Machinery and equipment -840.5

Sources: SLC, CBSL Sources: SLC, CBSL

Merchandise Trade Balance

The deficit in the merchandise trade account narrowed to US dollars 358 million in December 2022,
from US dollars 1,085 million recorded in December 2021, helped by a larger decline in imports,
compared to the decline in exports.

2
Performance of Merchandise Exports1

Overall exports: Earnings from merchandise exports declined by 7.7 per cent in December 2022,
over December 2021, to US dollars 1,068 million. The decline in earnings from industrial exports
mainly contributed to the decline in export earnings in December 2022.

Industrial exports: Earnings from the export of industrial goods declined in December 2022,
compared to December 2021, mainly due to the lower exports of garments resulted from reduced
spending capacity associated with high inflation and recessionary concerns in most of the major
markets (the USA, the EU and the UK). Similarly, earnings from rubber products continued to decline
due to the lower exports of tires and household rubber gloves. Further, a sizable decline was recorded
in the exports of food, beverages, and tobacco (mainly, manufactured tobacco), although earnings
from gems, diamonds, and jewellery; and machinery and mechanical appliances (mainly, electronic
equipment) increased.

Agricultural exports: Earnings from tea exports marginally declined with the higher average export
prices of tea was offset by the decline in volume exported, resulted from the lag effect of the
unavailability of adequate fertiliser. Earnings from the export of other agricultural goods declined in
December 2022, compared to a year ago, resulted from lower export volumes of pepper, categorised
under spices.

Mineral exports: Earnings from mineral exports increased in December 2022, compared to December
2021, mainly due to the increase in export of titanium ores.

Figure 3: Monthly Export Performance Figure 4: Composition of Exports

1,400 1,156 Mineral & other exports

7 1,052 1,068
995 23
1,200 122 5
4 Other agricultural exports
111 117 96
94
1,000 109 107
US$ mn

106
Tea
US$ mn

293
800 294 288
275
90
Other industrial exports
600 71
83 68
2020
400 Rubber products
2021 533
444 450 482
2022
200 Textiles and garments
Jan
Feb
Mar

Sep
Apr
May

Aug

Nov
Jun
Jul

Dec
Oct

Dec-21 Oct-22 Nov-22 Dec-22

Sources: SLC, CBSL Sources: SLC, CBSL

1
The CBSL classification of exports and the classification of exports, based on the Standard International Trade
Classification Revision 4, are presented in Annex II and Annex III, respectively.
3
Performance of Merchandise Imports2

Overall imports: Expenditure on merchandise imports declined by 36.4 per cent in December 2022
to US dollars 1,426 million, compared to US dollars 2,241 million in December 2021, continuing the
year-on-year declining trend observed since March 2022. The higher base in December 2021 and
declines in volumes across all major categories resulted in this outcome.

Consumer goods: Expenditure on the importation of consumer goods declined in December 2022,
compared to December 2021, mainly due to the decline in non-food consumer goods imports, driven
by the reduction in the import of medical and pharmaceuticals (base effect of higher expenditure on
COVID vaccines in December 2021). In addition, almost all other non-food consumer goods declined,
partly due to the measures to restrict non urgent imports. Expenditure on food and beverages also
declined, driven by lower cereals and milling industry products (mainly, rice), compared to that of
December 2021.

Intermediate goods: Expenditure on the importation of intermediate goods declined in December

2022, compared to a year ago, driven by lower imports of base metals (primarily, base effect of higher
iron and steel imports in December 2021), and textiles and textile articles (primarily, fabrics).
Expenditure on fuel, the largest import component under this category, also recorded a decline, with
declines in expenditure on refined petroleum and coal, mainly due to lower volumes imported,
compared to December 2021. In contrast, import expenditure on fertiliser increased significantly by
213.8 per cent (US dollars 115.8 million) in December 2022 due to higher import volumes over
December 2021.

