Business
Export sector records Year-on-Year growth
Highlights•
The trade deficit narrowed in November 2023, compared to a year earlier and October 2023, as a combined impact of an improvement in exports and a compression in imports. Exports recorded a year-on-year growth for the first time since September 2022.
• Monthly workers’ remittances continued to exceed US dollars 500 million and recorded a notable increase in November 2023 compared to the corresponding period in 2022.
• Tourist arrivals soared during the festive season, contributing to high earnings from tourism.
• Foreign investments in the government securities market continued to record a net outflow since July 2023, but remains positive on a cumulative basis during the year.
• Gross Official Reserves amounted to US dollars 3.6 billion by end November 2023.
• The Sri Lanka rupee continued to remain stable against the US dollar during the month of November 2023.
Merchandise Trade Balance
The deficit in the merchandise trade account narrowed to US dollars 390 million in November 2023, compared to the deficit of US dollars 449 million recorded in November 2022 as well as US dollars 683 million recorded in October 2023. In the meantime, the cumulative deficit in the trade account during January to November 2023 narrowed to US dollars 4,414 million from US dollars 4,827 million recorded over the same period in 2022.
Performance of Merchandise Exports
Overall Exports: Earnings from merchandise exports recorded a year-on-year marginal increase in November 2023 for the first time since September 2022. Accordingly, earnings improved by 0.4 per cent to US dollars 999 million in November 2023, over November 2022 as well as over US dollars 928 million in October 2023. An increase in earnings was observed in agricultural exports and mineral exports, while a decline was recorded in industrial exports. Cumulative export earnings recorded a decline of 9.4 per cent during January to November 2023 to US dollars 10,909 million, over the same period in the last year.
Industrial Exports: Earnings from the exports of industrial goods declined in November 2023, with a significant share of the decline being contributed by garments. Accordingly, exports of garments to most of the major markets (the USA, the EU, and the UK) recorded declines. However, earnings from garment exports improved notably in November 2023, compared to October 2023. Further, declines were recorded in the exports of animal fodder (mainly, poultry feed and wheat residues); machinery
Agricultural Exports: Earnings from the exports of agricultural goods improved in November 2023, compared to a year ago, led by tea (mainly, instant tea) exports. An increase of earnings from overall tea exports resulted from the higher export volumes although the unit price of tea exports in November 2023 was lower than a year earlier. Further, export earnings from coconut related products (mainly, fibres and coconut oil) and spices (mainly, cinnamon) increased due to higher export volumes. Meanwhile, there was a decline in export earnings from minor agricultural products (primarily, areca nuts), natural rubber, and vegetables.
Mineral Exports: Earnings from mineral exports increased substantially in November 2023, compared to November 2022, mainly due to higher exports of zirconium ores.
Overall Imports: Expenditure on merchandise imports declined by 3.9 per cent (year-on-year) to US dollars 1,389 million in November 2023, compared to US dollars 1,445 million in November 2022 and US dollars 1,610 million in October 2023. A decline in import expenditure was observed in intermediate goods, mainly resulted from lower expenditure on fuel imports. However, an increase was recorded in imports of investment goods and consumer goods partly due to relaxation of import restrictions. Meanwhile, cumulative import expenditure during January to November 2023 declined by 9.1 per cent to US dollars 15,323 million over the corresponding period in the last year. CBSL
Business
Asia stocks slide as US and Iran threaten to escalate war
Major stock markets in Asia slumped on Monday after Washington and Tehran threatened to escalate hostilities, as the Iran war enters its fourth week.
Japan’s benchmark Nikkei 225 index was almost 3.6% lower, while South Korea’s Kospi fell by almost 6%.
US President Donald Trump warned on Saturday that he would “obliterate” Iranian power plants if Iran did not open the key Strait of Hormuz shipping route. Iran said it would respond to any such strikes by targeting key infrastructure in the region, including energy facilities.
Japan and South Korea have been particularly impacted by the conflict, as they are heavily dependent on oil and gas that would normally pass through the strait.
Iran has effectively blocked the Strait of Hormuz, one of the world’s busiest shipping channels, since the US and Israel attacked the country on 28 February.
About 20% of the world’s oil and liquefied natural gas (LNG) usually passes through the waterway – and the war has sent global fuel prices soaring.
On Monday, International Energy Agency chief Fatih Birol said that the war could see the world facing its worst energy crisis in decades.
Speaking at the National Press Club in Australia’s capital, Birol compared the current energy crisis to those of the 1970s and the impact of Russia’s 2022 invasion of Ukraine.
“This crisis as things stand is now two oil crises and one gas crash put all together,” he said.

“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!,” Trump said in a social media post published at 23:44 GMT Saturday.
That threat came after Iranian missiles hit the Israeli city of Dimona, and shortly before a second attack on the town of Arad nearby.
Mohammad Bagher Ghalibaf, the speaker of the Iranian parliament, said on Sunday that energy and desalination infrastructure in the region would be “irreversibly destroyed” if his country’s power plants were attacked.
Such action would significantly escalate the conflict, which has already disrupted global energy supplies, pushing up prices and causing fuel shortages.
Other markets in the Asia-Pacific region were also lower on Monday.
Hong Kong’s Hang was down by almost 3.5% and the Shanghai Stock Exchange Composite index 2.5% lower.
