Sri Lanka’s export sector demonstrated remarkable resilience and steady progress during the first four months of 2025, with total exports reaching US$ 5,583.25 million, marking a robust 6.9% increase compared to the same period in 2024. 

According to the Export Development Board (EDB), this upward trend reflects renewed momentum across key industries and underscores the sector’s adaptability in an evolving global trade landscape.

Total exports, including both merchandise and services, reached US$ 1,292.63 million in April 2025. This marks an impressive year-on-year growth of 8.74% over April 2024, reflecting the resilience of Sri Lanka’s export sector and the positive impact of strategic efforts to diversify markets and enhance competitiveness.

Commenting on the positive export performance, Mangala Wijesinghe, Chairman and Chief Executive Officer of the Export Development Board, stated, “This encouraging growth highlights Sri Lanka’s increasing integration into global trade and the success of our continued efforts to strengthen export competitiveness and expand market access. Our exporters have once again proven their resilience and adaptability in navigating dynamic global markets.”

In April 2025 alone, merchandise exports grew by 12.05% year-on-year, reaching US$ 983.33 million, according to provisional data of Sri Lanka Customs including the estimates for Gems & Jewellery and Petroleum Products. For the period January to April 2025, merchandise exports totaled US$ 4,334.22 million, reflecting 6.86% increase compared to the same period in 2024. 

Meanwhile, services exports have emerged as a key driver of overall export growth. In April 2025, estimated earnings from services exports reached US$ 309.3 million. Over the first four months of the year, services exports are estimated to have increased by 7.06%, totaling US$ 1,189.63 million. This trend highlights the rising importance of Sri Lanka’s knowledge-based economy and its growing contribution to national export earnings.

The services export sector, comprising ICT/BPM, Construction, Financial services, and Transport & Logistics, continues to diversify Sri Lanka’s export portfolio and create high-value employment opportunities across the Island.

Full statement : 

Major Exports in April 2025

• Products and Services with Positive Growth (Increases)

Export earnings from Apparel & Textile increased by 13.52 % y-o-y to US$ 364.47 Mn in April 2025 compared to April 2024. 

Export earnings from tea, which made up 12% of merchandise exports, increased by 12.45 % y-o-y to US$ 107.34 Mn in April 2025 compared to April 2024. This increase is mainly due to the strong performance in the export of Tea Packets (27.6 %).

In addition, the volume of tea exports increased by 11.17 % in April 2025 compared to the same month in 2024. Notably, tea exports to Iraq, Libya and Iran recorded significant increases of 46.7 %, 292.3%, and 115.96 %, respectively.

A monthly analysis reveals that export earnings from coconut-based products saw a significant increase of 21.54% in April 2025 compared to the same month in 2024. Notably, earnings from Coconut kernel products increased by 36.23%, Coconut fibre products by 49.66%, and Coconut shell products by 22.35%, reflecting strong global demand and improved value addition across the sector.

Export earnings from Coconut Oil, Coconut Milk powder, Coconut Cream and Liquid Coconut Milk, which are categorized under the Coconut kernel products, increased by 64.86 %, 107.43%, 57.5 % and 18.3 % respectively in April 2025 compared to April 2024.

Being the largest contributor to the Coconut-based sector, Coco Peat, Fibre Pith & Moulded products, which are categorized under the Coconut fibre products, increased by 3.32 % to US$ 15.89 Mn in April 2025 in comparison to April 2024. 

Earnings from Activated Carbon, which is categorized under the Coconut shell products, increased by 14.36 % to US$ 12.98 Mn in April 2025 compared to April 2024.

Similarly, export earnings from Spices and Essential Oils increased by 32.83 % to US$ 23.95 Mn in the month of April 2025 compared to the month of April 2024, mainly due to the strong performance in the export of Pepper (185.77 %) and Cloves (106.98 %). 

Export earnings from Food & Beverages have increased by 34.53 % y-o-y to US$ 43.52 Mn in April 2025, with the positive performance in exports of Processed Food (77.52%).

Furthermore, export earnings from Ornamental fish increased by 12.27 % to US$ 3.11 Mn in April 2025 compared to April 2024.

Meanwhile, export earnings from the Boat Building sector reached US$ 15.05 Mn in April 2025, driven largely by a significant shipment valued at US$ 13.37 Mn to Norway. This reflects the sector’s growing international demand and Sri Lanka’s capabilities in specialized manufacturing.

Furthermore, the estimated value of Logistics & transport services is expected to increase by 12.66 % to US$ 147.65 Mn in April 2025 when compared to April 2024.

• Products with Negative Growth (Decreases)

Export earnings from Rubber and Rubber Finished products have decreased by 8.16 % y-o-y to US$ 61.15 Mn in April 2025, with the poor performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-17.28 %). 

In addition, export earnings from the Electrical & Electronics Components decreased by 0.1 % y-o-y to US$ 30.75 Mn in April 2025, with notable declines in the exports of Insulated Wires and Cables (-2.56 %), Printed Circuits (-23.53%) and Other Electrical & Electronic Products (-22.79%).

Export earnings from Seafood decreased by 0.34 % to US$ 26.7 Mn in April 2025 compared to April 2024. This decrease was mainly due to the negative performance in the export of Frozen fish (- 6.65 %) and Shrimps (-34.34 %). 

Exports during the period of January – April 2025

Cumulative total exports, including both merchandise and services, were estimated at US$ 5,523.85 Mn for the period January to April 2025, making a notable 6.9% growth compared to the same period in 2024.

Merchandise exports during the first four months of 2025 are estimated to increase by 6.86 %, reaching US$ 4,334.22 Mn, based on data from Sri Lanka Customs, along with the estimated figures for Gems & Jewellery and Petroleum Products.

Products & Services with Positive Growth (Increases)

Earnings from export of Apparel, Tea, Coconut products, Spices & Concentrates and Food & Beverages increased by 11.59 %, 6.23 %, 25.3 %, 63.44 % and 14.65 % respectively during the period of the first four months of 2025 in comparison to the corresponding period of 2024.

Earnings from the export of Apparel & Textile have increased by 11.59 % to US$ 1,497.91 Mn during the period of January to April 2025 compared to the same period in 2024. Notably, exports to the United States and the United Kingdom increased by 10.25 % and 6.41 %, amounting to US$ 621.84 Mn and US$ 250.48 Mn, respectively.

Earnings from the export of Tea increased y-o-y by 6.23 % to US$ 478.29 Mn in the period of January to March 2025. This increase was mainly due to the strong performance in the export of Tea Packets (18.57 %).

Export earnings of Coconut & Coconut-based products increased by 25.3 % to US$ 331.3 Mn during the first four months of 2025 compared to the previous year. Earnings from all the major categories of Coconut based products increased in the period of January to April 2025 compared with the corresponding period of 2024 due to the strong performance in export of Coconut Oil (60.05 %), Desiccated Coconut (6.8 %), Coconut Milk Powder (88.64 %), Coconut Cream (51.7 %), Liquid Coconut Milk (21.72 %), Cocopeat (20.01 %) and Activated Carbon (13.03 %).

In addition, export earnings from Spices and Essential Oils increased y-o-y by 63.44 % to US$ 142.98 Mn in the period of first four months of 2025. This increase was due to the strong performance in exports of Pepper (224.59 %), Cinnamon (16.11 %) & Cloves (353.77 %). 

Export earnings from Food & Beverages have increased by 14.65 % y-o-y to US$ 181.98 Mn in the first four months of 2025, with the positive performance in exports of Processed food (36.26 %).

Furthermore, the estimated value of ICT/ BPM exports is expected to increase by 4.91 % to US$ 492.71 Mn during the period of January to April 2025, when compared to the corresponding period of 2024. 

In addition, the estimated value of Logistics & transport services is expected to increase by 20.69 % to US$ 648.71 Mn during the period of January to April 2025, when compared to the corresponding period of 2024. 

Products with Negative Growth (Decreases)

Export earnings from Rubber & Rubber finished products decreased by 6.74 % to US$ 312.43 Mn in the first four months of 2025 compared to the same period in 2024, attributed to decreased exports of Pneumatic & Retreated Rubber Tyres & Tubes (-22.47 %). 

Further, export earnings from Seafood decreased by 17.34 % to US$ 74.96 Mn during the first four months of 2025 compared to 2024 due to the negative performance in Fresh Fish (-33.83 %) and Shrimps (-69.14 %).

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 6.29 % to US$ 129.26 Mn in the first four months of 2025 compared to the corresponding period of 2024. This decrease was due to the poor performance in exports of Insulated Wires and Cables (-13.72 %) and Printed Circuits (-77.88 %).

Table 1 shows the comparison of Merchandise export performance during the month of April 2025 and the period of January to April 2025 compared to 2024.

Table 1: Comparison of Product-wise Merchandise Export Performance 

                            Values in US$ Mns

Sri Lanka’s Export Performance in Major Markets

Among the top 10 export markets of Sri Lanka, the United States, the United Kingdom, India, Germany, and the Netherlands have shown positive growth in both April 2025 and the cumulative period of January to April 2025 compared to the corresponding periods in 2024.

United States, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, increased by 3.82 % to US$ 190.38 Mn in April 2025 compared to April 2024. However, exports to the United States over the cumulative period from January to April 2025 increased by 7.94 %, reaching US$ 965.97 Mn.

Similarly, exports to the United Kingdom increased by 11.23 % to US$ 73.57 Mn in April 2025 compared to the corresponding month in 2024. Meanwhile, exports to the United Kingdom increased by 6.14 % to US$ 323.91 Mn in the cumulative period of January to April 2025 compared to the corresponding period in 2024.

Significantly, India has emerged as Sri Lanka’s second-largest export destination, surpassing the United Kingdom. Exports to India increased sharply by 36.59% to US$ 77.76 Mn in April 2025, while cumulative exports from January to April 2025 surged by 39.69%, reaching US$ 324.40 Mn compared to the same period in 2024.

Table 2 shows the comparison of the Merchandise export performance of the top 15 export markets during the month of April 2025 and the period of January to April 2025, compared to 2024.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns

Exports to FTA Partners (India & Pakistan)

• April 2025

In April 2025, exports to India and Pakistan accounted for 6.5% of total merchandise exports, registering a significant year-on-year increase of 38.11% to reach US$ 84.99 Mn compared to April 2024.

Exports to India increased by 36.59%, primarily driven by increased shipments of Animal Feed and Pepper. Meanwhile, exports to Pakistan surged by 56.28%, largely attributed to a sharp rise in demand for Betel Leaves. These figures reflect growing regional trade engagement and the continued strengthening of Sri Lanka’s export ties within South Asia.