Investment goods: Import expenditure on investment goods also declined in December 2022
compared to December 2021. Almost all types of goods listed under all three main investment good
subcategories, i.e., machinery and equipment, building material and transport equipment, recorded
a decline.
Figure 5: Monthly Import Performance Figure 6: Composition of Imports

2,241
2,400 Investment goods &
2,200 Other imports
453
2,000 Intermediate goods
1,445 1,426 (Except Fuel)
1,800 1,336
US$ mn
US$ mn

926 210 200

1,600 188 Fuel
1,400 590 600
549
1,200
2020 442 Non-food consumer
1,000 2021 397 422 384 goods
2022 248
800 83 92 112
171 119 131 130 Food and Beverages
Jan
Feb
Mar

Sep
Apr
May

Aug

Nov
Jun
Jul

Oct

Dec

Dec-21 Oct-22 Nov-22 Dec-22

Sources: SLC, CBSL Sources: SLC, CBSL

2
The CBSL classification of imports and the classification of imports, based on the Standard International Trade Classification
Revision 4, are presented in Annex IV and Annex V, respectively.
4
Merchandise Trade Indices

Terms of trade, i.e., the ratio of the price of Figure 7: Terms of Trade
exports to the price of imports, deteriorated by
120
13.3 per cent in December 2022, compared to

Index Points (2010=100)

110
December 2021, as the prices of imports
100
increased, while the prices of exports declined.
90
The terms of trade for 2022 deteriorated by 9.9 80
per cent to 87.8 index points, compared to 70
2021
2022
2021. 60
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: CBSL

The export volume index increased by 1.3 per Figure 8: Export Volume and Unit Value Indices
cent (y-o-y), while the unit value index declined Index Points (2010=100) 200
by 8.9 per cent (y-o-y), in December 2022,
150
indicating the decline in exports earnings was
100
contributed by lower export prices.
50
Meanwhile, both export volume and unit value
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
indices improved by 1.9 per cent and 2.9 per Export Volume Index - 2021
Export Volume Index - 2022
cent, respectively, in 2022, compared to 2021. Export Unit Value Index - 2021
Export Unit Value Index - 2022
Source: CBSL

The import volume index declined by 39.5 per Figure 9: Import Volume and Unit Value Indices
cent (y-o-y), while the import unit value index
250
increased by 5.1 per cent, in December 2022,
Index Points (2010=100)

200
implying that the decline in import expenditure
150
compared to December 2021 was mainly
100
driven by the volume effect. During 2022,
import volume index declined by 22.4 per cent 50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
while import unit value index increased by 14.1 Import Volume Index - 2021
Import Volume Index - 2022
per cent, compared to 2021. Import Unit Value Index - 2021
Import Unit Value Index - 2022
Source: CBSL

5
Other Major Developments in the External Current Account

Workers’ remittances: Workers’ remittances in 2022 amounted to US dollars 3,789 million, in

comparison to US dollars 5,491 million in 2021, recording a decline of 31.0 per cent, though a notable
recovery was witnessed during the latter part of the year. Meanwhile, workers’ remittances increased
to US dollars 476 million during December 2022, in comparison to US dollars 384 million in the previous
month, recording the highest monthly remittances during 2022. Total departures for foreign
employment during 2022 were recorded at 299,934, contributed mainly by the unskilled (101,786),
skilled (88,215) and domestic aid (73,781) categories. Total departures for foreign employment were
recorded at 23,407 during the month of December 2022.

Tourist arrivals: A total of 719,978 tourist arrivals were recorded in 2022, compared to 194,495
arrivals in 2021, recording the highest tourist arrivals after 2019. Tourist arrivals increased notably in
December 2022 to 91,961, from 59,759 arrivals recorded in November 2022. Russia, India, the United
Kingdom, Australia, and Germany remained the main source countries for tourist arrivals in
December 2022. Earnings from tourism are estimated at US dollars 1,136 million3 in 2022, compared
to US dollars 507 million in 2021. Earnings from tourism in the month of December 2022 are
estimated at US dollars 127 million3, in comparison to US dollars 81 million3 in the previous month
and US dollars 233 million in the corresponding month in the previous year.

Figure 11: Earnings from Tourism3 and

Figure 10: Monthly Tourist Arrivals
Workers’ Remittances
5,500 5,491
120
107 5,000
97 4,500
100 9092 3,789
4,000
82
3,500
80
3,000
63
US$ mn

60 2,500
60
47 2,000
'000

42 44 1,136
38 1,500
40 30 33 30 1,000
23 233 127 507 325 476
500
20 14
5
0
2 3 5 4 1 2 2
Earnings from Earnings from Workers' Workers'
0 Tourism Tourism Remittances Remittances
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (Dec) (Jan - Dec) (Dec) (Jan - Dec)
2021 2022
2021 2022

Source: SLTDA Sources: SLTDA, Licensed Banks, CBSL

3
Revised based on the survey conducted by the Sri Lanka Tourism Development Authority in 2022.
6
Financial Flows

Foreign investments in the government securities market recorded a cumulative net inflow of US
dollars 51 million during 2022, with a marginal net inflow in December 2022. Meanwhile, on a
cumulative basis, the Colombo Stock Exchange (CSE), including primary and secondary market
transactions, recorded a net inflow of foreign investments amounting to US dollars 182 million during
2022. The foreign inflows to the CSE, including primary and secondary market transactions, recorded
a notable net inflow in December 2022.