Global oil prices were broadly steady, with Brent crude 0.45% higher at $112.69 (£84.56) a barrel and US-traded oil was up by 0.7% at $98.93.
[BBC]
Business
Healthguard Distribution powers Sri Lanka’s ‘Port to Pharmacy’ medicine supply chain
Human resources remain the biggest challenge despite advanced logistics
Industry-wide cost pressures are also beginning to surface
In Sri Lanka’s pharmaceutical trade, the journey of a medicine does not end when it arrives at the port. It must still travel safely across the island – through regulated warehouses, temperature-controlled transport and complex distribution routes – before reaching the pharmacy shelf where patients need it.
That journey is increasingly being powered by Healthguard Distribution, the pharmaceutical logistics arm of Sunshine Holdings, whose expanding distribution network now plays a critical role in ensuring the reliable movement of medicines across the country.
At the centre of that network is the company’s Western Regional Distribution Centre (WRDC), a temperature-controlled logistics hub designed to support the safe storage and efficient distribution of pharmaceutical products across the Western Province.
Spanning nearly 18,920 square feet, the facility functions as a key node in the company’s islandwide distribution system. Originally acquired in 2008 to serve as the main warehouse for Swiss Biogenic Ltd., the site evolved alongside the company’s growing operations. Following a major upgrade programme that began in July 2024, the facility recommenced operations in July 2025 as a fully compliant regional distribution centre aligned with international quality standards.
According to Sunshine Pharmaceuticals and Healthguard Distribution Chief Executive Officer Shantha Bandara, the company’s logistics model is built around a simple but comprehensive concept.
“Our approach is ‘Port to Pharmacy’,” Bandara said during a recent media visit. “We collect pharmaceutical consignments from the Port of Colombo, clear them through Customs, store them under regulated conditions and then distribute them to pharmacies across the country. Importers and manufacturers do not have to worry about logistics – we manage the entire process.”
The distribution network today serves over 4,500 authorised pharmaceutical outlets, including pharmacies, hospitals, channeling centres, supermarkets and SPC Osusala outlets. Operations span 150 main towns and 466 sub towns, supported by 111 active delivery routes and seven regional distribution centres located across the island.
Within that system, the WRDC is the largest and among the most technologically advanced hubs.
The facility maintains strict cold-chain conditions for temperature-sensitive medicines. Its cold room capacity has been expanded from 15 cubic metres to 30 cubic metres, enabling compliant storage of products such as insulin within the required 2–8°C range. Online temperature monitoring systems operate across all storage zones while data loggers are used for insulin deliveries to ensure product integrity throughout the supply chain.
Delivery vehicles are also equipped with GPS tracking and temperature monitoring systems, allowing real-time visibility of shipments.
Automation and digital systems are increasingly shaping the operation. Software automation supports invoicing and customer credit verification, while sales teams use digital tools for order canvassing. The company’s enterprise systems provide real-time inventory and accounting visibility, supported by data dashboards used for operational decision-making.
To safeguard continuity, the facility is equipped with a high-capacity backup generator and dedicated on-site fuel storage, ensuring cold rooms, monitoring systems and warehouse operations remain functional even during power outages.
Behind the infrastructure is a workforce of 102 employees, supported by a specialised 15-member value-added services team trained in Good Distribution Practice (GDP), cold-chain management, safety and emergency response.
Yet despite the sophisticated logistics and infrastructure, Bandara told The Island that the most persistent operational challenge lies in human resources.
“We have the infrastructure, the logistics systems and the operational capability,” he noted. “However, maintaining the required number of skilled employees is an ongoing challenge because the labour market is constantly fluctuating. Our HR team is continuously recruiting and training to keep the workforce at the required level.”
Industry-wide cost pressures are also beginning to surface. Company officials noted that rising fuel prices could eventually affect transportation and electricity costs within the distribution chain, which may in turn influence pharmaceutical logistics expenses in the short term.
Still, the broader goal of the company remains unchanged – ensuring that medicines reach patients safely and on time.
From the moment a shipment arrives at the Port of Colombo to the point it reaches a pharmacy shelf, the process depends on precision logistics, regulatory compliance and operational discipline. For Sri Lanka’s healthcare supply chain, Healthguard Distribution’s growing network is becoming a key driver of that journey from port to pharmacy.
By Sanath Nanayakkare
Business
From generation to generation: SINGER secures 20th consecutive People’s Brand title
Singer Sri Lanka, the nation’s foremost retailer of consumer durables, celebrates a truly historic milestone at the SLIM-KANTAR People’s Awards 2026, securing a prestigious triple victory while marking 20 consecutive years as the People’s Brand of the Year, an achievement made possible by the enduring trust and loyalty of Sri Lankan consumers.
This year, SINGER was honoured with yet another triple win with People’s Brand of the Year, Youth Brand of the Year and People’s Durables Brand of the Year at the awards ceremony. This remarkable recognition reflects the deep and lasting relationship the brand has built with Sri Lankans across generations, standing as a symbol of trust in homes across the island.
Janmesh Antony, Director – Marketing said: “This award belongs to our customers. Being recognised as People’s Brand for 20 years, alongside Youth and Durables Brand, reflects our commitment to staying relevant across generations.”
Mahesh Wijewardene, Group Managing Director said: “Twenty consecutive years as the People’s Brand is humbling and inspiring. This milestone strengthens our commitment to keeping customers at the heart of everything we do.”
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