Sri Lanka’s July 2024 Exports Surge, boosted mainly by Apparel and Tea
August 23, Colombo (LNW): According to provisional data from Sri Lanka Customs, Sri Lanka’s merchandise exports in July 2024 reached US$ 1,087.6 million, marking a 6.58% increase compared to July 2023.
This growth was primarily driven by higher earnings from Apparel & Textiles, Tea, Coconut-based products, Spices & Concentrates, and Seafood. On a month-to-month basis, export performance also saw a slight rise of 0.98% compared to June 2024.
The estimated value of services exports for July 2024 was US$ 293.26 million, reflecting a 16.44% increase compared to the same month in 2023. Consequently, total exports for July 2024, combining both merchandise and services, amounted to US$ 1,380.84 million, an 8.53% increase year-on-year.
In July 2024, Apparel & Textile exports rose by 3.8% year-on-year to US$ 443.74 million, with exports to the USA up by 5.37%. Tea exports, constituting 12% of merchandise exports, increased by 8.25% to US$ 124.7 million, bolstered by strong demand in markets like the UAE, Saudi Arabia, and Iran.
Coconut-based products saw a significant increase of 18.41% in export earnings, with all major categories such as Coconut kernel products, Coconut fiber products, and Coconut shell products showing substantial growth.
Spices and Concentrates export earnings surged by 63.07% to US$ 61.2 million, largely due to a 127% increase in Pepper exports to India.
Seafood exports grew by 27.71% to US$ 22.03 million, driven by increases in frozen and fresh fish exports. Meanwhile, earnings from Ornamental fish exports also rose by 7.78% to US$ 1.94 million.
However, some sectors experienced declines. Export earnings from Rubber and Rubber products fell by 3.16%, while Electrical & Electronics Components saw a 5.83% drop in July 2024 compared to July 2023. Exports of Other Export crops and Flowers & Foliage also decreased significantly.
For 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. Services exports during this period are estimated to have grown by 9.52% to US$ 1,907.56 million.
As a result, total exports for the January-July period of 2024 reached US$ 9,139.5 million, up by 5.86% from the previous year.
Among key products, Tea, Rubber products, Coconut products, and Food & Beverages all recorded growth in export earnings. Notably, ICT exports are expected to rise by 11.95% for the first seven months of 2024.
Conversely, Apparel & Textile exports declined by 1.17%, and Electrical and Electronic Components exports fell by 17.9% during the same period.
Despite these declines, the USA remained Sri Lanka’s largest export market, with a 5.21% increase in exports in July 2024 compared to July 2023, and a 1.12% rise over the first seven months of 2024. Exports to the UK also showed growth during this period.
