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
| Exports of Goods & Services | Jan-Sept 2023 | Jan-Sept 2024 | % Growth
(23-24) |
Sept
2023 |
Sept
2024 |
% Growth
(23-24) |
|---|---|---|---|---|---|---|
| Apparel & Textile | 3,677.38 | 3,776.72 | 2.70 | 361.83 | 418.68 | 15.71 |
| Tea | 990.30 | 1,059.29 | 6.97 | 119.96 | 117.03 | -2.44 |
| Rubber-based | 692.16 | 758.91 | 9.64 | 82.90 | 79.50 | -4.10 |
| Coconut-based | 530.99 | 634.93 | 19.57 | 64.31 | 70.97 | 10.36 |
| Diamond, Gems & Jewelery | 306.12 | 230.38 | -24.74 | 39.56 | 16.08 | -59.35 |
| Electronics & Electronic Components | 376.69 | 310.44 | -17.59 | 38.88 | 28.10 | -27.73 |
| Spices and Concentrates | 302.69 | 322.09 | 6.41 | 38.01 | 48.04 | 26.39 |
| Processed Food & Beverages | 322.31 | 348.95 | 8.27 | 30.53 | 33.21 | 8.78 |
| Seafood | 192.96 | 179.36 | -7.05 | 25.65 | 14.83 | -42.18 |
| Ornamental Fish | 19.44 | 18.71 | -3.76 | 2.53 | 2.17 | -14.23 |
| Vegetables | 21.60 | 21.33 | -1.25 | 2.64 | 1.95 | -26.14 |
| Fruits | 32.32 | 30.50 | -5.63 | 3.53 | 3.42 | -3.12 |
| Other Export Crops | 74.62 | 49.82 | -33.24 | 12.94 | 3.42 | -73.57 |
| Flowers & Foliage | 11.07 | 10.32 | -6.78 | 1.20 | 1.09 | -9.17 |
| Boat Building | 67.25 | 25.75 | -61.71 | 0.09 | 0.84 | 833.33 |
| Petroleum Products | 294.82 | 283.96 | -3.68 | 27.22 | 9.09 | -66.61 |
| Others | 1,069.28 | 1,375.65 | 28.65 | 120.12 | 89.53 | -25.47 |
| Total Merchandize Exports | 8,982.00 | 9,437.11 | 5.07 | 971.90 | 937.95 | -3.49 |
| ICT/ BPM | 919.57 | 1,089.88 | 18.52 | 116.80 | 150.28 | 28.66 |
| Construction | 274.11 | 155.93 | -43.12 | 63.31 | 15.83 | -75.00 |
| Financial Services | 44.61 | 44.08 | -1.20 | 4.07 | 5.38 | 32.05 |
| Transport & Logistics | 1,147.28 | 1,287.33 | 12.21 | 126.79 | 158.40 | 24.94 |
| Total Services Exports | 2,385.57 | 2,577.22 | 8.03 | 310.97 | 329.89 | 6.08 |
| Total Exports | 10,129.28 | 12,014.33 | 5.69 | 1,282.87 | 1,267.84 | -1.17 |
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
| Destination | Jan-Sept 2023 | Jan-Sept 2024 | % Growth
(23-24) |
Sept
2023 |
Sept
2024 |
% Growth
(23-24) |
|
|---|---|---|---|---|---|---|---|
| 1 | United States | 2,074.80 | 2,185.45 | 5.33 | 202.1 | 245.69 | 21.57 |
| 2 | United Kingdom | 645.74 | 691.31 | 7.06 | 74.98 | 77.75 | 3.69 |
| 3 | India | 655.6 | 643.78 | -1.80 | 79.68 | 66.31 | -16.78 |
| 4 | Italy | 507.32 | 441.88 | -12.90 | 62.46 | 46.19 | -26.05 |
| 5 | Germany | 438.41 | 477.33 | 8.88 | 42.11 | 47.32 | 12.37 |
| 6 | United Arab Emirates | 279.72 | 256.24 | -8.39 | 25.17 | 22.37 | -11.12 |
| 7 | Netherlands | 246.44 | 285.57 | 15.88 | 21.48 | 32.29 | 50.33 |
| 8 | France | 248.33 | 199.24 | -19.77 | 21.27 | 20.75 | -2.44 |
| 9 | Canada | 230.00 | 243.17 | 5.73 | 23.10 | 24.04 | 4.07 |
| 10 | China | 176.99 | 186.52 | 5.38 | 15.30 | 16.66 | 8.89 |
| 11 | Australia | 169.25 | 180.71 | 6.77 | 16.88 | 18.94 | 12.20 |
| 12 | Belgium | 169.98 | 174.08 | 2.41 | 19.22 | 19.50 | 1.46 |
| 13 | Turkey | 154.74 | 104.85 | -32.24 | 19.8 | 9.86 | -50.20 |
| 14 | Japan | 145.20 | 129.98 | -10.48 | 14.36 | 14.15 | -1.46 |
| 15 | Switzerland | 140.71 | 126.77 | -9.91 | 12.25 | 9.85 | -19.59 |
| Others | 2,698.77 | 3,110.23 | 15.25 | 321.74 | 266.28 | -17.24 | |
| Total | 8,982.00 | 9,437.11 | 5.07 | 971.90 | 937.95 | -3.49 |
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
| Region | Jan-Sept 2023 | Jan-Sept 2024 | % Growth
(23-24) |
Sept
2023 |
Sept
2024 |
% Growth
(23-24) |
|---|---|---|---|---|---|---|
| United States | 2,074.80 | 2,185.45 | 5.33 | 202.1 | 245.69 | 21.57 |
| European Union (EU) excluding UK | 2,044.40 | 2,031.68 | -0.62 | 215.25 | 216.19 | 0.44 |
| South Asia | 937.71 | 962.97 | 2.69 | 110.54 | 90.49 | -18.14 |
| ASEAN | 778.00 | 732.61 | -5.83 | 90.51 | 68.59 | -24.22 |
| CIS Countries | 246.57 | 229.79 | -6.81 | 30.92 | 26.17 | -15.36 |
| African Countries | 251.75 | 265.41 | 5.43 | 32.34 | 23.55 | -27.18 |
| Middle East Countries (excl. Cyprus & Egypt) | 185.95 | 210.34 | 13.12 | 20.43 | 23.89 | 16.94 |
| Others | 2,462.82 | 2,818.86 | 14.46 | 269.81 | 243.38 | -9.80 |
| Total Merchandise Exports | 8,982.00 | 9,437.11 | 5.07 | 971.90 | 937.95 | -3.49 |
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)