Merchandise export revenue up 6.58% to USD 1.08 bn in July

The merchandise export performance in July 2024 amounted to US$ 1,087.6 million, recording an increase of 6.58 % compared to the month of July 2023 as per the provisional data released by the Sri Lanka Customs.

This was mainly due to the increase in earnings from export of apparel & textiles, tea, coconut based products, spices and concentrates and seafood. Furthermore, export performance in July 2024 increased by 0.98 % compared to June 2024.

The estimated value of services exports for the month of July 2024 was US$ 293.26 million, increasing 16.44 % over the corresponding period of 2023.

Consequently, total exports for July 2024, including both merchandise and services, were recorded at US$ 1,380.84 million, increasing 8.53%. Being the largest contributor to the coconut based sector, coco peat, fiber pith & moulded products which are categorized under the Coconut fiber products, increased by 13.75 % to USD 17.46 million in July 2024.

Export earnings from Spices and Concentrates increased by 63.07 % to US$ 61.2 million in the month of July 2024. Export earnings from food & beverages have increased by 2.29 % y-o-y to US$ 37.04 million in July 2024, with the positive performance in exports of Processed food (30.69%).

Export earnings from Seafood increased by 27.71 % to US$ 22.03 million in July 2024 compared to July 2023. In parallel, export earnings from ornamental fish increased by 7.78 % to US$ 1.94 million in July 2024 compared to July 2023. Export earnings from Boat Building recorded US$ 12.22 million in July 2024.

Furthermore, the estimated value of ICT exports is expected to increase by 25.91% to USD 124.96 million in July 2024 when compared to July 2023. In addition, the estimated value of Logistics & transport services is expected to increase by 11.16 %to US$ 140.74 million respectively in July 2024 when compared to July 2023.

Export earnings from rubber and rubber finished products have decreased by 3.16 % y-o-y to US$ 76.8 million in July 2024, with the poor performance in exports of pneumatic & retreated rubber tyres & tubes (-12.09 %).

Export earnings from the electrical & electronics components decreased by 5.83 % y-o-y to US$ 38.44 million in July 2024. Furthermore, exports of other export crops and flowers & foliage decreased by 59.98 % and 5.77 % in July 2023.

During the first seven months of 2024, cumulative merchandise exports increased by 4.94% to US$ 7,231.94 million compared to the same period in 2023.

The estimated value of services exports is expected to increase by 9.52 % to US$ 1,907.56 million during the first seven months of 2024 when compared to the corresponding period of 2023.

Consequently, total exports for the first seven months of 2024, including both merchandise and services, were recorded at US$ 9,139.5 million, a 5.86 % increase over the same period of 2023.

Earnings from export of Tea increased y-o-y by 8.12 % to US$ 811.71 million in the period of January to July 2024. In addition, export earnings from rubber & rubber finished products increased by 8.8 % to US$ 575.65 million in January – July 2024.

Export earnings of Coconut & Coconut based products increased by 18.07 % to US$ 475.58 million during January – July 2024 compared to the previous year. In addition, export earnings from Spices and Concentrates increased by 2.45 % to US$ 222.03 million in the period of January to July 2024. Export earnings from Food & Beverages have increased by 11.92 % y-o-y to US$ 274.98 million in the period of January to July 2024, with the positive performance in exports of Processed food (55.98 %). Further, export earnings from Seafood increased by 0.7 % to US$ 150.68 Mn during the period of January to July 2024 compared to 2023 due to the poor performance in Fresh Fish (22.32 %).

Earnings from export of Apparel & Textile have decreased by 1.17 % to USD 2,846.9 million during the period of January to July 2024 compared to the same period in 2023. Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 17.9 % to USD 243.49 million in the period of January to July 2024.

Among Sri Lanka’s top 10 export markets, USA, UK, Germany, Netherlands, France, Canada and China markets showed positive growth in the month of July 2024 and the cumulative period from January to July 2024, compared to the corresponding periods in 2023.

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