Merchandise exports increase 2.58 % topping USD 1 bn mark in June

June export performance increased by 1.97 % compared to May :
Apparel and Textile exports to US up by 13.28 % :

Sri Lanka’s merchandise export performance in June 2024 amounted to US$ 1,031.2 million, recording an increase of 2.58 % compared to the month of June 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 and Textiles, Tea, Rubber based products, Coconut based products, Food and Beverages and Spices and Concentrates. Furthermore, export performance in June 2024 increased by 1.97 % compared to May 2024. The estimated value of services exports for the month of June 2024 was US$ 323.13 Million, increasing 39.05 % over the corresponding period of 2023.

Consequently, total exports for June 2024, including both merchandise and services, were recorded at US$ 1,354.32 million, increasing 9.42% over the corresponding period of 2023. Export earnings from Apparel and Textile increased by 4.22 % y-o-y to US $ 446.54 million in June 2024 compared to June 2023. Additionally, exports of Apparel and Textile to the USA increased by 13.28 % in June 2024.

Export earnings from tea, which made up 12% of merchandise exports, increased by 9.18 % y-o-y to US$ 121.76 Mn in June 2024. Export earnings from Rubber and Rubber finished products have increased by 11.8 % y-o-y to US$ 82.63 million in June 2024, with the strong performance in exports of Pneumatic and Retreated Rubber Tyres and Tubes (3.78 %) and Industrial & Surgical Gloves of Rubber (28.2%).

On monthly analysis, export earnings of Coconut based products increased by 15.54 % in June 2024 compared to June 2023. Export earnings from Spices and Essential Oils increased by 62.63 % to US$ 47.91 Mn in the month of June 2024 compared to the month of June 2023 mainly due to the strong performance in export of Pepper. Pepper exports to India increased by 547 % in June 2024.

Export earnings from Seafood increased by 14.86 % to US$ 20.56 Mn in June 2024 compared to June 2023. This increase was mainly due to the positive performance in the export of frozen fish (22.91%) and fresh fish (69.59%). In parallel, export earnings from Ornamental fish increased by 15.69 % to US$ 2.36 Mn in June 2024. Furthermore, the estimated value of ICT exports is expected to increase by 28.25% to US$ 141.64 Mn in June 2024.

In addition, the estimated value of constructions services exports and logistics and transport services are expected to increase by 4.89 % and 52.96 % respectively in June 2024. Among Sri Lanka’s top 10 export markets, USA, UK, Netherlands, France, Canada and China markets showed positive growth in the month of June 2024 and the cumulative period from January to June 2024, compared to the corresponding periods in 2023.

Furthermore, the United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, increased by 12.44 % to US$ 254.2 Mn in June 2024 compared to June 2023. In parallel, exports to the United States of America in the cumulative period of January to June 2024 increased by 0.36 % to US$ 1,371.76 Mn compared to the corresponding periods in 2023.

Exports to the United Kingdom increased by 3.25 % to US$ 74.88 Mn in June 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 6.54 % to US$ 452.61 Mn in the cumulative period of January to June 2024 compared to the corresponding period in 2023.

Negative exports figures were shown in the Electrical and; Electronics Components which decreased by 19.69 % y-o-y to US$ 36.21 Mn in June 2024 with poor performance in exports Printed circuits (7.41%) and other electrical and electronic products (-17.32 %) while export of other export crops and flowers and foliage decreased by 22.29 % and 45.83% in June 2023. Export earnings from Food and Beverages have increased by 5.9 % y-o-y to US$ 36.96 million in June 2024, with the positive performance in exports of processed food (85.42%).

The post Merchandise exports increase 2.58 % topping USD 1 bn mark in June appeared first on DailyNews.