Earnings from merchandise exports recorded an increase of 9.5 per cent (y-o-y) to US dollars 1,224 million in August 2024, recording the highest monthly earnings thus far in 2024. The increase was broad-based, with industrial exports making the largest contribution.
The increase in exports of industrial goods in August 2024 (y-o-y) was primarily driven by textiles and garments, which recorded the highest earnings(US dollars 512 million) since August 2022. Meanwhile, petroleum products and rubber products also showed significant improvements. Earnings from exports of agricultural goods increased, supported by tea (higher export prices) and coconut-related products (fibre, desiccated coconut and coconut oil) exports, despite a decline in minor agricultural exports. Earnings from mineral exports also increased in August 2024.