• January – April 2025

During the period from January to April 2025, exports to India and Pakistan accounted for 7.2% of Sri Lanka’s total merchandise exports, recording a substantial increase of 36.35% to reach US$ 357.48 Mn compared to the same period in the previous year.

Exports to India increased significantly by 39.69%, driven primarily by increased shipments of Animal feed and Pepper. Meanwhile, exports to Pakistan increased modestly by 1.23%, supported by higher demand for Sheet Rubber, Coconut Ekels, and Other Base Metal Products. This growth reflects the strengthening of trade ties within the South Asian region and the growing demand for Sri Lankan products in neighbouring markets.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of April 2025 and the period of January to April 2025 compared to 2024.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

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 10.85 % and 9.78 %.

Exports to the top five EU markets were recorded as: Germany US$ 227.44 Mn (increased by 10.94 %), Italy US$ 205.72 Mn (increased by 3.59 %), Netherlands US$ 142.5 Mn (increased by 24.91 %), France US$ 84.81 Mn. (decreased by 0.15 %) and Belgium US$ 77.19 Mn (increased by 7.12 %) during the cumulative period of January to April 2025 in comparison to the corresponding period in 2024. (Newswire)

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Sri Lanka has displayed exclusive products of 11 Sri Lankan Giftware and Lifestyle companies at the HKTDC Hong Kong Gifts & Premium Fair 2025 held in Hong Kong recently.

The Sri Lankan Giftware and Lifestyle sector blends traditional craftsmanship with modern techniques, producing unique items such as batiks, handloom textiles, wooden products, ceramic products, bamboo and rattan products with annual export revenue over USD 60 Mn.  

According to the Export Development Board (EDB), most of the potential exporters can be categorised under the SME category, which provides direct employment for over 200,000 people, including Artisans.

Given the importance of exploring opportunities in the international market for this sector, Sri Lanka’s EDB, in collaboration with the Hong Kong Trade Development Council (HKTDC), organised an EDB stall at the fair, which was manned by the EDB to display the unique giftware and lifestyle products.

The HKTDC Hong Kong Gifts & Premium Fair was held from 27th to 30th April 2025 at the Hong Kong Convention and Exhibition Centre in Hong Kong.

Sri Lankan companies that displayed their products at the EDB Stall at the fair, include Trickledown (Pvt) Limited, Leila Lanka (Pvt) Limited, Novel Ceramic (Pvt) Limited, Candle House Ceylon, Mana Ceylon Manufacturers Pvt Ltd, Crafter’s Collection, Sena Eco (Pvt) Limited, Kalutara Ceramic, Dilanka Porcelain Center, Ceylon Brushtech (Pvt) Limited and Kanrich 2nd life. 

In addition, a three-member trade delegation comprising representatives from Dazzle, Sena Eco (Pvt) Ltd, and Josephs Foundation (Pvt) Ltd participated in the fair to explore new trade opportunities and international connections.

The EDB stall drew substantial interest from international buyers, importers, and distributors, particularly those seeking sustainable and eco-friendly giftware solutions. Over 100 visitors engaged with the Sri Lankan stall, expressing strong interest in ceramic items, coir products, plant-based paper goods, and upcycled products.

Adding to the significance of the event, Mr. Derek Hung, Honorary Consul for Sri Lanka in Hong Kong, visited the stall at the invitation of the Sri Lankan Embassy in Beijing. He facilitated a meeting with members of the Sri Lankan community in Hong Kong, where discussions were held on mobilising the diaspora to support the promotion of Sri Lankan products in future events.

Sri Lanka’s participation in the HKTDC Gifts & Premium Fair 2025 reaffirmed its position as a reliable and competitive supplier of high-quality, handmade, and sustainable giftware products. The fair also provided valuable insights into emerging market trends, innovative design concepts, and new export channels, paving the way for long-term business collaborations.

This initiative marks a significant step towards expanding the international footprint of Sri Lanka’s Giftware and Lifestyle sector. Building on this momentum, the EDB plans to continue this engagement in future editions of the fair, opening doors to new markets and reinforcing Sri Lanka’s presence in the global giftware industry. (Newswire)

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A trade delegation from Sri Lanka, led by the Export Development Board (EDB), is participating in SIAL 2025, one of the leading North American Trade Fairs in the region on organic foods and beverages.

According to the Consulate General of Sri Lanka in Toronto, SIAL 2025 is being held in Toronto from 29 April to 1 May 2025.

The visiting Sri Lankan trade delegation was welcomed with a cordial reception organised by the Consulate General of Sri Lanka in Toronto, together with the  Canada Sri Lanka Business Convention.

SIAL 2025 provides an opportunity for Sri Lankan exporters in the organic foods and beverages sector to establish business partnerships with leading companies in organic foods and beverages in Canada and across the globe. 

At the reception, the delegation met with the members of the Canada Sri Lanka Business Convention as well as media companies and leading attorneys with the view to promoting their products and obtaining required legal consultations in setting up their business in Canada.

The Consulate General invited the President of the Sri Lanka Chartered Accountants’ Association in Canada to educate the delegation on the opportunities available for Sri Lankan organic foods and beverages exporters in the Canadian market. Through his presentation, he briefed the delegation on the overall business climate in Canada, providing comprehensive information on the opportunities, challenges and market access formalities by Sri Lankan exporters in the organic foods and beverages sector. Also, there was a Q&A session for the delegation to get the required information.

The Consul General Thushara Rodrigo, addressing the delegation stated that the demography, higher purchasing power of the consumers, extreme weather conditions in Canada, changing global market trends and consumers’ behavior on organic foods, changing nature of supply chains and tariffs have opened vast potentials for Sri Lankan tropical foods and beverages products in the Canadian organic foods and beverages sector, in both ethnic and mainstream markets. He commended the efforts of EDB for connecting the potential Sri Lankan exporters with the global business partners and attending the trade fair.

The High Commissioner of Sri Lanka in Ottawa and the Minister Counselor of the High Commission joined the reception.

Further, the Consulate General organised for the delegation market study visits to Metro supermarkets, Loblaws Supermarkets, Fairview Mall and a few ethnic marketplaces for a better understanding of the Canadian mainstream market and ethnic market. (Newswire)

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Sri Lanka’s total exports, including both merchandise and services, reached US$ 1,382.53 million in February 2025, marking a notable 4.62% year-on-year growth compared to February 2024. 

According to the Export Development Board EDB), additionally, exports recorded a 2.58% month-on-month increase compared to January 2025.

Per the provisional data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products, merchandise exports for February 2025 were valued at US$ 1,056.39 million.

In contrast, services exports for February 2025 were estimated at US$ 326.14 million, marking a significant 24.37% increase over the corresponding period in 2024.

However, cumulative total exports, including both merchandise and services, were estimated at US$ 2,730.33 million from January to February 2025, marking a notable 6.65 % growth compared to the same period in 2024.

Merchandise exports during the first two months of 2025 are estimated to have increased by 3.9%, reaching US$ 2,109.19 million, based on data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products.

Meanwhile, the estimated value of services exports is expected to increase by 17.2% to US$ 621.14 million compared to the corresponding period in 2024.

The services exports estimated by the EDB consist of ICT/BPM, Construction, Financial services and Transport & Logistics.

Full statement by the Export Development Board of Sri Lanka;

Major Exports in February 2025

• Products and Services with Positive Growth (Increases)

Export earnings from Apparel & Textile increased by 1.42 % y-o-y to US$ 427.28 Mn in February 2025 compared to February 2024. 

On monthly analysis, export earnings of coconut-based products increased by 20.93 % in February 2025 compared to February 2024. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 22.72 %, 28.23% and 4.67 % respectively in February 2025 compared to February 2024.

Export earnings from Coconut Oil, Coconut Milk powder, Coconut Cream and Liquid Coconut Milk, which are categorized under the Coconut kernel products, increased by 57.42 %, 77.88 %, 53.13 % and 1.01 % respectively in February 2025 compared to February 2024.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products, which are categorized under the Coconut fibre products, increased by 36.76 % to US$ 22.06 Mn in February 2025 in comparison to February 2024. 

Earnings from Activated Carbon, which is categorized under the Coconut shell products, increased by 7.52 % to US$ 12.87 Mn in February 2025 compared to February 2024.

Similarly, export earnings from Spices and Essential Oils increased by 64.98 % to US$ 37.93 Mn in the month of February 2025 compared to month of February 2024, mainly due to the strong performance in export of Pepper (243.13%), Cinnamon (19.32%) and Cloves (309.56%). 

Export earnings from Boat building reached US$ 3.68 Mn in February 2025, reflecting a remarkable growth of 18,300% compared to February 2024.

Furthermore, the estimated value of ICT exports is expected to increase by 32.14 % to US$ 141.89 Mn in February 2025 when compared to February 2024. In addition, the estimated value of Logistics & transport services is expected to increase by 34.91 % to US$ 170.47 Mn in February 2025 when compared to February 2024.

• Products and Services with Negative Growth (Decreases)

Export earnings from tea, which made up 12% of merchandise exports, decreased by 6.52 % y-o-y to US$ 119.41 Mn in February 2025 compared to February 2024. This decrease is mainly due to the poor performance in the export of Bulk Tea(- 22.96 %).

Furthermore, the volume of tea exports decreased by 8.58 % in February 2025 compared to February 2024. Additionally, Tea exports to the UAE market decreased by 47.22%.

Moreover, Export earnings from Rubber and Rubber Finished products have decreased by 6.33 % y-o-y to US$ 83.11 Mn in February 2025, with the poor performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-21.38 %). 

Export earnings from Food & Beverages have decreased by 4.12 % y-o-y to US$ 41.23 Million in February 2025, with the negative performance in exports of Animal Feed (-23.57%).

Export earnings from Seafood decreased by 34.24 % to US$ 13.6 Mn in February 2025 compared to February 2024. This increase was mainly due to the negative performance in the export of Fresh fish (-63.75 %) and Shrimps (-81.42 %). 

Furthermore, export earnings from Ornamental fish decreased by 54.27 % to US$ 0.75 Mn in February 2025 compared to February 2024.

Additionally, export earnings from the Electrical & Electronics Components decreased by 10.89 % y-o-y to US$ 31.33 Mn in February 2025, with poor performance in exports of Insulated Wires and Cables (-15.93 %), Printed Circuits (-90.53%), Switches, Boards & Panels (-27.76%).

