Merchandise exports reach US$ 960.2 mn in May
The merchandise export performance in May 2024 amounted to US$ 960.2 million, an increase of 9.4 % compared to the preceding month, April 2024. Furthermore, export performance in May 2024 decreased by 5.81 % compared to May 2023.
The estimated value of services exports for the month of May 2024 was US$ 327.35 million, increasing 21.24 % over the corresponding period of 2023. Consequently, total exports for May 2024, including both merchandise and services, were recorded at US$ 1,287.59 million. Export earnings from Rubber and Rubber finished products have increased by 5.62 % y-o-y to US$ 81.17 Mn in May 2024, with the strong performance in exports of Pneumatic Retreated Rubber tyres & tubes (4.46 %) and Industrial & Surgical Gloves of Rubber (8.15%).
On monthly analysis, export earnings of Coconut based products increased by 2.88 % in May 2024 compared to May 2023. Moreover, export earnings of coconut kernel products and coconut fiber products increased by 9.22 % and 0.26 % respectively in May 2024 compared to May 2023.
Moreover, export earnings from Desiccated Coconut, coconut milk powder, coconut cream and liquid coconut milk which are categorized under the coconut kernel products increased by 23.18%, 44.08 %, 36.04 % and 6.02 % respectively in May 2024 compared to May 2023. Being the largest contributor to the coconut based sector, Coco Peat, Fiber Pith & moulded products which are categorized under the Coconut fibre products, increased by 4.79 % to US$ 16.19 Mn in May 2024 in comparison to May 2023.
Additionally, the total export earnings from diamonds, gems & jewellery increased by 2.39 % y-o-y to US$ 32.19 million in May 2024. Export earnings from Diamonds experienced a substantial increase of 12.22 % in May 2024. Furthermore, the estimated value of ICT exports is expected to increase by 67.29% to US$ 164.45 Mn in May 2024 when compared to May 2023.
Export earnings from tea, which made up 12% of merchandise exports, decreased by 1.1 % y-o-y to US$ 115.04 Mn in May 2024 compared to May 2023. This decline is primarily attributed to the poor performance in the export of all tea subcategories except Bulk Tea. Furthermore, the volume of tea exports decreased by 5.35 % in May 2024 compared to May 2023. Additionally, tea exports to Russia, Iraq and Turkey markets decreased by 0.84 %, 25.66 % and 19.48 % respectively.
The post Merchandise exports reach US$ 960.2 mn in May appeared first on DailyNews.