Sri Lanka’s service exports for the month of April 2024 increased by 19.28 % to reach US$ 300.41 million, over the corresponding period of 2023.
Furthermore, the estimated value of ICT exports is expected to increase by 21.6 % to US$ 120.69 Mn in April 2024 when compared to April 2023. Also, the value of Transport & Logistics services exports is expected to increase by 24.94 % in April 2024 compared to the corresponding period in the previous year.
Moreover, the estimated value of Constructions services exports is expected to decrease by 31.05 % to US$ 14.87Mn in April 2024 when compared to April 2023. However export earnings from Apparel & Textile decreased by 6.34 % y-o-y to US $ 321.06 Mn in April 2024 compared to April 2023.
Furthermore, the total exports earnings from Diamonds, Gems and Jewellery decreased by 14.14 % y-o-y to US$ 21.68 million in April 2024. Export earnings from Diamonds experienced a substantial decrease by 23.88 % in April 2024.
Additionally, export earnings from the Electrical & Electronics Components decreased by 23.07% y-o-y to US$ 30.78Mn in April2024 with poor performance in exports of Electrical Transformers (-26.11%) and Other Electrical & Electronic products (-21.61%).
Cumulative merchandise exports during the period of January to April 2024, increased by 3.55% to US$ 3,982.71 Million compared to the corresponding period in 2023.
The estimated value of services exports is expected to increase by 6.47 % to US$ 1,048.61 Mn during the period of January to April 2024 when compared to the corresponding period of 2023.
Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 17.31 % to US$ 137.93Mn in the period of January to April 2024 compared to the corresponding period of 2023. This decrease was due to the poor performance in exports of Insulated wires (-7.99%) and Other Electrical & Electronic Products (-28.05 %).
Further, export earnings from Seafood decreased by 0.9 % to US$ 90.68Mn during the period of January to April 2024 compared to 2023 due to the poor performance in Frozen Fish (-8.8 %).
Among the top 10 export markets of Sri Lanka, UK, Italy, Germany, Netherlands, France and China have shown positive growth in both April 2024 and the cumulative period of January to April 2024 compared to the corresponding periods in 2023.
Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports during both April 2024 And the cumulative period of January to April 2024 increased respectively by 7.36 % and 3.58%.
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