• Exports during the period of January – February 2025

Cumulative total exports, including both merchandise and services, were estimated at US$ 2,730.33 Mn for period of January to February 2025, marking a notable 6.65 % growth compared to the same period in 2024.

Merchandise exports during the first two months of 2025 are estimated to have increased by 3.9%, reaching US$ 2,109.19 Mn, based on data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products.

Meanwhile, the estimated value of services exports is expected to increase by 17.2% to US$ 621.14 Mn compared to the corresponding period in 2024.

• Products & Services with Positive Growth (Increases)

Earnings from export of Apparel, Tea, Coconut products, Spices & Concentrates and Food & Beverages increased by 10.74 %, 0.95 %, 25.91 %, 47.02 % and 7.89% respectively during the period of January – February 2025 in comparison to the corresponding period of 2024.

Earnings from the export of Apparel & Textile have increased by 10.74 % to US$ 887.52 Mn during the period of January to February 2025 compared to the same period in 2024. Notably, exports to the United States increased by 7.8%, amounting to US$ 323.85 Mn.

Earnings from the export of Tea increased y-o-y by 0.95 % to US$ 232.11 Mn in the period of January to February 2025. This increase was mainly due to the strong performance in the export of Tea Packets (9.07 %).

Export earnings of Coconut & Coconut-based products increased by 25.91 % to US$ 156.77 Mn during January – February 2025 compared to the last year. Earnings from all the major categories of Coconut based products increased in the period of January – February 2025 compared with the corresponding period of 2024 due to the strong performance in export of Coconut Oil (46.76 %), Desiccated Coconut (8.3 %), Coconut Milk Powder (76.96 %), Coconut Cream (52.81 %), Liquid Coconut Milk (11.43 %), Cocopeat (45.8 %) and Activated Carbon (10.46 %).

In addition, export earnings from Spices and Essential Oils increased y-o-y by 47.02 % to US$ 76.92 Mn in the period of January to February 2025. This increase was due to the strong performance in exports of Pepper (144.64 %), Cinnamon (4.6 %) & Cloves (417.09 %).

Export earnings from Food & Beverages have increased by 7.89 % y-o-y to US$ 82.97 Million in the period of January to February 2025, with the positive performance in exports of Processed food (18.6 %).

Furthermore, the estimated value of ICT exports is expected to increase by 24.1 % to US$ 255.89 Mn during the period of January to February 2025 when compared to the corresponding period of 2024. 

In addition, the estimated value of Logistics & transport services is expected to increase by 25.89 % to US$ 333.47 Mn during the period of January to February 2025, when compared to the corresponding period of 2024. 

• Products with Negative Growth (Decreases)

Export earnings from Rubber & Rubber finished products decreased by 7.2 % to US$ 158.18 Mn in January – February 2025 compared to the same period in 2024, attributed to decreased exports of Pneumatic & Retreated Rubber Tyres & Tubes (-27.2 %). 

Further, export earnings from Seafood decreased by 28.44 % to US$ 31.27 Mn during the period of January to February 2025 compared tothe  year 2024 due to the negative performance in Fresh Fish (-61.96 %) and Shrimps (-79.2 %).

Meanwhile, earnings from the export of Electrical and Electronic Components (EEC) decreased by 10.0 % to US$ 59.76 Mn in the period of January to February 2025 compared to the corresponding period of 2024. This decrease was due to the poor performance in exports of Insulated Wires and Cables (-21.76 %), Printed Circuits (-88.19%), Switches, Boards & Panels (-13.26%).

Table 1 shows the comparison of Merchandise export performance during the month of February 2025 and the period of January to February 2025 compared to 2024.

Table 1: Comparison of Product-wise Merchandise Export Performance 

                            Values in US$ Mns

Sources: CBSL, Sri Lanka Customs, EDB

• Sri Lanka’s Export Performance in Major Markets

Among the top 15 export markets of Sri Lanka, India, Germany, Netherlands, and China have shown positive growth in both February 2025 and the cumulative period of January to February 2025 compared to the corresponding periods in 2024.

The United States, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, decreased by 3.63 % to US$ 240.53 Mn in February 2025 compared to February 2024. However, exports to the United States over the cumulative period from January to February 2024 increased by 6.52 %, reaching US$ 500.71 Mn.

Similarly, exports to the United Kingdom decreased by 12.3 % to US$ 72.73 Mn in February 2025 compared to the corresponding month in 2024. Meanwhile, exports to the United Kingdom increased by 1.22 % to US$ 152.28 Mn in a cumulative period of January to February 2025 compared to the corresponding period in 2024.

Table 2 shows the comparison of Merchandise export performance of top 15 export markets during the month of February 2025 and the period of January to February 2025 compared to 2024.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

• Exports to FTA Partners (India & Pakistan)

February 2025

In February 2025, exports to India & Pakistan constituted 6.5% of the total merchandise exports, experienced a significant 44.08 % increase to reach US$ 88.29 Mn, compared to February 2024. Further, exports to India recorded an increase of 49.56 % while exports to Pakistan decreased by 10.77 % in February 2025 compared to February 2024.

The positive growth in exports to India was driven by higher shipments of Petroleum Oil, Animal Feed, and Pepper, whereas the decline in exports to Pakistan was primarily due to reduced demand for Other Textile Articles.

• January – February 2025

Exports to India & Pakistan accounted for 7.2% of total merchandise exports, increased by 43.21 % to US$ 176.59 Mn during the period of January to February 2025 compared to the corresponding period of the previous year. 

Exports to India and Pakistan increased by 46.69% and 6.46 % respectively during the cumulative period of January to February 2025 when compared with the corresponding period in 2024.  

The positive export performance of India was driven by higher exports of Petroleum Oil, Animal Feed, and Pepper, while Pakistan’s negative performance was led by decreased exports of Other articles of stones.

• Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of February 2025 and the period of January to February 2025 compared to 2024.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU), which account for 24% of Sri Lanka’s exports during both February 2024 and the cumulative period of January to February 2024, increased respectively by 5.64 % and 1.26%.

Exports to the top five EU markets were recorded as: Germany US$ 110.01 Mn (increased by 8.68 %), Italy US$ 95.21 Mn (decreased by 5.29 %), Netherlands US$ 70.09 Mn (increased by 2.85 %), France US$ 42.33 Mn. (increased by 8.52 %) and Belgium US$ 38.1Mn (increased by 8.52 %) during the cumulative period of January to February 2025 in comparison to the corresponding period in 2024. (Newswire)

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Sri Lanka’s export performance in major markets in December 2024 shows a positive growth in India, Germany and the Netherlands markets from its top 10 export markets.

According to the Export Development Board (EDB), positive growth has also been reported in the cumulative period from January to December 2024, compared to the corresponding periods in 2023. 

The United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, decreased by 1.47 % to US$ 250.02 Mn in December 2024 compared to December 2023. 

In parallel, exports to the United States of America in the cumulative period of January to December 2024 increased by 5.49 % to US$ 2,909.97 million compared to the corresponding periods in 2023.

Exports to the United Kingdom decreased by 3.98 % to US$ 69.45 million in December 2024 compared to the corresponding month in 2023. 

However, exports to the United Kingdom increased by 6.8 % to US$ 903.72 million in the cumulative period of January to December 2024 compared to the corresponding period in 2023.

Region-wise, in December 2024, exports to India and Pakistan accounted for 8.4% of total merchandise exports, experiencing an increase of 60.89 % to US$ 93.22 million compared to December 2023. 

Both, exports to India and Pakistan increased by 61.58 % and 51.53 % respectively in December 2024 compared to December 2023.

The Positive performance of India was driven by higher exports of Petroleum oils (925%) and Pepper (216.74%) and the Positive performance of Pakistan was driven by higher exports of Other Articles of Stones and Other Textile Articles. (Newswire)

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Sri Lanka’s merchandise export performance in December 2024 amounted to US$ 1,042.5 million, reflecting a 4.06% increase compared to December 2023. 

Per the provisional data released by Sri Lanka Customs, this was mainly due to the increase in earnings from the export of Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, Spices & Concentrates and Food & Beverages.

According to the Export Development Board, 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 % compared to the same period in 2023. 

The full statement of the Export Development Board (EDB) : 

Major Exports in December 2024

• Products & Services with Positive Growth (Increases)

Export earnings from Apparel & Textile increased by 1.83 % y-o-y to US $ 446.84 Mn 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 Mn in December 2024 compared to December 2023. 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 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 compared to December 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 28.54 %, 52.98 % and 26.0 % respectively in December 2024 compared to December 2023.

Moreover, Export earnings from Coconut oil, Desiccated Coconut, Coconut milk powder and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 58.97 %, 44.13 %, 67.52 %, and 7.77 % respectively in December 2024 compared to December 2023.

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 70.4 % to US$ 14.45 Mn in December 2024 in comparison to December 2023. 

In addition, export of Activated Carbon, which is categorized under Coconut shell products, increased by 30.13 % to US$ 14.51 Mn in December 2024 compared to the month of December 2023.

Export 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 the export of Insulated Wires and Cables (12.48%) and Switches, Boards & Panels (53.14%).

Export 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%).

Export earnings from Spices and Concentrates increased by 50.1 % to US$ 47.16 Mn in the month of December 2024 compared to month of December 2023 mainly due to the strong performance in the export of Pepper (195.11 %) and Cinnamon (17.89 %). 

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 Mn in December 2024 when compared to December 2023. 

• Products & Services with Negative Growth (Decreases)

Export earnings from Seafood decreased by 15.34 % to US$ 20.14 Mn in December 2024 compared to December 2023. This decrease was mainly due to the poor performance in the export of Fresh fish (-30.08%) and shrimp (-68.9%).

Moreover, export earnings from Ornamental fish decreased by 1.97 % to US$ 1.99 Mn in December 2024 compared to December 2023.

Exports during the period of January – December 2024

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 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.

• Products & Services with Positive Growth (Increases)

Earnings from the export of Apparel, Tea, Rubber products, Coconut products, Food & Beverages, and Spices & Concentrates increased by 3.83 %, 9.62 %, 7.66 %, 20.9 %, 11.7 % and 16.11 % respectively during the period of January to December 2024 in comparison to the corresponding period of 2023.

Earnings from the export of Apparel & Textiles have increased by 3.83 % to US$ 5,050.99 Mn during the year 2024 compared to the same period in 2023. Additionally, exports of Apparel & Textiles to the USA and UK increased by 5.05 % & 7.6 % respectively in the year 2024 compared to the corresponding period of 2023.

Earnings from the export of Tea increased y-o-y by 9.62 % to US$ 1,435.86 Mn in 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (11.74 %) & Tea Packets (9.07 %).

