Export earnings from tea which made up 12% of merchandise exports, increased by 2.63 % y-o-y to US$ 102.18 Mn in January 2024 compared to January 2023. This increase is mainly due to the strong performance in the export of Bulk Tea, Tea Bags and Green Tea, which increased by 8.9 % and 58.33% and 89.29% respectively.
Furthermore, the volume of tea exports increased by 6.88 % in January 2024 compared to January 2023. Additionally, Tea exports to Iran and Iraq markets increased by 93.81% and 35.11% respectively. In addition Export earnings from Rubber and Rubber Finished products have increased by 7.68% y-o-y to US$ 81.72 Mn in January 2024, with the strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (17.57%).
Furthermore, exports of rubber to Italy and Canada experienced significant growth, surpassing 100% in January 2024 compared to January 2023. However export earnings of Coconut based products increased by 16.74 % in January 2024 compared to January 2023. Moreover, export earnings of Coconut kernel products and Coconut shell products increased by 19.92 % and 42.68 % respectively in January 2024 compared to January 2023.
Export earnings from Seafood increased by 9.93 % to US$ 23.02 Mn in January 2024 compared to January 2023.This increase was mainly due to the strong performance in export of Fresh fish (30.8 %) and shrimp (44.83 %). Furthermore, export earnings from Ornamental fish increased by 0.45% to US$ 2.21 Mn in January 2024 compared to January 2023. Export earnings from Food & Beverages have increased by 4.57 % y-o-y to US$ 33.87 Million in January 2024, with the positive performance in exports of Processed food (124.73%).
However the overall merchandise export performance in January 2024 amounted to US$ 970.7 million, recording a 0.77 % decline compared to January 2023. Compared to January 2023, agricultural exports showed a modest increase of 3.58%, reaching US$ 225.43 million in January 2024. However, industrial exports experienced a decline of 2.08% during the same period, dropping to US$ 744.77 million.
Export earnings from Apparel & Textile decreased by 10.17 % y-o-y to US $380.1 Mn in January 2024 compared to January 2023. Additionally, exports of Apparel & Textile to USA, UK and EU Region decreased by 10.16%, 17.8% and 9.54% respectively in January 2024 compared to January 2023.
Similarly, export earnings from Spices and Essential Oils decreased by 14.94 % to US$ 29.33 Mn in the month of January 2024. In addition, export earnings from the Electrical & Electronics Components decreased by 18.37 % y-o-y to US$ 31.24 Mn in January 2024.
Furthermore, the total exports earnings from Diamonds, Gems & Jewellery declined by 29.09% y-o-y to US$ 32.98 million in January 2024. Export earnings of Boat building decreased by 14.29% to US$ 0.06 Mn in January2024 compared to January 2023.
Among the top 15 export markets of Sri Lanka, Italy, Germany and Canada have shown positive growth in January 2024 compared to January 2023. The United States of America continued as a key export destination for Sri Lanka, absorbing 23% of Sri Lanka’s merchandise exports in 2024.
In January 2024, exports to India and Pakistan constituted 6.5% of the total merchandise exports, experiencing a notable 16.76 % decrease,reaching US$ 62.03 Mn, compared to January 2023.
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