December 23, Colombo (LNW): Sri Lanka’s total export performance for November 2024, encompassing both merchandise and services, reached a value of US$ 1,269.33 million, marking a slight increase of 0.04 per cent compared to the same month in 2023.
The data, provided by the Export Development Board (EDB), reveals that while merchandise exports showed a decline, the services sector demonstrated strong growth, helping to offset some of the downturn.
According to provisional figures from Sri Lanka Customs, merchandise exports in November 2024 totalled US$ 943.1 million, reflecting a decline of 5.6 per cent in comparison to November 2023.
The drop in merchandise exports can primarily be attributed to decreased earnings from key sectors such as rubber-based products, electrical and electronic components, food and beverages, as well as seafood.
Despite the challenges in the merchandise sector, services exports delivered a more promising outcome. The estimated value of services exports for November 2024 reached US$ 326.23 million, representing a substantial year-on-year increase of 20.89 per cent.
This surge in services exports highlights the country’s growing strength in sectors such as tourism, IT services, and business process outsourcing, which have continued to perform well amidst global economic uncertainties.
The overall export performance in November reflects the mixed nature of Sri Lanka’s external trade, with both challenges and opportunities present in various sectors.
The notable rise in services exports is seen as a positive sign for the country’s diversification efforts, demonstrating the potential for further growth in non-merchandise sectors.