In addition, export earnings from Rubber & Rubber finished products increased by 7.66 % to US$ 1,001.54 Mn in the year 2024 compared to the year 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (23.09 %) and Pneumatic & Retreated Rubber Tyres & Tubes (1.39 %). 

Export earnings of Coconut & Coconut-based products increased by 20.9 % to US$ 856.39 Mn during the year 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in 2024 compared to 2023, due to the strong performance in the export of Coconut Oil (24.05 %), Desiccated Coconut (39.22 %), Coconut Milk Powder (41.8 %), Coconut Cream (25.06 %), Liquid Coconut Milk (26.14 %), Cocopeat (23.16 %) and Activated Carbon (17.1 %).

In addition, export earnings from Spices and Concentrates increased y-o-y by 16.11 % to US$ 461.85 Mn in the year 2024. This increase was mainly driven by the strong performance in exports of Pepper (90.14%) and Cinnamon(3.87%). Pepper exports to India increased by 91.35 % in the year 2024 compared to the corresponding period of the previous year. 

Export earnings from Food & Beverages have increased by 11.7 % y-o-y to US$ 478.05 Million in the year 2024, with a positive performance in exports of Processed food (40.36 %).

Furthermore, the estimated value of ICT exports is expected to increase by 18.55 % to US$ 1,454.46 Mn during the year 2024 when compared to the corresponding period of 2023. 

In addition, the estimated value of Logistics & transport services is expected to increase by 13.13 % to US$ 1,753.11 Mn during the year 2024 when compared to the corresponding period of 2023.

• Products & Services with Negative Growth (Decreases)

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 13.29 % to US$ 421.98 Mn in the period of January to November 2024 compared to the corresponding period of 2023. This decline was primarily driven by poor performance in exports of Switches, boards & Panels (-14.45 %), Insulated wires (-12.63 %) and Other Electrical & Electronic Products (-16.72 %). 

Further, export earnings from Seafood decreased by 11.15 % to US$ 257.45 Mn during the year 2024 compared to the year 2023 due to the poor performance of Frozen Fish (-8.3 %) and Shrimps (-37.49 %).

Export earnings from Ornamental fish decreased by 7.28 % to US$ 24.46 Mn in the year 2024 compared to the same period of 2023.

Table 1 shows the comparison of Export performance during the month of December 2024 and the year 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance 

                            Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among Sri Lanka’s top 10 export markets, India, Germany and Netherlands markets showed positive growth in the month of December 2024 and the cumulative period from January to December 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, decreased by 1.47 % to US$ 250.02 Mn in December 2024 compared to December 2023. In parallel, exports to the United States of America in the cumulative period of January to December 2024 increased by 5.49 % to US$ 2,909.97 Mn compared to the corresponding periods in 2023.

Exports to the United Kingdom decreased by 3.98 % to US$ 69.45 Mn in December 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 6.8 % to US$ 903.72 Mn in the cumulative period of January to December 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of December 2024 and the year 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

• December 2024

In December 2024, exports to India and Pakistan accounted for 8.4 % of total merchandise exports, experiencing an increase of 60.89 % to US$ 93.22 Mn compared to December 2023. Both, exports to India and Pakistan increased by 61.58 % and 51.53 % respectively in December 2024 compared to December 2023.

The Positive performance of India was driven by higher exports of Petroleum oils (925%) and Pepper (216.74%) and the Positive performance of Pakistan was driven by higher exports of Other Articles of Stones and Other Textile Articles.

• January – December 2024

Exports to India & Pakistan accounted for 6.8 % of total merchandise exports increased by 6.14 % to US$ 959.96 Mn during the year 2024 compared to the corresponding period of the previous year.

Exports to India increased by 6.5 % while Exports to Pakistan decreased by 2.17 % during the period of January to November 2024 when compared with the corresponding period in 2023.

The positive export performance of India was driven by the higher export of Pepper (91.35 %). In parallel, increased exports to Pakistan were led by increased exports of Other Products of Base Metal.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of December 2024 and the year 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports, increased by 7.3 % y-o-y in December 2024. However, exports to the EU increased by 5.49 % during the year 2024.

Exports to the top five EU markets were recorded as; Germany US$ 628.25 Mn (increased by 6.95 %), Italy US$ 595.43 Mn (decreased by 12.31 %), Netherlands US$ 393.6 Mn (increased by 14.6 %), France US$ 263.75 Mn. (decreased 13.51 %) and Belgium US$ 239.09 Mn (increased by 7.97 %) during the year 2024 in comparison to the corresponding period in 2023. (Newswire)

The post Increased : Sri Lanka’s Export Performance in December 2024 appeared first on Newswire.

Sri Lanka’s total exports for November 2024 reached $1,269.33 million, showing minimal year-on-year growth at 0.04%, the Export Development Board (EDB) said.

While merchandise exports fell by 5.6%, strong performances in services, especially ICT and logistics, buoyed the overall numbers.

According to provisional data by the Sri Lanka Customs, the merchandise exports in November amounted to USD 943.1 million, with the decreased attributed to reduced earnings from exports of rubber-based products, electrical and electronic components, food and beverages as well as seafood.

However, 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, the EDB said. (Newswire)

The post Sri Lanka’s Export Performance in November : Decline in merchandise appeared first on Newswire.

Sri Lanka’s merchandise export performance in October 2024 which amounted to US$ 1,097.1 million, recorded an increase of 18.22 % compared to the month of October 2023, the Export Development Board (EDB) reported.

As per the provisional data released by Sri Lanka Customs, this was mainly due to the increase in earnings from the export of Apparel & Textiles, Tea, Rubber-based products, coconut-based products and Spices & Concentrates.

The EDB further stated that export performance in October 2024 increased by 8.44 % compared to September 2024. 

The estimated value of services exports for the month of October 2024 was US$ 323.17 Million, increasing 19.75 % over the corresponding period of 2023. 

Consequently, total exports for October 2024, including both merchandise and services, were recorded at US$ 1,420.27 million, increasing 18.57 % over the corresponding period of 2023. 

“I am immensely proud of the remarkable export performance achieved in October 2024. The 18.22% year-on-year growth in merchandise exports, along with the substantial increase in services exports, reflects the resilience and innovation of Sri Lanka’s exporters. This growth, driven by key sectors such as apparel, tea, and rubber-based products, underscores our ability to adapt effectively to global market demands. I commend all stakeholders for their dedication and look forward to building on this momentum to further enhance our export potential and strengthen Sri Lanka’s economy,” said Mangala Wijesinghe, Chairman & Chief Executive Officer of the EDB. 

Full statement: 

Export Performance Jan-Oct 2024 v1

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A high-profile delegation from the global tyre manufacturing giant Michelin and the newly appointed EDB Chairman Mangala Wijesinghe engaged in discussions recently (Nov 01) to explore avenues to improve Sri Lanka’s rubber manufacturing sector.

The delegation was represented by the Corporate Vice President of Public Affairs of Michelin Headquarters based in France Eric Le Corre, Consultant, Public Affairs Koenraad Pringiers and Head of Legal Affairs from Michelin’s local facility  Nilanthi Weliwe. 

During the discussion, the representatives of Michelin pointed out that the government needs to implement proactive policies to increase rubber production in Sri Lanka to provide impetus to value-added rubber products while taking initiatives to expand market access through FTAs. 

Issuing a statement, the EDB said they also stressed the necessity of establishing a dedicated rubber zone to manufacture different types of rubber products on the island. 

The EDB Chief assured that the new government would extend their fullest support to Michelin to increase their exports with the anticipated investor-friendly policies of the new government. 

The Michelin group is the second largest tyre manufacturer in the world, and it is best known for having invented the detachable tyre. The group has 123 production sites in 26 countries and has a commercial presence in 170 countries with 125,000 employees worldwide. In Asia, Michelin has a strong presence in countries such as Thailand, China, India, and Sri Lanka.

The French multinational entered Sri Lanka in 2018 and commenced operations in 2019 through the acquisition of Camso-Loadstar, thereby becoming the largest French investor and one of the leading exporters in the country. The Company has been manufacturing and exporting agricultural and industrial solid tires, tracks and has nearly 6,000 employees throughout the island.

The EDB has been closely working with the internationally acclaimed firm for a considerable period of time. The premier export promotion agency assisted Michelin’s Sri Lankan firm by enabling the participation of its technical personnel in industrial workshops on tyre compounding, tyre technology, innovations and research and development for five years between 2018 and 2023. The EDB also facilitated the firm’s factory operations during the COVID-19 period in the country. (Newswire)

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Sri Lanka’s merchandise export performance in September 2024 amounted to US$ 937.95 million, recording a decline of 3.49 % compared to September 2023, the Export Development Board (EDB) reported. 

As per the provisional data released by Sri Lanka Customs, this was mainly due to the decrease in earnings from the export of Tea, Rubber-based products, Electrical and Electronics and Seafood.

The estimated value of services exports for September 2024 was US$ 329.89 Million, increasing 6.08 % over the corresponding period of 2023.

Consequently, total exports for September 2024, including both merchandise and services, were recorded at US$ 1,267.84 million, decreasing 1.17 % over the corresponding period of 2023.

The full EDB statement on export performance in September 2024 : 

Major Exports in September 2024

• Products & Services with Positive Growth (Increases)

Export earnings from Apparel & Textiles increased by 15.71 % y-o-y to US $ 418.68 Mn in September 2024 compared to September 2023. Additionally, exports of Apparel & Textile to the USA increased by 36.87 % in September 2024 compared to September 2023.

On monthly analysis, export earnings of Coconut-based products increased by 10.36 % in September 2024 compared to September 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 9.29 %, 9.39 % and 814.8 % respectively in September 2024 compared to September 2023.

Moreover, Export earnings from Coconut oil, Desiccated Coconut, Coconut milk powder, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 5.75%, 14.03%, 3.91 %, 11.76 % and 26.76 % respectively in September 2024 compared to September 2023.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 14.27 % to US$ 16.42 Mn in September 2024 in comparison to September 2023. 

In addition, export of Activated Carbon, which is categorized under Coconut shell products, increased by 21.05 % to US$ 13.17 Mn in September 2024 in comparison to September 2023.

Export earnings from Spices and Concentrates increased by 26.39 % to US$ 48.04 Mn in the month of September 2024 compared to month of September 2023 mainly due to the strong performance in the export of Pepper (43.91%) and Cinnamon (16.34%). 

Export earnings from Food & Beverages have increased by 8.78 % y-o-y to US$ 33.21 Million in September 2024, with the positive performance in exports of Processed food (69.41%). 

