Merchandise exports up by 5.07% to US$ 9,437.11 Mn

During the first nine months of 2024, cumulative merchandise exports increased by 5.07% to US$ 9,437.11 million compared to the same period in 2023.

The estimated value of services exports is expected to increase by 8.03 % to US$ 2,577.22 Mn during the first nine months of 2024 when compared to the corresponding period of 2023. Consequently, total exports for the first nine months of 2024, including both merchandise and services, were recorded at US$ 12,014.33 Mn, a 73.24 % increase over the same period of 2023.

Meanwhile the estimated value of services exports for the month of September 2024 was US$ 329.89 Mn, increasing 6.08 % over the corresponding period of 2023. Furthermore, the estimated value of ICT exports is expected to increase by 18.52% to US$ 1,089.88 Mn during the

period of January to September 2024. Furthermore, the estimated value of ICT exports is expected to increase by 28.66% to US$ 150.28 Mn in September 2024 when compared to September 2023.

In addition, the estimated value of logistics & transport services is expected to increase by 24.94 % to US$ 158.4 Mn in September 2024. In addition, the estimated value of logistics & transport services is expected to increase by 12.21 % to US$ 1,287.33 Mn during the period of January to September 2024. As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in September 2024 amounted to US$ 937.95 million, recorded a decline of 3.49 % compared to the month of September 2023. This was mainly due to the decrease in earnings from export of tea, rubber based products, electrical & electronics and seafood.

Consequently, total exports for September 2024, including both merchandise and services, were recorded at US$ 1,267.84 million, decreasing 1.17% over the corresponding period of 2023. Meanwhile, among Sri Lanka’s top 10 export markets, USA, UK, Germany, Netherlands, Canada and China markets showed positive growth in the month of September 2024 and the cumulative period from January to September 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 21.57 % to US$ 245.69 Mn in September 2024 compared to September 2023. In parallel, exports to USA in the cumulative period of January to September 2024 increased by 5.33 % to US$ 2,185.45 Mn. Exports to the United Kingdom increased by 3.69 % to US$ 77.75 Mn in September 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 7.06 % to US$ 691.31 Mn in the cumulative period of January to September 2024.

Being the largest contributor to the Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fiber products, increased by 14.27 % to US$ 16.42 Mn in September 2024.

In addition, export of Activated Carbon, which is categorized under coconut shell products, increased by 21.05 % to US$ 13.17 Mn in September 2024. Export earnings from Spices and Concentrates increased by 26.39 % to US$ 48.04 Mn in the month of September 2024 mainly due to the strong performance in export of Pepper (43.91%) and Cinnamon (16.34%).

Export earnings from Food & Beverages have increased by 8.78 % y-o-y to US$ 33.21 Million in September 2024, with the positive performance in exports of Processed food (69.41%). Export earnings from tea, which made up 12% of merchandise exports, decreased by 2.44 % y-o-y to US$ 117.03 Mn in September 2024.

Export earnings from Rubber and Rubber finished products have decreased by 4.1 % y-o-y to US$ 79.5 Mn in September 2024. Export earnings from Seafood decreased by 42.18 % to US$ 14.83 Mn in September 2024..In parallel, export earnings from Ornamental fish decreased by 14.23 % to US$ 2.17 Mn in September 2024 compared to September 2023. Earnings from export of Apparel & Textile have increased by 2.7 % to US$ 3,478.91 Mn during the period of January to September 2024 compared to the same period in 2023.