International Reserves

Gross official reserves stood at US dollars 1.9 billion as at end December 2022. This included the swap
facility from the People’s Bank of China, equivalent to around US dollars 1.4 billion, which is subject
to conditionalities on usability. The Central Bank recorded a net absorption of foreign exchange from
the market in December 2022, resulting in a marginal improvement of liquid reserves by end of
December 2022.

Figure 12: Gross Official Reserves and Reserve Adequacy

10 6
9
5
8

Months of Imports
7
4
6
5 3
US$ bn

4
2
3
2
1
1
0 0
Dec-19

Jun-20

Nov-20
Dec-20

Jun-21

Nov-21
Dec-21

Jun-22

Nov-22
Dec-22
Jul-20

Oct-20

Jul-21

Jul-22
Aug-22
Feb-20

Sep-20

Feb-21

Sep-21
Oct-21

Feb-22

Sep-22
Oct-22
Apr-20

Aug-20

Apr-21

Aug-21

Apr-22
Jan-20

Mar-20

May-20

Jan-21

Mar-21

May-21

Jan-22

Mar-22

May-22

Gross Official Reserves (Left Axis)

Reserve Adequacy (based on Gross Official Reserves) : Months of Imports (Right Axis)

Source: CBSL

7
 Exchange Rate Movements

Exchange rate continued to remain stable through December 2022, following the introduction of
daily permissible band from mid-May 2022. Annual depreciation of the rupee in 2022 was 44.8 per
cent against the US dollar, and reflecting cross-currency movements, the Sri Lanka rupee depreciated
against the euro, the Australian dollar, the Indian rupee, the pound sterling, and the Japanese yen in
2022. Meanwhile, the rupee recorded an appreciation of 0.3 per cent against the US dollar during
the year up to 31 January 2023. Reflecting cross-currency movements, the Sri Lanka rupee
depreciated against the euro, the pound sterling, the Indian rupee, the Australian dollar, and the
Japanese yen during the year up to 31 January 2023. Real effective exchange rate (REER 24)
depreciated notably during Mar-May 2022 and remained largely below the threshold of 100 index
points, indicating an improvement in Sri Lanka’s external competitiveness.

Figure 13: Movement of the Sri Lanka rupee Figure 14: Movement of REER 24
against the US dollar
400 Rs. 362.14 100
31 Jan 2023
90
350
Rs. 363.11
30 Dec 2022 80
Index Points

300
LKR per USD

70
Rs. 186.41
250 Rs. 200.43
31 Dec 2020
31 Dec 2021 60

200
50

150 40
May-22
Mar-21

May-21

Jan-22

Mar-22

Jan-23
Feb-21

Sep-21

Feb-22

Sep-22
Dec-20

Jul-21

Dec-21

Jul-22

Dec-22
Apr-21

Jun-21

Aug-21

Oct-21

Apr-22

Jun-22

Aug-22

Oct-22

Feb-21

Jul-21

Nov-21
Mar-21
Apr-21

Jun-21

Feb-22

Apr-22

Jul-22

Nov-22
Sep-21

Mar-22

Jun-22

Sep-22

Jan-23
Jan-21

May-21

Jan-22

May-22
Dec-20

Aug-21

Oct-21

Dec-21

Aug-22

Oct-22

Dec-22
Source: CBSL
Table 1: Movement of the Sri Lanka rupee against Selected Currencies*

2023
Currency 2021 2022
(Up to 31 Jan)
US dollar -7.0% -44.8% +0.3%
Euro +1.1% -41.4% -1.6%
Pound sterling -6.0% -38.1% -2.3%
Japanese yen +3.8% -36.4% -1.6%
Australian dollar -1.2% -40.8% -3.8%
Indian rupee -5.5% -38.6% -1.2%
*Depreciation (-)/ Appreciation (+)
Source: CBSL

The release of the External Sector Press Release for January 2023 will be on 28 February 2023.