Furthermore, the estimated value of ICT exports is expected to increase by 28.66 % to US$ 150.28 Mn in September 2024 when compared to September 2023. In addition, the estimated value of Logistics & transport services is expected to increase by 24.94 % to US$ 158.4 Mn in September 2024 when compared to September 2023. 

• Products & Services with Negative Growth (Decreases)

Export earnings from tea, which made up 12% of merchandise exports, decreased by 2.44 % y-o-y to US$ 117.03 Mn in September 2024 compared to September 2023. This decrease is mainly due to the negative performance in the export of Bulk Tea (-10.26%).

Export earnings from Rubber and Rubber finished products have decreased by 4.1 % y-o-y to US$ 79.5 Mn in September 2024, with a negative performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-12.19%).

Export earnings from the Electrical & Electronics Components decreased by 27.73 % y-o-y to US$ 28.1 Mn in September 2024 with poor performance in exports of Other Electrical & Electronic Products (-25.41 %). 

Furthermore, the export of Other Export crops decreased by 73.57 % in September 2024 compared with September 2023 due to the negative performance in the export of Arecanut (-85.91%).

Export earnings from Seafood decreased by 42.18 % to US$ 14.83 Mn in September 2024 compared to September 2023. This decrease was mainly due to the poor performance in the export of frozen fish (-38.88%), Fresh fish (-48.96%) and Shrimps (-43.56%).

In parallel, export earnings from Ornamental fish decreased by 14.23 % to US$ 2.17 Mn in September 2024 compared to September 2023.

Exports during the period of January – September 2024

During the first nine months of 2024, cumulative merchandise exports increased by 5.07 % to US$ 9,437.11 million compared to the same period in 2023.

The estimated value of services exports is expected to increase by 8.03 % to US$ 2,577.22 Mn during the first nine months of 2024 when compared to the corresponding period of 2023.

Consequently, total exports for the first nine months of 2024, including both merchandise and services, were recorded at US$ 12,014.33 Million, a 73.24 % increase over the same period of 2023.

• Products & Services with Positive Growth (Increases)

Earnings from the export of Apparel, Tea, Rubber products, Coconut products and Spices & Concentrates increased by 2.7 %, 6.97 %, 9.64 %, 19.57 % and 6.41 % respectively during the first nine months of 2024 in comparison to the corresponding period of 2023.

Earnings from the export of Apparel & Textiles have increased by 2.7 % to US$ 3,478.91 Mn during the period of January to September 2024 compared to the same period in 2023. Additionally, exports of Apparel & Textiles to the USA and UK increased by 4.96 % & 8.44% respectively in the period of January to September 2024 compared to the corresponding period of 2023.

Earnings from the export of Tea increased y-o-y by 6.97 % to US$ 1,059.29 Mn in the period of January to September 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (12.0 %) & Tea Packets (3.62%).

In addition, export earnings from Rubber & Rubber finished products increased by 9.64 % to US$ 758.91 Mn in January – September 2024 compared to the same period in 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (17.12 %) and Pneumatic & Retreated Rubber Tyres & Tubes (7.79 %). 

Export earnings of Coconut & coconut-based products increased by 19.57 % to US$ 634.93 Mn during January – September 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in the period of January – September 2024 compared with the corresponding period of 2023 due to the strong performance in the export of Coconut Oil (21.61 %), Desiccated Coconut (37.97 %), Coconut Milk Powder (37.7 %), Coconut Cream (36.23 %), Liquid Coconut Milk (29.09 %), Cocopeat (19.02 %) and Activated Carbon (16.82 %).

In addition, export earnings from Spices and Concentrates increased y-o-y by 6.41 % to US$ 322.09 Mn in the period of January to September 2024. This increase was mainly driven by the strong performance in exports of Pepper (72.38%). Pepper exports to India increased by 74.69 % in the first nine months of 2024 compared to the corresponding period of the previous year. 

Export earnings from Food & Beverages have increased by 8.27 % y-o-y to US$ 348.95 Million in the period of January to September 2024, with a positive performance in exports of Processed food (30.54 %).

Furthermore, the estimated value of ICT exports is expected to increase by 18.52 % to US$ 1,089.88 Mn during the period of January to September 2024 when compared to the corresponding period of 2023. 

In addition, the estimated value of Logistics & transport services is expected to increase by 12.21 % to US$ 1,287.33 Mn during the period of January to September 2024 when compared to the corresponding period of 2023.

• Products & Services with Negative Growth (Decreases)

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 17.59 % to US$ 310.44 Mn in the period of January to September 2024 compared to the corresponding period of 2023. This decline was primarily driven by poor performance in exports of Electrical Transformers (-16.21 %), Insulated wires (-11.08 %) and Other Electrical & Electronic Products (-22.64 %). 

Further, export earnings from Seafood decreased by 7.05 % to US$ 179.36 Mn during the period of January to September 2024 compared to the year 2023 due to the poor performance in Frozen Fish (-7.59 %) and Shrimps (-28.08%).

Export earnings from Ornamental fish decreased by 3.76 % to US$ 18.71 Mn in the first nine months of 2024 compared to the same period of 2023.

Table 1 shows the comparison of Export performance during the month of September 2024 and the period of January to September 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance 

                            Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among Sri Lanka’s top 10 export markets, the USA, UK, Germany, Netherlands, Canada and China markets showed positive growth in the month of September 2024 and the cumulative period from January to September 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 21.57 % to US$ 245.69 Mn in September 2024 compared to September 2023. In parallel, exports to the United States of America in the cumulative period of January to September 2024 increased by 5.33 % to US$ 2,185.45 Mn compared to the corresponding periods in 2023.

Exports to the United Kingdom increased by 3.69 % to US$ 77.75 Mn in September 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 7.06 % to US$ 691.31 Mn in the cumulative period of January to September 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of September 2024 and the period of January to September 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

• September 2024

In September 2024, exports to India and Pakistan accounted for 8.4 % of total merchandise exports, experiencing a decline of 17.13 % to US$ 72.28 Mn compared to September 2023. Both, exports to India and Pakistan decreased by 16.78 % and 20.82% respectively in September 2024 compared to September 2023.

The negative performance of India was driven by lower exports of Arecanut while Pakistan’s negative performance was led by decreased exports of Betel leaves.

• January – September 2024

Exports to India & Pakistan accounted for 6.8 % of total merchandise exports decreased by 1.84 % to US$ 701.73 Mn during the period of January to September 2024 compared to the corresponding period of the previous year.

Exports to India and Pakistan decreased by 1.8 % and 2.24 % respectively during the period of January to September 2024 when compared with the corresponding period in 2023.

The negative export performance of India was driven by lower exports of Arecanut (-42.31 %). Meanwhile, decreased exports to Pakistan were led by decreased exports of Betel leaves (-37.34%)

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of September 2024 and the period of January to September 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports, increased by 0.44 % y-o-y in September 2024. However, exports to the EU decreased by 0.62 % during the cumulative period of January to September 2024.

Exports to the top five EU markets were recorded as; Germany US$ 477.33 Mn (increased by 8.88 %), Italy US$ 441.88 Mn (decreased by 12.9 %), Netherlands US$ 285.57 Mn (increased by 15.88 %), France US$ 199.24 Mn. (decreased 19.77 %) and Belgium US$ 174.08 Mn (increased by 2.41%) during the cumulative period of January to September 2024 in comparison to the corresponding period in 2023. (Newswire)

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A new Chairman has been appointed to Sri Lanka’s Export Development Board (EDB).

The Chief Operating Officer of Brown & Company PLC, Mangala Wijesinghe has been appointed to the position. 

Wijesinghe replaces well-known marketer and management specialist Dr. Kingsley Bernard who served as Chairman and CEO of EDB since April 2023. (Newswire)

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Cabinet approval has been granted to sign the corporation agreement between Sri Lanka’s Export Development Board (EDB) and the International Finance Corporation (IFC) to provide necessary facilities to enable small and medium entrepreneurs to become exporters. 

It was proposed to sign a corporation agreement between EDB and the IFC to provide the facilities under the program for the development of new exporters of the EDB to turn small and medium entrepreneurs with export potential into exporters. 

The clearance of the Attorney General and the recommendations of the Ministry of Foreign Affairs have been received for the said corporation agreement. 

Accordingly, the Cabinet approved the proposal presented by the President, in his capacity as a Minister of Investment Promotion, to sign the proposed corporation agreement between the two parties. (Newswire)

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Sri Lanka’s Export Development Board (EDB) reports that the merchandise export performance in July 2024 amounted to US$ 1,087.6 million, recording an increase of 6.58 % compared to the month of July 2023. 

As per the provisional data released by Sri Lanka Customs, this was mainly due to the increase in earnings from exports of Apparel & Textiles, Tea, Coconut-based products, Spices & Concentrates and Seafood.

Furthermore, export performance in July 2024 increased by 0.98 % compared to June 2024. 

The estimated value of services exports for the month of July 2024 was US$ 293.26 Million, increasing 16.44 % over the corresponding period of 2023. 

Consequently, total exports for July 2024, including both merchandise and services, were recorded at US$ 1,380.84 million, increasing 8.53% over the corresponding period of 2023. 

Full statement: 

Major Exports in July 2024

• Products & Services with Positive Growth (Increases)

Export earnings from Apparel & Textile increased by 3.8 % y-o-y to US $ 443.74 Mn in July 2024 compared to July 2023. Additionally, exports of Apparel & Textile to the USA increased by 5.37 % in July 2024 compared to July 2023.

Export earnings from tea, which made up 12% of merchandise exports, increased by 8.25 % y-o-y to US$ 124.7 Mn in July 2024 compared to July 2023. This increase is mainly due to the positive performance in the export of Bulk Tea (4.23%) and Tea packets (7.39%).

Additionally, Tea exports to UAE, Saudi Arabia and Iran markets, increased by 38.26 %, 57.73 % and 80.51 % respectively.

On monthly analysis, export earnings of Coconut-based products increased by 18.41% in July 2024 compared to July 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 21.49 %, 7.31% and 28.82 % respectively in July 2024 compared to July 2023.

Moreover, Export earnings from Coconut oil, Desiccated Coconut, Coconut milk powder, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 24.7%, 59.25%, 13.32 %, 31.42 % and 10.41 % respectively in July 2024 compared to July 2023.

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 13.75 % to US$ 17.46 Mn in July 2024 in comparison to July 2023. 

In addition, the export of Activated Carbon, which is categorized under Coconut shell products, increased by 26.41 % to US$ 13.45 Mn in July 2024 in comparison to July 2023.

