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Export performance recorded a modest increase in February

The merchandise export performance in February 2024 amounted to US$ 983.7 million, recorded a modest increase of 0.17 % compared to February 2023. Furthermore, export performance in February 2024 increased by 1.3% compared to the preceding month, January 2024.

Compared to February 2023, agricultural exports shown a significant increase of 11.82 %, reaching US$ 255.76 million in February 2024. However, industrial exports experienced a decline of 3.36 % during the same period, dropping to US$ 727.94 million.

Table 1: Comparison of Product-wise Merchandise Export Performance 

                           Values in US$ Mns

Exports of Goods Jan-Feb 2023 Jan-Feb 2023 % Growth (23-24) Feb  2023 Feb  2024 % Growth (23-24)
Apparel & Textile 853.28 801.42 -6.08 430.17 421.31 -2.06
Tea 204.13 229.92 12.63 104.57 127.74 22.16
Rubber-based 152.45 170.46 11.81 76.58 88.73 15.87
Coconut-based 102.72 124.51 21.21 54.51 68.23 25.17
Diamond, Gems & Jewelery 69.09 70.58 2.16 22.58 37.61 66.56
Electronics & Electronic   Components 81.29 66.40 -18.32 43.01 35.16 -18.25
Spices and Concentrates 68.98 52.32 -24.15 34.48 22.99 -33.32
Processed Food & Beverages 63.80 76.90 20.53 31.44 43.00 36.77
Seafood 40.94 43.70 6.74 19.99 20.68 3.45
Ornamental Fish 4.20 3.84 -8.57 2.00 1.64 -18.00
Vegetables 4.75 4.05 -14.74 2.28 2.05 -10.09
Fruits 6.56 6.61 0.76 3.14 3.12 -0.64
Other Export Crops 4.68 9.97 113.03 2.54 5.87 131.10
Flowers & Foliage 2.49 2.27 -8.84 1.34 1.10 -17.91
Boat Building 0.40 0.08 -80.00 0.33 0.02 -93.94
Petroleum Products 102.26 30.51 -70.16 24.42 9.06 -62.90
Others 198.18 260.85 31.62 128.62 95.39 -25.84
Total Merchandize Exports 1,960.20  1,954.39  -0.30  982.0         983.7  0.17

Sources: CBSL, SL Customs

Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations 

Values in US$ Mns


Destination Jan-Feb 2023 Jan-Feb 2023 % Growth (23-24) Feb 2023 Feb 2024 % Growth (23-24)
1 United States 485.83 470.07 -3.24 231.06 249.60 8.02
2 United Kingdom 146.25 150.45 2.87 68.83 82.93 20.49
3 India 139.72 112.64 -19.38 70.13 55.71 -20.56
4 Italy 100.28 100.53 0.25 54.07 50.96 -5.75
5 Germany 98.61 102.01 3.45 50.49 52.68 4.34
6 United Arab Emirates 98.95 59.44 -39.93 27.60 29.60 7.25
7 Netherlands 54.10 55.64 2.85 27.55 29.62 7.51
8 France 35.22 38.63 9.68 17.33 21.47 23.89
9 Canada 54.79 51.73 -5.58 35.23 21.28 -39.60
10 China 40.83 38.42 -5.90 21.47 20.01 -6.80
11 Australia 35.50 39.38 10.93 17.68 19.63 11.03
12 Belgium 37.36 35.11 -6.02 17.79 19.40 9.05
13 Turkey 33.13 21.56 -34.92 17.11 10.10 -40.97
14 Japan 29.73 30.51 2.62 14.36 17.60 22.56
15 Switzerland 26.52 26.52 0.00 11.38 13.12 15.29

Others 543.38 621.75 14.42 299.92 289.99 -3.31

Total  1,960.20  1,954.39  -0.30       982.0     983.7  0.17

Sources: CBSL, SL Customs

Table 3: Comparison of Region wise Merchandise Export Performance

Values in US$ Mns

Region Jan-Feb 2023 Jan-Feb 2023 % Growth (23-24) Feb 2023 Feb 2024 % Growth (23-24)
United States 485.83 470.07 -3.24 231.06 249.60 8.02
European Union (EU) excluding UK 417.71 422.97 1.26 215.48 227.64 5.64
South Asia 200.46 177.40 -11.50 103.95 84.45 -18.76
ASEAN 198.91 175.05 -12.00 77.45 93.68 20.96
CIS Countries 59.18 39.59 -33.10 26.11 21.65 -17.08
African Countries 55.91 48.82 -12.68 28.42 23.87 -16.01
Middle East Countries (excl. Cyprus & Egypt) 39.47 42.00 6.41 18.27 22.90 25.34
Others 502.73 578.49 15.07 281.26 259.91 -7.59
Total Merchandise Exports 1,960.20 1,954.39 -0.30 982.0 983.7 0.17

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