8
Annex I:
Summary of External Sector Performance (a)
December December
Change 2021 2022 Change
Category 2021 2022
(%) US$ mn US$ mn (%)
US$ mn US$ mn
Merchandise exports 1,156 1,068 -7.7 12,499 13,106 4.9
Merchandise imports 2,241 1,426 -36.4 20,637 18,291 -11.4
Trade balance -1,085 -358 -8,139 -5,185
Earnings from tourism 233 (b) 127 (c) -45.4 507 (b) 1,136 (c) -
Workers’ remittances 325 476 46.3 5,491 3,789 -35.9
Inflows to the CSE (net) (d) 4 37 -238 182
Inflows to the Government (gross) 91 208 2,435 2,259 (e)
Treasury bills and bonds 1 7 17 69
Long term loans 348 n.a 1,608 2,190 (e)
Syndicated loans - - 810 -
Overall balance -3,967 -2,773

Sources: Sri Lanka Customs (SLC), Sri Lanka Tourism Development Authority (SLTDA), Colombo Stock Exchange (CSE), Board of
Investment of Sri Lanka (BOI), Central Bank of Sri Lanka (CBSL)
(a) Provisional
(b) Revised, based on the survey results of SLTDA on average stay period and average spending per day estimates for 2021
(c) Revised based on the survey conducted by the Sri Lanka Tourism Development Authority in 2022
(d) Includes primary and secondary transactions
(e) Cumulative data for long term loans include foreign loans only up to November 2022

The CBSL publishes a ‘Monthly Trade Bulletin’ with further information on merchandise trade performance, which can be viewed on the Central
Bank of Sri Lanka website under Statistics > Economic Indicators > Monthly Trade Bulletin. https://www.cbsl.gov.lk/en/monthly-trade-bulletin

9
Annex II:
Export Earnings Classified as per the CBSL Classification (a)
December December Change Change
2021 2022
Category 2021 2022 (%) (%)
(US$ mn) (US$ mn)
(US$ mn) (US$ mn)
1. Industrial exports 916.8 840.9 -8.3 9,702.1 10,465.3 7.9
Food, beverages and tobacco 57.4 36.7 -36.0 586.9 519.5 -11.5
Animal fodder 12.3 19.0 54.0 149.4 170.5 14.1
Textiles and garments 533.2 481.5 -9.7 5,435.1 5,952.0 9.5
o/w Garments 484.8 442.6 -8.7 4,951.5 5,483.1 10.7
Textiles 38.9 29.8 -23.3 355.4 353.7 -0.5
Other made up textile articles 9.5 9.1 -4.0 128.1 115.2 -10.1
Rubber products 90.3 71.2 -21.1 1,050.4 977.0 -7.0
Gems, diamonds and jewellery 23.4 35.3 51.1 276.8 450.6 62.8
Machinery and mechanical appliances 43.2 50.5 16.9 500.9 580.9 16.0
Transport equipment 9.6 6.5 -32.4 148.2 129.3 -12.8
Petroleum products 51.0 49.4 -3.1 506.4 568.0 12.2
Chemical products 21.7 16.1 -25.6 223.2 223.5 0.1
Wood and paper products 12.0 9.9 -17.6 129.9 136.9 5.4
Printing industry products 2.5 9.8 286.5 50.0 53.1 6.1
Leather, travel goods and footwear 6.4 7.4 16.5 58.4 85.8 46.9
Plastics and articles thereof 6.3 3.9 -37.9 78.6 60.9 -22.5
Base metals and articles 15.1 12.6 -16.1 156.4 176.7 13.0
Ceramic products 3.0 2.7 -8.9 37.4 38.1 1.8
Other industrial exports 29.5 28.2 -4.6 314.1 342.4 9.0
2. Agricultural exports 232.3 203.4 -12.4 2,729.5 2,568.0 -5.9
Tea 110.6 107.3 -3.0 1,324.4 1,258.8 -5.0
Rubber 3.2 3.2 0.2 42.2 41.4 -1.8
Coconut 31.4 24.8 -21.0 425.2 400.3 -5.9
Spices 43.7 31.3 -28.2 454.8 368.7 -18.9
Vegetables 2.3 2.2 -4.9 28.5 26.7 -6.6
Unmanufactured tobacco 2.1 2.4 14.9 31.6 24.4 -22.8
Minor agricultural products 12.4 10.9 -12.1 148.8 178.8 20.2
Seafood 26.7 21.3 -20.0 274.1 269.0 -1.8
3. Mineral exports 5.1 20.9 314.6 44.5 50.0 12.3
4. Unclassified exports 2.1 2.4 12.1 22.5 23.2 3.2
Total exports 1,156.3 1,067.6 -7.7 12,498.6 13,106.4 4.9
(a) Provisional

