Sri Lanka’s merchandise exports surge in March 2024

The Export Development Board (EDB) says that Sri Lanka’s merchandise export performance in March 2024 amounted to USD 1,138.9 million, recording an increase of 9.77% compared to March 2023. 

Furthermore, it said that export performance in March 2024 increased by 7.51% compared to the preceding month, February 2024.

According to the latest data released by the EDB, 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 was recorded as US$ 1.4 Billion including merchandize and services exports.

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, increased by 23.31 % and 6.51% respectively, the release said.

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. 

The EDB said that 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.