- Apparel & Textile turnover up by 0.54 % y-o-y to US$ 397.19Mn
- ICT exports to increase by 38.04 % to US$ 141.39 Mn in November
Sri Lanka’s services exports for the month of November 2024 were estimated at US$ 326.23 Million, reflecting a 20.89 % increase over the corresponding period of 2023. Total exports for November 2024, including both merchandise and services, were recorded at US$ 1,269.33 million, reflecting a marginal increase of 0.04% compared to the same period in 2023.
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in November 2024 amounted to US$ 943.1 million, reflecting a 5.6% decline compared to November 2023. This decrease is primarily attributed to reduced earnings from exports of Rubber-based products, Electrical and Electronic components, Food & Beverages, and Seafood. Export earnings from Apparel & Textile increased by 0.54 % y-o-y to US $ 397.19 Mn in November 2024 compared to November 2023. Additionally, exports of Apparel & Textile to the USA and UK increased by 1.4 % and 4.6 % respectively in November 2024.
Export earnings from tea, which made up 12% of merchandise exports, increased by 4.72 % y-o-y to US$ 118.15 Mn in November 2024 compared to November 2023. This increase is mainly due to the positive performance in the export of Tea Packets (14.14 %) and Bulk Tea (5.02 %). On monthly analysis, export earnings of Coconut based products increased by 13.08 % in November 2024. 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 15.9 % to US$ 13.56 Mn in November 2024 in comparison to November 2023. In addition, export of Activated Carbon, which is categorized under Coconut shell products, increased by 18.62 % to US$ 13.76 Mn in November 2024 in comparison to November 2023.
Export earnings from Spices and Concentrates increased by 33.17 % to US$ 41.27 Mn in the month of November 2024 compared to November 2023 mainly due to the strong performance in export of Pepper (169.71 %) and Cinnamon (15.96 %). Furthermore, the estimated value of ICT exports is expected to increase by 38.04 % to US$ 141.39 Mn in November 2024 when compared to November 2023. In addition, the estimated value of Logistics & transport services is expected to increase by 21.09 % to US$ 162.34 Mn in November 2024 when compared to November 2023.
Export earnings from Rubber and Rubber finished products have decreased by 1.96 % y-o-y to US$ 77.2 Mn in November 2024, with the negative performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-22.95 %). Export earnings from Electrical and Electronics Components decreased by 6.18 % y-o-y to US$ 35.08 million in November 2024.
Export earnings from Food & Beverages have decreased by 8.29 % y-o-y to US$ 36.29 Million in November 2024, with the negative performance in exports of Animal feed (-22.81 %) and Other Cereals (-30.73%). Export earnings from Seafood decreased by 34.68 % to US$ 16.46 Mn in November 2024 compared to November 2023.
During the period of January to November 2024, cumulative merchandise exports recorded notable growth of 6.44 % to US$ 11611.90 million. Services exports also showed promising growth, with an estimated increase of 7.39% to US$ 3,174.06 Mn during the first eleven months of 2024.
As a result, the total export value, encompassing both merchandise and services, reached US$ 14,785.96 Mn during this period, reflecting a 6.64% growth over the same period in 2023. This performance underscores the resilience and continued potential of Sri Lanka’s export sector amidst evolving global trade dynamics. The estimated value of ICT exports is expected to increase by 18.28 % to US$ 1,325.79 Mn during the period of January to November 2024. In addition, the estimated value of Logistics & transport services is expected to increase by 10.11 % to US$ 1,600.27 Mn during the period of January to November 2024.
Among Sri Lanka’s top 10 export markets, USA, UK, India, Netherlands and Canada markets showed positive growth in the month of November 2024 and the cumulative period from January to November 2024. Furthermore, the United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, increased by 1.75 % to US$ 227.17 Mn in November 2024. Exports to the United Kingdom increased by 5.96 % to US$ 68.6 Mn in November 2024 compared to the corresponding month in 2023. In November 2024, exports to India and Pakistan accounted for 8.4 % of total merchandise exports, experiencing an increase of 24.86 % to US$ 75.35 Mn. Exports to the European Union (EU) , which accounts for 24% of Sri Lanka’s exports, decreased by 6.53 % y-o-y in November 2024. However, exports to the EU increased by 0.46 % during the cumulative period of January to November 2024.
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