Export earnings from Spices and Concentrates increased by 63.07 % to US$ 61.2 Mn in the month of July 2024 compared to month of July 2023 mainly due to the strong performance in the export of Pepper. Pepper exports to India increased by 127 % in July 2024 compared to July 2023. 

Export earnings from Food & Beverages have increased by 2.29 % y-o-y to US$ 37.04 Million in July 2024, with a positive performance in exports of Processed food (30.69%). 

Export earnings from Seafood increased by 27.71 % to US$ 22.03 Mn in July 2024 compared to July 2023. This increase was mainly due to the positive performance in the export of frozen fish (47.61%) and fresh fish (43.09%).

In parallel, export earnings from Ornamental fish increased by 7.78 % to US$ 1.94 Mn in July 2024 compared to July 2023.

Export earnings from Boat Building recorded US$ 12.22 Mn in July 2024.

Furthermore, the estimated value of ICT exports is expected to increase by 25.91% to US$ 124.96 Mn in July 2024 when compared to July 2023. In addition, the estimated value of Logistics & transport services is expected to increase by 11.16 % to US$ 140.74 Mn respectively in July 2024 when compared to July 2023. 

• Products & Services with Negative Growth (Decreases)

Export earnings from Rubber and Rubber finished products have decreased by 3.16 % y-o-y to US$ 76.8 Mn in July 2024, with poor performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-12.09 %).

Export earnings from the Electrical & Electronics Components decreased by 5.83 % y-o-y to US$ 38.44 Mn in July 2024 with poor performance in exports of Electrical Transformers (-38.37%) and Switches, Boards & Panels (-31.6 %).

Furthermore, the export of Other Export crops and Flowers & Foliage decreased by 59.98 % and 5.77 % in July 2023 compared with July 2024.

Exports during the period of January – July 2024

During the first seven months of 2024, cumulative merchandise exports increased by 4.94 % to US$ 7,231.94 million compared to the same period in 2023.

The estimated value of services exports is expected to increase by 9.52 % to US$ 1,907.56 Mn during the first seven months of 2024 when compared to the corresponding period of 2023.

Consequently, total exports for the first seven months of 2024, including both merchandise and services, were recorded at US$ 9,139.5 Million, a 5.86 % increase over the same period of 2023.

• Products & Services with Positive Growth (Increases)

Earnings from the export of Tea, Rubber products, Coconut products and Food & Beverages increased by 8.12 %, 8.8 %, 18.07 % and 11.92 % respectively during the first seven months of 2024 in comparison to the corresponding period of 2023.

Earnings from export of Tea increased y-o-y by 8.12 % to US$ 811.71 Mn in the period of January to July 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (16.67 %) & Tea Packets (1.97 %).

In addition, export earnings from Rubber & Rubber finished products increased by 8.8 % to US$ 575.65 Mn in January – July 2024 compared to the same period in 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (12.81 %) and Pneumatic & Retreated Rubber Tyres & Tubes (9.07 %). 

Export earnings of Coconut & coconut-based products increased by 18.07 % to US$ 475.58 Mn during January – July 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in the period of January – July 2024 compared with the corresponding period of 2023 due to the strong performance in the export of Coconut Oil (19.29 %), Desiccated Coconut (42.26 %), Coconut Milk Powder (36.63 %), Coconut Cream (40.22 %), Liquid Coconut Milk (20.86 %), Cocopeat (16.65 %) and Activated Carbon (14.69 %).

In addition, export earnings from Spices and Concentrates increased y-o-y by 2.45 % to US$ 222.03 Mn in the period of January to July 2024. This increase was mainly driven by the strong performance in exports of Pepper (100.91 %). Pepper exports to India increased by above 100% in the first seven months of 2024 compared to the corresponding period of the previous year. 

Export earnings from Food & Beverages have increased by 11.92 % y-o-y to US$ 274.98 Million in the period of January to July 2024, with a positive performance in exports of Processed food (55.98 %).

Further, export earnings from Seafood increased by 0.7 % to US$ 150.68 Mn during the period of January to July 2024 compared to the year 2023 due to the poor performance of Fresh Fish (22.32 %).

Furthermore, the estimated value of ICT exports is expected to increase by 11.95 % to US$ 779.76 Mn during the period of January to July 2024 when compared to the corresponding period of 2023. 

• Products & Services with Negative Growth (Decreases)

Earnings from the export of Apparel & Textiles have decreased by 1.17 % to US$ 2,846.9 Mn during the period of January to July 2024 compared to the same period in 2023. Further, earnings from the export of Apparel declined by 0.67 % and the export of Textiles declined by 6.4 % from January to July 2024.

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 17.9 % to US$ 243.49 Mn in the period of January to July 2024 compared to the corresponding period of 2023. This decline was primarily driven by poor performance in exports of Transformers (-30.88 %), Insulated wires (-10.17 %) and Other Electrical & Electronic Products (-23.73 %). 

Export earnings from Ornamental fish decreased by 0.34 % to US$ 14.84 Mn in the first seven months of 2024 compared to the same period of 2023.

Table 1 shows the comparison of Export performance during the month of July 2024 and the period of January to July 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance 

                            Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among Sri Lanka’s top 10 export markets, the USA, UK, Germany, Netherlands, France, Canada and China markets showed positive growth in the month of July 2024 and the cumulative period from January to July 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 5.21 % to US$ 267.02 Mn in July 2024 compared to July 2023. In parallel, exports to the United States of America in the cumulative period of January to July 2024 increased by 1.12 % to US$ 1,638.78 Mn compared to the corresponding periods in 2023.

Exports to the United Kingdom increased by 1.33 % to US$ 74.4 Mn in July 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 5.77 % to US$ 527.01 Mn in the cumulative period of January to July 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of July 2024 and the period of January to July 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

• July 2024

In July 2024, exports to India and Pakistan accounted for 8.4 % of total merchandise exports, experiencing a notable increase of 12.26 % to US$ 98.77 Mn compared to July 2023. Specifically, exports to India increased by 13.31 % while exports to Pakistan decreased by 0.45 % in July 2024 compared to July 2023.

The positive performance of India was driven by higher exports of Pepper and Pakistan’s negative performance was led by decreased exports of Betel leaves and Other Articles of Stones.

• January – July 2024

Exports to India & Pakistan accounted for 6.8 % of total merchandise exports increasing by 0.31 % to US$ 536.12 Mn during the period of January to July 2024 compared to the corresponding period of the previous year.

Exports to India decreased by 0.44 % during the period of January to July 2024 when compared with the corresponding period in 2023 while exports to Pakistan increased by 9.54 % y-o-y in the same period.

The negative export performance of India was driven by lower exports of Animal feed (-14.22 %), while Pakistan’s positive performance was led by increased exports of Desiccated coconut and Other Textile Articles.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of July 2024 and the period of January to July 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports, decreased by 4.04 % y-o-y in July 2024. In parallel, exports to the EU decreased by 0.58 % during the cumulative period of January to July 2024.

Exports to the top five EU markets were recorded as; Germany US$ 360.29 Mn (increased by 2.97 %), Italy US$ 337.89 Mn (decreased by 11.37 %), Netherlands US$ 214.87 Mn (increased by 9.01 %), France US$ 151.15 Mn. (decreased 0.72 %) and Belgium US$ 130.73 Mn (decreased by 1.34%) during the cumulative period of January to July 2024 in comparison to the corresponding period in 2023. (Newswire)

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The Sri Lanka Export Development Board (EDB) has announced that applications are now open for the Presidential Export Awards (PEA) 2023/24. 

The PEA ceremony is scheduled to be held in November 2024 at the Bandaranaike Memorial International Conference Hall (BMICH) under the patronage of the President of the Democratic Socialist Republic of Sri Lanka. 

The Presidential Export Awards stands as the pinnacle of recognition bestowed by the President upon exporters who have made exceptional contributions to the country’s export sector and economic advancement. 

The EDB extends an invitation to Sri Lankan exporters to submit their applications for consideration as recipients of the Presidential Export Awards. 

This esteemed accolade seeks to honour and acknowledge exporters who have demonstrated outstanding achievements in fostering growth in economic development.  

This year’s awards ceremony will be held to recognize the country’s best exporters for financial years 2023/24. The awards will be presented in two main categories with 14 Overall awards and 51 products & services sector awards. 

Further, Merit Awards for the deserving sectors will also be awarded as decided by the Panel of Judges based on the performance of the applicants. The selections for the awards were done by an eminent Panel headed by a Retired Judge of the Supreme Court. 

Applications could be submitted using the web portal https://pea.edb.gov.lk/ dedicated for Presidential Export Awards till 15th August 2024. Apart from the online application, exporters could obtain all the relevant details of the programme such as Award Categories, Guidelines, Evaluation Criteria, instruction videos to fill out the application and the testimonials given by the winning companies through this portal. 

For further information, interested applicants can contact Ms. Saumya Kannangara, Deputy Director or Ms. Manuka Perera, Assistant Director through Tel: 0112300721/0112300705-711(Ext 253 or 267) Email: awards@edb.gov.lk, saumya@edb.gov.lk, manuka@edb.gov.lk. (Newswire) 

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Cabinet approval has been granted to sign the proposed agreement on the Global Textiles and Apparel Program between the Sri Lanka Export Development Board (EDB) and the Swiss State Secretariat for Economic Affairs. 

The government states that it was proposed to enter into a project agreement between the Swiss State Secretariat for Economic Affairs and the EDB for the implementation of the second phase of the Global Textile and Apparel Program for the Textile and Apparel Industry Sector in Sri Lanka. 

By entering into the agreement, Sri Lanka will be able to seek the support of the Global Textiles and Apparels Program for a transformation of the textile and apparel industry based on the task of moving towards quality green products by promoting digitization. 

Accordingly, the Cabinet approved the proposal presented by the President, in his capacity as Minister of Investment Promotion, to sign the said agreement. (Newswire)

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Sri Lanka’s total exports (Merchandise & Services) for the month of April 2024 were recorded as US$ 1,114.22 Million, increasing 1.25 % over the corresponding period of 2023, according to the Export Development Board.

As per the provisional data released by Sri Lanka Customs, the merchandise export performance in April 2024 amounted to US$ 813.81 million, recording a decrease of 4.1 % compared to April 2023. 

The estimated value of services exports for the month of April 2024 was US$ 300.41 Million, increasing 19.28 % over the corresponding period of 2023. 

