Merchandise exports up by 18.22% to US$ 1.1 Bn. in Oct.

The merchandise export performance in October2024 amounted to US$ 1,097.1 million, recording an increase of 18.22 % compared to the month of October 2023.

This was mainly due to the increase in earnings from export of apparel & textiles, tea, rubber based products, coconut based products and spices & concentrates. Furthermore, export performance in October 2024 increased by 8.44 % compared to September 2024. During the first 10 months of 2024, cumulative merchandise exports increased by 7.04% to US$ 10,607.96 million. The estimated value of services exports is expected to increase by 7.73% to US$ 2,860.8 Mn during the first 10 months of 2024.

The estimated value of services exports for the month of October 2024 was US$ 323.17 Mn, increasing 19.75 % over the corresponding period of 2023.

Consequently, total exports for October 2024, including both merchandise and services, were recorded at US$ 1,420.27 million, increasing 18.57 % over the corresponding period of 2023.

Furthermore, the estimated value of ICT exports is expected to increase by 42.48% to US$ 145.94 Mn in October2024 when compared to October2023. In addition, the estimated value of Logistics & transport services is expected to increase by 16.48 % to US$ 156.16 Mn in October 2024.

Chairman and CEO, Export Development Board (EDB) Mangala Wijesinghe said, “The 18.22% year-on-year growth in merchandise exports, along with the substantial increase in services exports, reflects the resilience and innovation of Sri Lanka’s exporters.”

“This growth, driven by key sectors such as apparel, tea, and rubber-based products, underscores our ability to adapt effectively to global market demands. I commend all stakeholders for their dedication and look forward to building on this momentum to further enhance our export potential and strengthen Sri Lanka’s economy.”

Export earnings from apparel & textile increased by 21.77 % y-o-y to US $ 430.21 Mn in October 2024 compared to October2023. Additionally, exports of apparel & textile to the USA and UK have increased by 23.28 % and 23.26% respectively in October2024.

Export earnings from tea, which made up 12% of merchandise exports, increased by 32.6 % y-o-y to US$ 126.81 Mn in October 2024 compared to October 2023.

Export earnings from Rubber and Rubber finished products have increased by 6.26 % y-o-y to US$ 84.69 Mn in October 2024, with the positive performance in exports of industrial & surgical gloves of rubber (32.48 %).

On monthly analysis, export earnings of Coconut based products increased by 29.27% in October2024. Export earnings from Spices and Concentrates increased by 56.88 % to US$ 51.3 Mn in the month of October 2024 mainly due to the strong performance in export of Pepper (168.98 %) and Cinnamon (39.92 %).

Export earnings from Food & Beverages have increased by 39.31 % y-o-y to US$ 51.35 Million in October 2024, with the positive performance in exports of processed food (114.73 %).

Export earnings from Electrical and Electronics Components decreased by 1.97% y-o-y to US$36.85 million in October 2024. Earnings from export of Apparel, Tea, Rubber products, Coconut products, Spices & Concentrates and Food & Beverages increased by 4.37 %, 9.22 %, 9.3 %,20.56 %,11.33% and 11.43% respectively during the first ten months of 2024.

Earnings from export of Apparel & Textile have increased by 4.37 % to US$ 4,206.95 Mn during the period of January to October 2024. Earnings from export of Tea increased y-o-y by 9.22 % to US$ 1,186.1 Mn in the period of January to October 2024. In addition, export earnings from Rubber & Rubber finished products increased by 9.30 % to US$ 843.61 Mn in January – October 2024.

Export earnings of Coconut & Coconut based products increased by 20.56% to US$ 712.11Mn during January – October2024 compared to the last year. In addition, export earnings from Spices and Concentrates increased y-o-y by 11.33 % to US$ 373.4 Mn in the period of January to October 2024. Export earnings from Food & Beverages have increased by 11.43 % y-o-y to US$ 400.27 Million in the period of January to October 2024, with the positive performance in exports of processed food (39.86 %).

In addition, the estimated value of Logistics & transport services is expected to increase by 11.58 % to US$ 1,429.79 Mn during the period of January to October 2024. Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 16.16 % to US$ 347.3 Mn in the period of January to October2024 compared to the corresponding period of 2023.

Further, export earnings from Seafood decreased by 7.93% to US$ 196.32 Mn during the period of January to October 2024 due to the poor performance in Frozen Fish (-8.44 %) and Shrimps (-28.69 %). Export earnings from Ornamental fish decreased by 5.57 % to US$ 20.69 Mn in the first ten months of 2024.

Among Sri Lanka’s top 10 export markets, USA, UK, India, Germany, Netherlands and Canada markets showed positive growth in the month of October 2024 and the cumulative period from January to October 2024. Furthermore, the United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, increased by 19.62% to US$ 247.33 Mn in October 2024.

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