Merchandise exports up by 4.06% in Dec. 2024, tops US$ 1.04 Bn
Export Development Board said that as per the provisional data released by the Sri Lanka Customs, merchandise exports in December 2024 amounted to US$ 1,042.5 million, reflecting an 4.06% increase compared to December 2023.
This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Rubber based products, Coconut based products, Spices & Concentrates and Food & Beverages.
However, services exports for the month of December 2024 were estimated at US$ 322.92 million, reflecting a 29.96 % increase over the corresponding period of 2023. Consequently, total exports for December 2024, including merchandise and services, were recorded at US$ 1,365.42 million, reflecting a moderate increase of 9.21 %.
Export earnings from Apparel & Textile increased by 1.83 % y-o-y to US$ 446.84 million in December 2024 compared to December 2023. Export earnings from tea, which made up 12% of merchandise exports, increased by 18.43 % y-o-y to US$ 131.6 million in December 2024. Furthermore, the estimated value of ICT exports is expected to increase by 29.81 % to US$ 141.06 Mn in December 2024 when compared to December 2023. In addition, the estimated value of logistics & transport services is expected to increase by 46.45 % to US$ 162.28 million in December 2024.
This increase is mainly due to the positive performance in the export of Tea Packets (30.02 %) and Bulk Tea (8.85 %). Export earnings from Rubber and Rubber finished products have increased by 1.41 % y-o-y to US$ 80.74 Mn in December 2024, with a strong performance in exports of Industrial & Surgical Gloves of Rubber (36.88 %).
On monthly analysis, export earnings of Coconut-based products increased by 33.05 % in December 2024. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 28.54 %, 52.98 % and 26.0 % respectively in December 2024.
Earnings from Electrical and Electronics Components increased by 13.24 % y-o-y to US$ 39.6 million in December 2024, primarily due to an increase in export of Insulated Wires and Cables (12.48%) and Switches, Boards & Panels (53.14%).
Earnings from Food & Beverages increased by 42.07 % y-o-y to US$ 41.5 Million in December 2024, with a positive performance in exports of Animal feed (31.42 %) and Processed Food (100.14%) Meanwhile during the year 2024, cumulative merchandise exports recorded notable growth of 6.67 % to US$ 12,705.44 million compared to the same period in 2023. Services exports also showed promising growth, with an estimated increase of 8.51 % to US$ 3,467.15 Mn during the year 2024, compared to the corresponding period last year.
As a result, the total export value, encompassing both merchandise and services, reached US$ 16,172.59 Mn during this period, reflecting a
7.06 % growth.
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