Major Exports in April 2024

• Products & Services with Positive Growth (Increases)

Export earnings from tea which made up 12% of merchandise exports, increased by 2.22 % y-o-y to US$ 95.46 Mn in April 2024 compared to April 2023. This increase is mainly due to the strong performance of the export of Bulk Tea (increased by 12.08%).

Furthermore, the volume of tea exports increased by 12.03 % in April 2024 compared to April 2023. Additionally, Tea exports to UAE, Iraq and Saudi Arabia markets increased by 61.25 %, 57.11 % and 40.23 % respectively.

Moreover, Export earnings from Rubber and Rubber Finished products have increased by 20.18 % y-o-y to US$ 66.58 Mn in April 2024, with a strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (36.09 %).

On monthly analysis, export earnings of Coconut-based products increased by 17.73 % in April 2024 compared to April 2023. Moreover, export earnings of Coconut kernel products, Coconut fibre products and Coconut shell products increased by 26.31 %, 10.55 % and 9.98 % respectively in April 2024 compared to April 2023.

Export earnings from Coconut Oil, Desiccated Coconut, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 18.2%, 45.85 %, 46.79 % and 35.92 % respectively in April 2024 compared to April 2023.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 17.23 % to US$ 15.38 Mn in April 2024 in comparison to April 2023. 

Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 10.3 % to US$ 11.35 Mn in April 2024 compared to April 2023.

Export earnings from Food & Beverages have increased by 7.55 % y-o-y to US$ 32.35 Million in April 2024, with a positive performance in exports of Processed food (18.25 %).

Export earnings from Seafood increased by 7.76 % to US$ 26.79 Mn in April 2024 compared to April 2023. This increase was mainly due to the positive performance in the export of Frozen fish (11.08%) and Fresh fish (23.68%). 

In parallel, export earnings from Ornamental fish increased by 30.66 % to US$ 2.77 Mn in April 2024 compared to April 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.

• Products & Services with Negative Growth (Decreases)

Export earnings from Apparel & Textile decreased by 6.34 % y-o-y to US $ 321.06 Mn in April 2024 compared to April 2023. 

Export earnings from Spices and Essential Oils decreased by 14.47 % to US$ 18.03 Mn in the month of April 2024 compared to month of April 2023 mainly due to the poor performance in the export of Cinnamon (-15.99%) and Cloves (-52.22%). Clove exports to India decreased by nearly 100% in April 2024 compared to April 2023.

Furthermore, the total export earnings from Diamonds, Gems & 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$ 30.78 Mn in April 2024 with poor performance in exports of Electrical Transformers (-26.11 %) and Other Electrical & Electronic products (-21.61%).

Moreover, the estimated value of construction services exports is expected to decrease by 31.05 % to US$ 14.87 Mn in April 2024 when compared to April 2023. 

Exports during the period of January – April 2024

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.

• Products & Services with Positive Growth (Increases)

Earnings from the export of Tea, Rubber products, Coconut products and Food & Beverages increased by 10.44 %, 12.03 %, 23.44 % and 21.83 % respectively during the period of January – April 2024 in comparison to the corresponding period of 2023.

Earnings from the export of Tea increased y-o-y by 10.44 % to US$ 450.23 Mn in the period of January to April 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (24.07 %).

In addition, export earnings from Rubber & Rubber finished products increased by 12.03 % to US$ 335.0 Mn in January – April 2024 compared to the same period in 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (8.0 %) and Pneumatic & Retreated Rubber Tyres & Tubes (17.39 %). 

Export earnings of Coconut & coconut-based products increased by 23.44 % to US$ 264.4 Mn during January – April 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in the period of January – April 2024 compared with the corresponding period of 2023 due to the strong performance in the export of Coconut Oil (21.94 %), Desiccated Coconut (37.48 %), Coconut Milk Powder (36.2 %), Coconut Cream (44.15 %), Liquid Coconut Milk (30.91 %), Cocopeat (27.15 %) and Activated Carbon (20.35 %).

Export earnings from Food & Beverages have increased by 21.83 % y-o-y to US$ 158.72 Million in the period of January to April 2024, with a positive performance in exports of Processed food (63.73 %).

Furthermore, the estimated value of ICT exports is expected to increase by 1.82 % to US$ 405.89 Mn during the period of January to April 2024 when compared to the corresponding period of 2023. Also, the value of Transport & Logistics services exports is expected to increase by 15.54 % to US$ 558.89 Mn during the period of January to April 2024 when compared to the corresponding period of 2023.

• Products & Services with Negative Growth (Decreases)

Earnings from the export of Apparel & Textiles have decreased by 2.84 % to US$ 1,566.39 Mn during the period of January to April 2024 compared to the same period in 2023. Further, earnings from the export of Apparel declined by 2.11 % and the export of Textiles declined by 10.38 % from January to April 2024.

In addition, export earnings from Spices and Essential Oils decreased y-o-y by 28.66 % to US$ 87.48 Mn in the period of January to April 2024. This decrease was due to the poor performance in exports of Cloves (-85.27 %).

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 17.31 % to US$ 137.93 Mn 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$ 90.68 Mn during the period of January to April 2024 compared to the year 2023 due to the poor performance of Frozen Fish (-8.8 %).

Table 1 shows the comparison of Export performance during the month of April 2024 and the period of January to April 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance 

 Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among the top 10 export markets of Sri Lanka, the 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.

United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, decreased by 5.09 % to US$ 183.37 Mn in April 2024 compared to April 2023. In parallel, exports to America in the cumulative period of January to April 2024 decreased by 2.18 % to US$ 894.94 Mn compared to the corresponding periods in 2023.

Additionally, exports to the United Kingdom increased by 7.65 % to US$ 66.14 Mn in April 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 6.8 % to US$ 305.16 Mn in a cumulative period of January to April 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of April 2024 and the period of January to April 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

• April 2024

In April 2024, exports to India & Pakistan constituted 7.5 % of the total merchandise exports and experienced a notable 2.9 % decrease to reach US$ 61.54 Mn, compared to April 2023. Further, exports to India recorded a decrease of 3.31 % whereas exports to Pakistan increased by 2.67 % in April 2024 compared to April 2023.

The negative performance of India was driven by lower exports of Animal Feed, while Pakistan’s positive performance was led by increased exports of Other textile articles and other Electrical & Electronic Products.

• January – April 2024

Exports to India & Pakistan accounted for 6.6% of total merchandise exports decreased by 8.67 % to US$ 262.17 Mn during the period of January to April 2024 compared to the corresponding period of the previous year.

Exports to India decreased by 10.49 % during the period of January to April 2024 when compared with the corresponding period in 2023 while exports to Pakistan increased by 16.16 % y-o-y in the same period.

The negative export performance of India was driven by lower exports of Animal feed (-11.51 %), while Pakistan’s positive performance was led by increased exports of Other textile articles, other Electrical & Electronic Products and Desiccated coconut.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of April 2024 and the period of January to April 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

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 %.

Exports to the top five EU markets were recorded as; Germany US$ 205.01 Mn (increased by 5.83 %), Italy US$ 198.59 Mn (increased by 0.63 %), Netherlands US$ 114.08 Mn (increased by 7.32 %), France US$ 84.94 Mn. (increased 6.41 %) and Belgium US$ 72.06 Mn (decreased by 0.81%) during the cumulative period of January to April 2024 in comparison to the corresponding period in 2023. (Newswire)

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Sri Lanka’s merchandise export performance in March 2024 amounted to US$ 1,138.9 million, recording an increase of 9.77 % compared to March 2023, according to the Export Development Board (EDB).

Export performance in March 2024 increased by 7.51 % compared to the preceding month, February 2024.  

The value of services exports for the month of March 2024 was US$ 275.1 Million, increasing 8.39 % over the corresponding period of 2023. 

Subsequently, total exports for the month of March 2024 were recorded as US$ 1.4 Billion, including merchandise and services exports

Major Exports in March 2024

• Products & Services with Positive Growth (Increases)

Export earnings from Apparel & Textile increased by 6.66 % y-o-y to US $ 443.9 Mn in March 2024 compared to March 2023. 

Export earnings from tea which made up 12% of merchandise exports, increased by 13.35 % y-o-y to US$ 124.86 Mn in March 2024 compared to March 2023. This increase is mainly due to the strong performance in the export of Bulk Tea and Tea packets, which increased by 23.31 % and 6.51% respectively.

Furthermore, the volume of tea exports increased by 18.2 % in March 2024 compared to March 2023. Additionally, Tea exports to Iraq, UAE, Russia and Saudi Arabia markets, increased by 202.07 %, 102.46 % and 48.41% respectively.

Moreover, Export earnings from Rubber and Rubber Finished products have increased by 7.45 % y-o-y to US$ 97.98 Mn in March 2024, with a strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (7.41 %) and Industrial & Surgical Gloves of Rubber (12.18%). 

On monthly analysis, export earnings of Coconut-based products increased by 32.2 % in March 2024 compared to March 2023. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 41.87 %, 25.53 % and 21.06 % respectively in March 2024 compared to March 2023.

Export earnings from Desiccated Coconut, Coconut Milk powder, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 37.82 %, 87.36 %, 73.0 % and 36.21 % respectively in March 2024 compared to March 2023.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 36.95 % to US$ 19.2 Mn in March 2024 in comparison to March 2023. 

Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 19.58 % to US$ 14.78 Mn in March 2024 compared to March 2023.

Export earnings from Food & Beverages have increased by 35.81 % y-o-y to US$ 49.45 Million in March 2024, with a positive performance in exports of Processed food (95.31 %).

In addition, exports of Transport & Logistics services increased by 35.67 % to US$ 144.9 Mn in March 2024 compared to March 2023.

• Products & Services with Negative Growth (Decreases)

Export earnings from Spices and Essential Oils decreased by 47.5 % to US$ 17.1 Mn in the month of March 2024 compared to month of March 2023 mainly due to the poor performance in export of Cinnamon (-34.15%), Pepper (-78.4%) and Cloves (-85.82%). Clove exports to India decreased by nearly 100% in March 2024 compared to March 2023.

Export earnings from Seafood decreased by 21.35 % to US$ 20.22 Mn in March 2024 compared to March 2023. This decrease was mainly due to the poor performance in the export of Frozen fish (-23.55 %). 

In parallel, export earnings from Ornamental fish decreased by 19.75 % to US$ 1.91 Mn in March 2024 compared to March 2023.

Furthermore, the total export earnings from Diamonds, Gems & Jewellery decreased by 19.58 % y-o-y to US$ 24.85 million in March 2024. However, Diamonds (9.13 %) and Jewellery (16.28%) showed positive growth, while export earnings from Gems experienced a substantial decrease by 58.23 % in March 2024.