Sources: SLC, National Gem and Jewellery Authority (NGJA), Ceylon Petroleum Corporation (CPC) and
Other Exporters of Petroleum, CBSL

10
Annex III:
Export Earnings Classified as per the Standard International Trade Classification Revision 4 (a)
December December Change Change
2021 2022
Category 2021 2022 (%) (%)
(US$ mn) (US$ mn)
(US$ mn) (US$ mn)
0. Food and live animals 246.0 224.0 -8.9 2,846.0 2,701.8 -5.1
03 Fish and fish preparations 31.2 24.0 -23.1 316.0 301.2 -4.7
04 Cereals and cereal preparations 6.2 6.5 4.2 71.8 77.5 7.9
05 Vegetables and fruit 38.4 30.2 -21.5 468.2 449.0 -4.1
07 Coffee, tea, cocoa, spices and manufactures thereof 150.3 139.1 -7.5 1,742.9 1,611.1 -7.6
1. Beverages and tobacco 17.6 11.1 -37.1 145.2 135.8 -6.5
11 Beverages 3.4 2.7 -20.1 33.3 46.7 40.2
12 Tobacco and tobacco manufactures 14.2 8.4 -41.1 112.0 89.2 -20.4
2. Crude materials, inedible, except fuels 36.1 46.8 29.8 433.2 450.3 3.9
23 Crude rubber 3.3 3.3 -1.0 43.1 42.4 -1.5
26 Textile fibres and their wastes 17.4 13.4 -23.1 240.3 228.6 -4.9
3. Mineral fuels, lubricants, and related materials 51.0 49.4 -3.1 506.4 568.0 12.2
33 Petroleum, petroleum products and related materials 51.0 41.3 -18.9 462.9 544.1 17.5
34 Gas, natural and manufactured - 8.1 - 43.5 23.9 -44.9
4. Animal and vegetable oils, fats, and waxes 11.7 4.8 -58.6 128.9 89.9 -30.3
42 Fixed vegetable fats and oils, crude, refined or
6.9 4.8 -30.4 86.1 75.4 -12.4
fractionated
5. Chemicals and related products, n.e.s. 29.7 18.4 -38.0 291.7 271.5 -6.9
6. Manufactured goods classified chiefly by materials 155.0 144.5 -6.8 1,700.7 1,876.0 10.3
62 Rubber manufactures, n.e.s. 60.6 49.7 -18.0 684.5 680.3 -0.6
65 Textile yarn, fabrics, made-up articles, etc., n.e.s. 44.8 36.7 -18.1 458.4 447.1 -2.5
66 Non-metallic mineral manufactures, n.e.s. 29.3 40.1 36.6 335.1 510.5 52.3
7. Machinery, transport equipment 51.6 55.5 7.6 631.8 692.1 9.5
77 Electric machinery, apparatus, and appliances, n.e.s.
27.6 30.9 12.1 318.4 364.2 14.4
and electrical parts thereof
8. Miscellaneous manufactured articles 557.4 513.0 -8.0 5,813.1 6,320.3 8.7
84 Articles of apparel and clothing accessories 519.1 469.4 -9.6 5,360.0 5,832.0 8.8
9. Commodities and transactions not classified
0.2 - - 1.5 0.8 -47.7
elsewhere in the SITC
Total exports 1,156.3 1,067.6 -7.7 12,498.6 13,106.4 4.9
(a) Provisional
n.e.s. not elsewhere specified

Sources: Sri Lanka Customs (SLC), National Gem and Jewellery Authority (NGJA), Ceylon Petroleum Corporation (CPC)
and Other Exporters of Petroleum, CBSL

Note: The first digit indicates the ‘section’ and the first two digits indicate the ‘division’ of SITC. The above table shows only selected
divisions of SITC. For further information on SITC, please see CBSL Annual Report 2017 Box Article 04.
https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/annual_report/2017/en/9_Chapter_05.pdf

