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.
Export
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%).
Imports
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.
Forecast
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.
