By: Staff Writer
July 25, Colombo (LNW): Sri Lanka’s merchandise exports reached US$ 1,031.2 million in June 2024, marking a 2.58% increase compared to June 2023.
This growth was driven by higher earnings from Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, Food & Beverages, and Spices & Concentrates. Compared to May 2024, exports rose by 1.97%.
The estimated value of services exports for June 2024 was US$ 323.13 million, up by 39.05% from June 2023. Combining merchandise and services, total exports for June 2024 stood at US$ 1,354.32 million, a 9.42% increase from the previous year.
Apparel & Textiles: Earnings rose by 4.22% year-on-year (y-o-y) to US$ 446.54 million, with a significant 13.28% increase in exports to the USA.
Tea: Earnings increased by 9.18% y-o-y to US$ 121.76 million, driven by strong performances in Bulk Tea and Tea packets. Exports to Russia, UAE, and Iran saw notable increases of 28.65%, 42.73%, and 131.36%, respectively.
Rubber Products: Earnings grew by 11.8% y-o-y to US$ 82.63 million, with Pneumatic & Retreated Rubber Tyres & Tubes up by 3.78% and Industrial & Surgical Gloves of Rubber up by 28.2%.
Coconut-based Products: Earnings rose by 15.54% y-o-y, with Coconut kernel products and Coconut shell products increasing by 30.91% and 18.06%, respectively.
Spices & Essential Oils: Earnings surged by 62.63% y-o-y to US$ 47.91 million, mainly due to strong pepper exports, which increased by 547% to India.
Food & Beverages: Earnings increased by 5.9% y-o-y to US$ 36.96 million, with Processed food exports up by 85.42%.
Seafood: Earnings rose by 14.86% y-o-y to US$ 20.56 million, driven by increases in frozen fish (22.91%) and fresh fish (69.59%).
The estimated value of ICT exports rose by 28.25% to US$ 141.64 million. Constructions services exports and Logistics & transport services increased by 4.89% and 52.96%, respectively.
Products & Service imports have have recorded negative growth with Electrical & Electronics Components: Earnings fell by 19.69% y-o-y to US$ 36.21 million.
Other Export Crops and Flowers & Foliage: Exports decreased by 22.29% and 45.83%, respectively.
For the first half of 2024, cumulative merchandise exports increased by 3.87% to US$ 6,098.55 million. The estimated value of services exports rose by 12.28% to US$ 1,671.33 million. Total exports for the first half of 2024 were US$ 7,769.88 million, a 5.57% increase from the same period in 2023.
Among the top 10 export markets, the USA, UK, Netherlands, France, Canada, and China showed positive growth. Exports to the USA, Sri Lanka’s largest export destination, increased by 12.44% to US$ 254.2 million in June 2024, and by 0.36% to US$ 1,371.76 million in the first half of 2024.
