By: Staff Writer

October 31, Colombo (LNW): Sri Lanka’s export revenue in September 2024 dropped by 3.49% year-on-year to $937.95 million, driven by reduced demand for key items like tea, rubber goods, electronics, and seafood, as reported by Sri Lanka Customs.

Service exports, however, grew by 6.08%, reaching an estimated $329.89 million. Together, merchandise and services exports totaled $1.27 billion for the month, a 1.17% decline from the previous year.

The apparel and textile sector showed resilience, with exports rising 15.71% to $418.68 million, supported by a 36.87% increase in shipments to the U.S. Coconut-based product exports also performed well, growing by 10.36%.

Specific gains in coconut kernel, fiber, and shell products, including notable growth in subcategories like coconut oil and desiccated coconut, contributed significantly.

Spice exports increased by 26.39% to $48.04 million, led by substantial growth in pepper (43.91%) and cinnamon (16.34%). The food and beverages sector rose 8.78%, buoyed by processed food exports, which jumped 69.41%.

ICT sector exports also grew by an estimated 28.66% to $150.28 million, and logistics services exports were up 24.94%, reaching $158.4 million.

Tea, representing 12% of total merchandise exports, saw a 2.44% decrease in revenue to $117.03 million, impacted by a reduction in bulk tea shipments.

 Rubber exports, including finished products, dropped by 4.1% to $79.5 million due to lower demand for pneumatic and retreaded tires.

From January to September 2024, cumulative merchandise exports increased 5.07% to $9.44 billion, while service exports grew by an estimated 8.03% to $2.58 billion. Combined, the first nine months recorded $12.01 billion in exports, up 7.24% from the previous year.

Among Sri Lanka’s primary markets, including the U.S., UK, Germany, Netherlands, Canada, and China, exports showed positive growth in September and cumulatively.

The U.S., Sri Lanka’s top export market, reported a 21.57% increase to $245.69 million in September, with exports for January–September rising 5.33% to $2.19 billion.

The UK also saw gains, with September exports up by 3.69% to $77.75 million and cumulative exports for the year’s first nine months up by 7.06% to $691.31 million.