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Sri Lanka’s merchandise export earnings record new high in Jan – April

By: Staff Writer

May 23, Colombo (LNW): Sri Lanka’s merchandise export earnings have reached a record high of $ 3.98 billion in the first four months of the year, whilst reflecting a 3.55% year-on-year (YoY) increase, provisional data released yesterday by the Export Development Board (EDB) revealed.

This surpasses the previous record of $ 3.95 billion set in the same period in 2019. The all time high $ 4.23 billion was recorded in 2022.

However, April merchandise export earnings declined by 4.10% YoY to $ 814 million, also showing a 29% drop compared to March 2024. Despite this, total exports for April saw a marginal YoY increase of 1.25% to $ 1.14 billion given the strong performance in services export earnings.

In April 2024, the estimated value of services exports was $ 300.41 million, showing a significant increase of 19.28% compared to the same month in 2023.

The strong performance in services export earnings, during the first four months which rose by 6.47% YoY to $ 1.04 billion, contributed significantly to the total export value.

As a result, total export earnings from January to April hit a high of $ 5.03 billion, marking a 4.14% YoY growth.

The EDB’s estimate of services exports includes sectors such as ICT/BPM, construction, financial services, transport and logistics.

Export earnings from tea which made up 12% of merchandise exports, increased by 2.22% YoY to $ 95.46 million in April2024 compared to April 2023. This increase is mainly due to the strong performance of export of Bulk Tea (increased by 12.08%).

Moreover, export earnings from Rubber and Rubber Finished products have increased by 20.18% YoY to $ 66.58 million in April 2024, with the strong performance in exports of Pneumatic and Retreated Rubber Tyres and Tubes (36.09%).

On monthly analysis, export earnings of Coconut based products increased by 17.73% in April 2024 compared to April 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 26.31%, 10.55% and 9.98% respectively in April 2024 compared to April 2023.

Furthermore, the estimated value of ICT exports is expected to increase by 21.6% to $ 120.69 million in April 2024 when compared to April 2023.

In addition, export earnings from Rubber and Rubber finished products increased by 12.03% to $ 335.0 million in January – April 2024 compared to the same period in 2023 attributed to increased exports of Industrial and Surgical Gloves of Rubber (8.0%) and Pneumatic and Retreated Rubber Tyres and Tubes (17.39%).

Earnings from export of Apparel and Textile have decreased by 2.84% to $ 1,566.39 million during the period of January to April 2024 compared to the same period in 2023. 

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