Additionally, export earnings from the Electrical & Electronics Components decreased by 10.54 % y-o-y to US$ 40.74 Mn in March 2024 with poor performance in exports of Electrical Transformers (-16.6 %) and Other Electrical & Electronic products (-23.54 %).

Export earnings of Boatbuilding recorded US$ 10.88 Mn in March 2024 compared to March 2023. 

In addition, exports of ICT/ BPM, Construction and Financial services decreased by 3.32 %, 48.09% and 6.15 respectively in March 2024 compared to March 2023.

Exports during the period of January – March 2024

Cumulative merchandise exports during the period of January to March 2024, increased by 5.71 % to US$ 3,168.9 Million compared to the corresponding period in 2023. 

The value of services exports for the period of January to March 2024 was US$ 788.7 Million, increasing 7.76 % over the corresponding period of 2023. 

• Products & Services with Positive Growth (Increases)

Earnings from the export of Tea, Rubber products, Coconut products and Food & Beverages increased by 6.51 %, 10.18 %, 25.24 % and 26.05 % respectively during the period of January – March 2024 compared, in comparison to the corresponding period of 2023.

Earnings from the export of Tea increased y-o-y by 12.89 % to US$ 354.78 Mn in the period of January to March 2024. This increase was mainly due to the strong performance in the export of Bulk Tea (27.7 %) and Tea Packets (2.58 %).

In addition, export earnings from Rubber & Rubber finished products increased by 10.18 % to US$ 268.44 Mn in January – March 2024 compared to the same period in 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (11.55 %) and Pneumatic & Retreated Rubber Tyres & Tubes (13.61 %). 

Export earnings of Coconut & Coconut-based products increased by 25.24 % to US$ 203.62 Mn during January – March 2024 compared to the last year. Earnings from all the major categories of Coconut-based products increased in the period of January – March 2024 compared with the corresponding period of 2023 due to the strong performance in export of Coconut Oil (23.04 %), Desiccated Coconut (25.23 %), Coconut Milk Powder (53.04 %), Coconut Cream (43.38 %), Liquid Coconut Milk (29.54 %), Cocopeat (30.86 %) and Activated Carbon (23.61 %).

Export earnings from Food & Beverages have increased by 26.05 % y-o-y to US$ 126.33 Million in the period of January to March 2024, with a positive performance in exports of Processed food (77.12 %).

In addition, exports of ICT/ BPM and Transport & Logistics services increased by 4.69 % and 14.06% respectively during January – March 2024 compared to the last year

• Products & Services with Negative Growth (Decreases)

Earnings from the export of Apparel & Textiles have decreased by 1.9 % to US$ 1,245.34 Mn during the period of January to March 2024 compared to the same period in 2023. Further, earnings from the export of Apparel declined by 1.05 % and the export of Textiles declined by 10.66 % from January to March 2024.

In addition, export earnings from Spices and Essential Oils decreased y-o-y by 31.6 % to US$ 69.44 Mn in the period of January to March 2024. This decrease was due to the poor performance in exports of Cloves (88.69 %).

Meanwhile, earnings from export of Electrical and Electronic Components (EEC) decreased by 15.51 % to US$ 107.14 Mn in the period of January to March 2024 compared to the corresponding period of 2023. This decrease was due to the poor performance in exports of Other Electrical & Electronic Products (30.08 %). 

Further, export earnings from Seafood decreased by 4.1 % to US$ 63.9 Mn during the period of January to March 2024 compared to the year 2023 due to the poor performance of Frozen Fish (-15.99 %).

In addition, exports of Construction and Financial services decreased by 6.87 % and 18.89% respectively during the period of January to March 2024 compared to the corresponding period of 2023.

Table 1 shows the comparison of Export performance during the month of March 2024 and the period of January to March 2024 compared to 2023.

Table 1: Comparison of Sector-wise Export Performance 

                            Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Sri Lanka’s Export Performance in Major Markets

Among the top 10 export markets of Sri Lanka, the UK, Germany, Netherlands, Canada and China have shown positive growth in both March 2024 and the cumulative period of January to March 2024 compared to the corresponding periods in 2023.

United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, increased by 2.39 % to US$ 241.5 Mn in March 2024 compared to March 2023. However, exports to America in the cumulative period of January to March 2024 decreased by 1.4 % to US$ 711.57 Mn compared to the corresponding periods in 2023.

Additionally, exports to the United Kingdom increased by 13.48 % to US$ 88.57 Mn in March 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 6.56 % to US$ 239.02 Mn in cumulative period of January to March 2024 compared to the corresponding period in 2023.

Table 2 shows the comparison of Merchandise export performance of the top 15 export markets during the month of March 2024 and the period of January to March 2024 compared to 2023.

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to FTA Partners (India & Pakistan)

• March 2024

In March 2024, exports to India & Pakistan constituted 6.5% of the total merchandise exports, and experienced a notable 4.11 % increase to reach US$ 77.32 Mn, compared to March 2023. Further, exports to India recorded an increase of 1.41 % whereas exports to Pakistan increased by 38.38 % in March 2024 compared to March 2023.

The positive performance of India was driven by higher exports of Animal Feed and Petroleum oil, while Pakistan’s positive performance was led by increased exports of Other Electrical & Electronic Products and Desiccated Coconut.

• January – March 2024

Exports to India & Pakistan accounted for 7.2% of total merchandise exports decreased by 10.31% to US$ 200.63 Mn during the period of January to March 2024 compared to the corresponding period of the previous year.

Exports to India decreased by 12.52 % during the period of January to March 2024 when compared with the corresponding period in 2023 while exports to Pakistan increased by 20.17% y-o-y in the same period.

The negative export performance of India was driven by lower export of Animal feed (-12.52 %), while Pakistan’s negative performance was led by decreased export of Beetle leaves.

Sri Lanka’s Export Performance in Regions

Table 3 shows the comparison of region-wise exports during the month of March 2024 and the period of January to March 2024 compared to 2023.

Table 3: Comparison of Region-wise Merchandise Export Performance

Values in US$ Mns

Sources: CBSL, Sri Lanka Customs

Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports during both March 2024 and the cumulative period of January to March 2024 increased respectively by 4.79 % and 2.54 %.

Exports to the top five EU markets were recorded as; Germany US$ 163.94 Mn (increased by 6.34 %), Italy US$ 157.82 Mn (decreased by 0.39 %), Netherlands US$ 87.83 Mn (increased by 5.02 %), France US$ 60.62 Mn. (increased by 5.79 %) and Belgium US$ 55.42 Mn (decreased by 0.45%) during the cumulative period of January to March 2024 in comparison to the corresponding period in 2023. (Newswire)

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A seminar on “Exploring Opportunities and Implications of the Sri Lanka-Thailand Free Trade Agreement” was held recently for Sri Lankan exporters.

The event was organized at the Auditorium of the Postgraduate Institute of Management (PIM) by the Sri Lanka Export Development Board (EDB) in collaboration with the Ministry of Industries and the Department of Commerce.

According to the EDB, the seminar aimed to raise awareness among the Sri Lankan business community and provide a platform for exploring new business opportunities available in the “Trade in Goods Chapter” under the Sri Lanka-Thailand Free Trade Agreement (SLTFTA).  

The seminar featured an eminent panel comprising Mr. K.J Weerasinghe, Chief Negotiator, Office for International Trade, Presidential Secretariat, Mr. K.A Vimalenthirajah, Director General, Department of Trade and Investment Policies, Ministry of Finance, Mr. Sanjeewa Pattiwila, Director of Commerce, Department of Commerce, who shared valuable insights on SLTFTA.

The session witnessed the participation of over 150 representatives from the exporter community, public sector and academia.  Through presentations and spirited discussions under  Q & A session, participants gained a deeper understanding of the strategic framework requirements which are shaping the bilateral trade relationship between Sri Lanka and Thailand in terms of exploration of potential, visualizing a landscape suitable with opportunities for growth, innovation, and prosperity. 

The event was inaugurated jointly by, Mr. M. M. Nayeemudeen, Secretary, Ministry of Investment Promotion, Mrs. J. M. Thilaka Jayasundara, Secretary, Ministry of Industries, Mr. A.M.P.M.B. Atapattu, Secretary, Ministry of Trade, Commerce and Food Security. During the welcome remarks, Dr. Kingsley Bernard, Chairman/CEO of the Sri Lanka Export Development Board, expressed enthusiasm for continuing this dialogue and planning more trade promotional events for the Thailand market in the future, working in collaboration with other Government institutions to get maximum benefit to Sri Lankan economy. (NewsWire)

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Sri Lanka’s merchandise export performance in January 2024 amounted to US$ 970.7 million, and recorded a 0.77 % decline compared to January 2023, the Export Development Board (EDB) said. 

According to the EDB, compared to January 2023, agricultural exports have shown 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.

Major Exports in January 2024

• Products with Positive Growth (Increases)

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 %, 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.

Moreover, 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 a 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.

On monthly analysis, 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 Coconut Oil, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 39.74 %, 37.5 % and 15.01 % respectively in January 2024 compared to January 2023.

Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 0.57% to US$ 10.55 Mn in January 2024 in comparison to January 2023. 

Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 44.07 % to US$ 12.88 Mn 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 the 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%).

• Products with Negative Growth (Decreases)

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 & Textiles to the 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 compared to month of January 2023 mainly due to the poor performance in the export of Cloves (-94.13%). Clove exports to India decreased by nearly 100% in January 2024 compared to January 2023.

In addition, export earnings from the Electrical & Electronics Components decreased by 18.37 % y-o-y to US$ 31.24 Mn in January 2024 with poor performance in exports of Insulated Wires and Cables (-3.24%), Electrical Transformers (-1.23 %) and Other Electrical & Electronic products (-36.67%).

Export earnings of Coconut fiber-based products decreased by 5.33 % in January 2024 compared to January 2023. 

Furthermore, the total export earnings from Diamonds, Gems & Jewellery declined by 29.09 % y-o-y to US$ 32.98 million in January 2024. Export earnings from all three sub-sectors experienced decreases in January 2024: Diamonds (-23.23%), Gems (-33.56%), and Jewellery (-33.79%). Specifically, exports of Gems to the USA decreased by 53.03%, while exports of Diamonds to Israel decreased by 64.8%.

Export earnings of Boat building decreased by 14.29% to US$ 0.06 Mn in January 2024 compared to January 2023. 

Table 1 shows the comparison of Merchandise export performance during the month of January 2024 compared to January 2023.

Table 1: Comparison of Product-wise Merchandise Export Performance 

                            Values in US$ Mns