Sri Lanka’s August 2024 Merchandise Exports Rise by 4.2-pct to USD 1.2 Bn

As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in August 2024 amounted to US$ 1,165.4 million, recorded an increase of 4.18 % compared to the month of August 2023. This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Rubber based products, Coconut based products and Spices & Concentrates.

Notably, after a gap of two years, Apparel & Textiles exports surpassed the US$ 500 million mark in August 2024.

Furthermore, export performance in August 2024 increased by 3.1 % compared to July 2024. 

The estimated value of services exports for the month of August 2024 was US$ 318.77 Million, increasing 6.49 % over the corresponding period of 2023. 

Consequently, total exports for August 2024, including both merchandise and services, were recorded at US$ 1,483.13 million, increasing 4.67 % over the corresponding period of 2023. 

Table 1: Comparison of Sector-wise Export Performance 

                           Values in US$ Mns

Exports of Goods & Services Jan-Aug 2023 Jan-Aug 2024 % Growth (23-24) Aug  2023 Aug 2024 % Growth (23-24)
Apparel & Textile 3,315.56  3,358.05  1.28 434.98  511.13  17.51
Tea 870.37  942.26  8.26 119.64  130.54  9.11
Rubber-based 609.26  679.43  11.52 80.16  103.79  29.48
Coconut-based 466.67  563.99  20.85 63.89  88.36  38.30
Diamond, Gems & Jewelery 266.56  214.29  -19.61 37.64  25.43  -32.44
Electronics & Electronic   Components 337.85  282.37  -16.42 41.22  38.87  -5.70
Spices and Concentrates 264.65  274.08  3.56 47.94  52.04  8.55
Processed Food & Beverages 291.77  315.69  8.20 46.10  40.70  -11.71
Seafood 167.30  164.54  -1.65 17.66  13.86  -21.52
Ornamental Fish 16.91  16.55  -2.13 2.02  1.70  -15.84
Vegetables 18.95  19.37  2.22 2.12  2.11  -0.47
Fruits 28.79  27.08  -5.94 3.56  3.84  7.87
Other Export Crops 61.68  46.39  -24.79 11.38  5.49  -51.76
Flowers & Foliage 9.87  9.23  -6.48 0.95  0.98  3.16
Boat Building 67.15  24.91  -62.90 54.44  0.31  -99.43
Petroleum Products 267.59  274.87  2.72 23.56  28.47  20.84
Others 949.17  1,226.92  29.26 131.34  117.74  -10.35
Total Merchandize Exports 8,010.10  8,440.02  5.37  1,118.60  1,165.36           4.18 
ICT/ BPM 809.53 947.46 17.04 107.73  146.26 35.76
Construction 205.10 146.44 -28.60        50.40  18.84 -62.62
Financial Services 40.62 43.60 7.32          4.42  7.30 64.99
Transport & Logistics 1033.30 1109.27 7.35      136.79  146.37 7.01
Total Services Exports 2088.56 2246.77 7.58 299.35 318.77 6.49
Total Exports 10,098.7  10,686.8  5.82  1,418.0  1,484.1           4.67 

Sources: CBSL, Sri Lanka Customs

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

Values in US$ Mns


Destination Jan-Aug 2023 Jan-Aug 2024 % Growth (23-24) Aug  2023 Aug 2024 % Growth (23-24)
1 United States 1872.70 1939.76 3.58 252.13 300.98 19.37
2 United Kingdom 570.76 613.56 7.50 72.51 86.54 19.35
3 India 575.92 577.47 0.27 82.05 85.80 4.57
4 Italy 444.86 395.69 -11.05 63.63 57.80 -9.16
5 Germany 396.30 430.01 8.51 46.40 69.72 50.26
6 United Arab Emirates 254.55 233.87 -8.12 32.98 27.48 -16.68
7 Netherlands 224.96 253.28 12.59 27.85 38.41 37.92
8 France 227.06 178.49 -21.39 74.81 27.35 -63.44
9 Canada 206.90 219.13 5.91 27.16 35.60 31.08
10 China 161.69 169.86 5.05 19.99 21.38 6.95
11 Australia 152.38 161.77 6.16 21.77 22.34 2.62
12 Belgium 150.76 154.58 2.53 18.25 23.85 30.68
13 Turkey 134.95 94.99 -29.61 22.83 12.92 -43.41
14 Japan 130.83 115.83 -11.47 15.93 14.57 -8.54
15 Switzerland 128.46 116.92 -8.98 15.59 15.95 2.31

Others 2377.02 2784.81 17.16 324.72 324.67 -0.02

Total  8,010.10 8,440.02 5.37 1,118.60 1,165.36 4.18

Sources: CBSL, Sri Lanka Customs

Table 3: Comparison of Region wise Merchandise Export Performance

Values in US$ Mns

Region Jan-Aug 2023 Jan-Aug 2024 % Growth (23-24) Aug  2023 Aug 2024 % Growth (23-24)
United States 1872.70 1939.76 3.58 252.13 300.98 19.37
European Union (EU) excluding UK 1829.15 1815.49 -0.75 286.47 281.77 -1.64
South Asia 827.18 872.47 5.48 118.13 124.98 5.80
ASEAN 687.49 664.02 -3.41 90.40 84.54 -6.48
CIS Countries 215.65 203.62 -5.58 25.22 34.11 35.25
African Countries 219.41 241.85 10.23 34.75 30.58 -12.00
Middle East Countries (excl. Cyprus & Egypt) 165.51 186.45 12.65 19.36 21.43 10.69
Others 2193.01 2516.36 14.74 292.14 286.97 -1.77
Total Merchandise Exports 8,010.10 8,440.02 5.37 1,118.60 1,165.36 4.18

Sources: CBSL, Sri Lanka Customs

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