11
Annex IV:
Import Expenditure Classified as per the CBSL Classification (a)
December December Change Change
2021 2022
Category 2021 2022 (%) (%)
(US$ mn) (US$ mn)
(US$ mn) (US$ mn)
1. Consumer goods 419.3 241.5 -42.4 3,848.7 2,813.0 -26.9
Food and beverages 171.2 129.9 -24.1 1,666.5 1,607.9 -3.5
Cereals and milling industry products 50.9 26.5 -47.9 97.4 430.5 342.3
Dairy products 14.1 20.5 45.6 317.7 225.3 -29.1
Vegetables (b) 33.2 21.3 -36.0 384.3 318.4 -17.1
Seafood 10.2 3.6 -65.2 122.3 66.4 -45.7
Sugar and confectionery 33.4 34.3 2.7 288.8 257.8 -10.7
Spices 7.0 12.1 71.9 127.2 136.6 7.4
Other food and beverages 22.4 11.7 -47.8 328.8 172.8 -47.4
Non-food consumer goods 248.1 111.6 -55.0 2,182.2 1,205.1 -44.8
Personal vehicles 0.6 3.5 512.1 12.8 11.7 -8.5
Medical and pharmaceuticals 128.5 57.8 -55.0 882.5 533.4 -39.6
Home appliances 21.5 3.9 -81.7 257.1 85.5 -66.7
Clothing and accessories 23.4 14.8 -36.7 221.3 215.6 -2.6
Telecommunication devices 31.0 5.3 -82.9 382.9 69.0 -82.0
Household and furniture items 16.7 10.8 -35.1 161.2 116.3 -27.9
Other non-food consumables 26.5 15.4 -41.7 264.4 173.7 -34.3
2. Intermediate goods 1,368.3 983.8 -28.1 12,308.9 12,438.8 1.1
Fuel 442.5 383.5 -13.3 3,742.9 4,896.8 30.8
o/w Crude oil 59.7 67.9 13.7 625.1 483.8 -22.6
Refined petroleum 339.9 300.5 -11.6 2,840.0 4,048.2 42.5
Coal 42.9 15.1 -64.7 277.8 364.8 31.3
Diamonds, precious stones, and metals 13.8 16.6 20.3 143.6 203.8 41.9
Textiles and textile articles 297.9 200.9 -32.6 3,066.9 3,065.2 -0.1
Paper and paperboard and articles 37.6 33.9 -9.9 468.9 465.9 -0.6
thereof
Agricultural inputs 22.8 18.6 -18.6 264.2 214.5 -18.8
Wheat and maize 30.2 35.8 18.5 418.3 303.1 -27.5
Base metals 187.5 13.5 -92.8 866.4 323.2 -62.7
Plastics and articles thereof 77.6 41.8 -46.2 765.7 650.8 -15.0
Chemical products 99.9 65.1 -34.8 1,074.4 966.2 -10.1
Fertiliser 36.9 115.8 213.8 158.2 275.9 74.4
Rubber and articles thereof 39.2 12.1 -69.0 400.7 334.7 -16.5
Mineral products 13.8 4.9 -64.7 158.9 123.7 -22.1
Other intermediate goods 68.4 41.3 -39.6 779.7 615.0 -21.1
3. Investment goods 452.9 200.0 -55.8 4,462.7 3,030.5 -32.1
Machinery and equipment 307.7 130.0 -57.8 2,809.5 1,969.0 -29.9
Building material 124.1 62.4 -49.7 1,248.9 926.3 -25.8
Transport equipment 20.8 7.6 -63.6 398.5 132.1 -66.8
Other investment goods 0.3 0.1 -75.0 5.8 3.0 -47.9
4. Unclassified imports 0.5 0.3 -49.5 17.1 8.8 -48.8
Total imports 2,241.0 1,425.6 -36.4 20,637.4 18,291.0 -11.4
o/w Non-fuel imports 1,798.5 1,042.0 -42.1 16,894.6 13,394.2 -20.7
(a) Provisional
(b) Includes lentils, onions, potatoes, leguminous and other vegetables

