News Today: Sri Lankan Export Revenue Increases in November

Sri Lanka recorded notable export revenue growth in November 2024, despite mixed performance across key sectors. Services exports were estimated at USD 326.23 million, reflecting a remarkable 20.89% increase compared to November 2023. Combined exports, encompassing merchandise and services, reached USD 1,269.33 million, representing a marginal 0.04% growth year-on-year.

Merchandise exports, however, experienced a 5.6% decline, amounting to USD 943.1 million. This dip was primarily driven by reduced export earnings from Rubber-based products, Electrical and Electronic components, Food & Beverages, and Seafood.

Key Export Performances

• Apparel & Textile: Recorded a slight increase of 0.54% year-on-year to USD 397.19 million, with exports to the USA and UK increasing by 1.4% and 4.6%, respectively.
• Tea Exports: Contributed 12% of merchandise exports, increasing by 4.72% to USD 118.15 million, driven by growth in Tea Packets (14.14%) and Bulk Tea (5.02%).
• Coconut-based Products: Saw a 13.08% increase, with Coco Peat, Fiber Pith, and Molded products growing by 15.9% and Activated Carbon rising by 18.62%.
• Spices & Concentrates: Achieved exceptional growth of 33.17% to USD 41.27 million, led by Pepper (169.71%) and Cinnamon (15.96%).

ICT and Logistics Growth

Sri Lanka’s ICT exports soared by 38.04% to USD 141.39 million, while Logistics and Transport Services saw a 21.09% increase to USD 162.34 million in November 2024.

Cumulative Performance: January to November 2024

• Merchandise exports rose by 6.44% to USD 11,611.90 million.
• Services exports grew by 7.39% to USD 3,174.06 million.
• Total exports for the 11-month period reached USD 14,785.96 million, reflecting a 6.64% growth.

The USA remained Sri Lanka’s largest export market, absorbing 23% of total merchandise exports. Export earnings from the USA rose by 1.75% to USD 227.17 million in November 2024. Exports to India surged by 24.86%, while the European Union saw a 6.53% decline in November but grew 0.46% cumulatively from January to November.

This robust performance underscores Sri Lanka’s resilience and adaptability in the face of global trade challenges, highlighting the export sector’s pivotal role in economic recovery.