Sources: SLC, CPC, Lanka IOC PLC, CBSL

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Annex V:
Import Expenditure Classified as per the Standard International Trade Classification Revision 4 (a)
December December Change Change
2021 2022
Category 2021 2022 (%) (%)
(US$ mn) (US$ mn)
(US$ mn) (US$ mn)
0. Food and live animals 230.2 188.5 -18.1 2,275.2 2,162.2 -5.0
02 Dairy products and birds' eggs 14.1 20.6 45.8 318.1 225.7 -29.1
03 Fish and fish preparations 10.4 3.7 -64.5 123.6 67.7 -45.2
04 Cereals and cereal preparations 80.7 61.9 -23.4 513.0 729.0 42.1
05 Vegetables and fruit 42.0 25.3 -39.9 457.7 365.4 -20.2
06 Sugars, sugar preparations and honey 33.4 34.3 2.7 288.9 257.8 -10.7
07 Coffee, tea, cocoa, spices and manufactures thereof 12.1 16.1 33.1 169.5 180.0 6.2
1. Beverages and tobacco 7.8 7.8 … 76.8 101.0 31.5
2. Crude materials, inedible, except fuels 56.3 23.1 -59.0 584.7 465.3 -20.4
23 Crude rubber 34.0 8.7 -74.4 351.0 283.6 -19.2
26 Textile fibres and their wastes 2.7 1.7 -37.2 25.0 30.5 22.2
3. Mineral fuels, lubricants, and related materials 442.5 383.5 -13.3 3,742.9 4,896.8 30.8
33 Petroleum, petroleum products and related materials 378.5 338.8 -10.5 3,118.4 4,288.0 37.5
34 Gas, natural and manufactured 21.1 29.6 40.3 346.6 243.9 -29.6
4. Animal and vegetable oils, fats, and waxes 8.8 2.4 -72.8 285.2 79.8 -72.0
42 Fixed vegetable fats and oils, crude, refined or
7.2 1.7 -76.6 262.3 65.6 -75.0
fractionated
5. Chemicals and related products, n.e.s. 345.2 279.1 -19.2 2,847.9 2,392.2 -16.0
54 Medicinal and pharmaceutical products 124.7 54.5 -56.3 823.1 502.3 -39.0
56 Fertilisers, manufactured 36.9 115.8 213.8 157.6 275.8 74.9
57 Plastics in primary forms 58.7 26.0 -55.8 561.2 438.6 -21.8
58 Plastics in non-primary forms 18.1 15.0 -17.1 173.3 174.7 0.8
6. Manufactured goods classified chiefly by materials 675.8 330.9 -51.0 5,976.8 5,114.1 -14.4
64 Paper, paperboard, and articles thereof 34.9 32.2 -7.6 442.0 436.7 -1.2
65 Textile yarn, fabrics, made-up articles, etc., n.e.s. 292.1 194.8 -33.3 3,007.8 2,991.0 -0.6
66 Non-metallic mineral manufactures, n.e.s. 49.7 34.0 -31.6 525.2 485.0 -7.7
67 Iron and steel 212.4 18.9 -91.1 1,071.4 456.3 -57.4
7. Machinery, transport equipment 385.2 146.2 -62.0 3,876.2 2,278.1 -41.2
72 Machinery specialized for particular industries 57.9 22.7 -60.9 652.0 396.5 -39.2
74 General industrial machinery and equipment and
52.9 28.1 -46.9 599.2 430.9 -28.1
machine parts, n.e.s.
75 Office machines and automatic data-processing
44.3 10.9 -75.4 354.6 161.7 -54.4
machines
76 Telecommunications and sound-recording and
71.2 16.2 -77.3 785.3 231.6 -70.5
reproducing apparatus and equipment
77 Electric machinery, apparatus and appliances, n.e.s.
82.4 40.4 -50.9 750.2 633.1 -15.6
and electrical parts thereof
78 Road vehicles 21.4 12.3 -42.8 327.8 158.2 -51.7
8. Miscellaneous manufactured articles 88.6 63.8 -27.9 953.3 791.3 -17.0
84 Articles of apparel and clothing accessories 19.4 13.3 -31.7 190.0 191.5 0.8
87 Professional, scientific, and controlling instruments and
17.8 12.5 -29.7 237.7 143.2 -39.7
apparatus n.e.s.
9. Commodities and transactions not elsewhere specified
0.7 0.2 -70.7 18.4 10.3 -44.3
in SITC
Total imports 2,241.0 1,425.6 -36.4 20,637.4 18,291.0 -11.4
(a) Provisional
n.e.s. not elsewhere specified
… negligible
Sources: SLC, CPC, Lanka IOC PLC, CBSL

Note: The first digit indicates the ‘section’ and the first two digits indicate the ‘division’ of SITC. The above table shows only selected
divisions of SITC. For further information on SITC, please see CBSL Annual Report 2017 Box Article 04.
https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/annual_report/2017/en/9_Chapter_05.pdf

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