Sri Lanka’s May Exports Up 9-pct from April

As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in May 2024 amounted to US$ 960.2 million, recorded an increase of 9.4 % compared to the preceding month, April 2024. Furthermore, export performance in May 2024 decreased by 5.81 % compared to May 2023.

The estimated value of services exports for the month of May 2024 was US$ 327.35 Million, increasing 21.24 % over the corresponding period of 2023. 

Consequently, total exports for May 2024, including both merchandise and services, were recorded at US$ 1,287.59 million.

Table 1: Comparison of Sector-wise Export Performance 

                           Values in US$ Mns

Exports of Goods & Services Jan-May 2023 Jan-May 2024 % Growth (23-24) May  2023 May 2024 % Growth (23-24)
Apparel & Textile 2024.69 1956.65 -3.36 412.44 390.29 -5.37
Tea 523.99  565.28  7.88 116.32  115.04  -1.10
Rubber-based 375.89  416.20  10.72 76.85  81.17  5.62
Coconut-based 280.83 332.94 18.56 66.64 68.56 2.88
Diamond, Gems & Jewelery 156.65 149.29 -4.70 31.44 32.19 2.39
Electronics & Electronic   Components 210.70 168.82 -19.88 43.90 30.88 -29.66
Spices and Concentrates 149.74 112.93 -24.58 27.12 25.48 -6.05
Processed Food & Beverages 174.58 200.95 15.10 44.29 42.22 -4.67
Seafood 114.47 108.09 -5.57 22.98 17.41 -24.24
Ornamental Fish 11.05 10.53 -4.71 2.35 2.02 -14.04
Vegetables 12.39 12.02 -2.99 2.70 2.31 -14.44
Fruits 18.11 15.88 -12.31 4.22 2.64 -37.44
Other Export Crops 27.54 30.33 10.13 13.50 7.06 -47.70
Flowers & Foliage 6.32 6.06 -4.11 1.31 1.12 -14.50
Boat Building 12.04 11.15 -7.39 0.21 0.09 -57.14
Petroleum Products 162.25 145.98 -10.03 21.89 47.65 117.68
Others 604.56 773.20 27.89 131.34 94.11 -28.35
Total Merchandize Exports 4,865.80  5,016.30  3.09  1,019.50       960.24          -5.81
ICT/ BPM 481.20 601.15 24.93 98.30 164.45 67.29
Construction 92.80 89.65 -3.39 19.50 18.35 -5.90
Financial Services 29.15 30.40 4.29 5.65 11.30 100.00
Transport & Logistics 667.26 663.75 -0.53 146.55 133.25 -9.08
Total Services Exports 1,270.41 1,384.95 9.02 270.00 327.35 21.24
Total Exports 6,136.21  6,401.25  4.32  1,289.50  1,287.59          -0.15

Sources: CBSL, Sri Lanka Customs

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

Values in US$ Mns


Destination Jan-May 2023 Jan-May 2024 % Growth (23-24) May  2023 May 2024 % Growth (23-24)
1 United States 1,140.70 1,117.56 -2.03 225.8 222.62 -1.41
2 United Kingdom 352.32 377.73 7.21 66.58 72.56 8.98
3 India 345.55 311.80 -9.77 78.10 72.41 -7.29
4 Italy 259.19 250.92 -3.19 61.84 52.33 -15.38
5 Germany 244.41 255.04 4.35 50.69 50.03 -1.30
6 United Arab Emirates 155.42 141.02 -9.27 18.32 26.29 43.50
7 Netherlands 137.45 144.96 5.46 31.15 30.88 -0.87
8 France 104.51 106.99 2.37 24.69 22.05 -10.69
9 Canada 131.75 126.01 -4.36 28.48 22.44 -21.21
10 China 103.24 101.21 -1.97 23.48 18.1 -22.91
11 Australia 93.53 96.08 2.73 19.81 17.73 -10.50
12 Belgium 91.51 91.37 -0.15 18.86 19.31 2.39
13 Turkey 76.66 55.58 -27.50 15.24 13.19 -13.45
14 Japan 83.70 71.14 -15.01 22.89 14.31 -37.48
15 Switzerland 77.88 76.71 -1.50 20.54 21.14 2.92

Others 1467.98 1692.18 15.27 313.03 284.85 -9.00

Total  4,865.80  5,016.30  3.09  1,019.50       960.24          -5.81

Sources: CBSL, Sri Lanka Customs

Table 3: Comparison of Region wise Merchandise Export Performance

Values in US$ Mns

Region Jan-May 2023 Jan-May 2024 % Growth (23-24) May 2023 May 2024 % Growth (23-24)
United States 1,140.70 1,117.56 -2.03 225.8 222.62 -1.41
European Union (EU) excluding UK 1,072.06 1,085.02 1.21 236.98 220.06 -7.14
South Asia 504.15 493.35 -2.14 111.77 126.43 13.12
ASEAN 405.96 406.86 7.71 72.29 77.86 0.22
CIS Countries 142.13 118.92 -16.33 26.50 25.07 -5.40
African Countries 129.85 133.53 2.83 23.63 23.56 -0.30
Middle East Countries (excl. Cyprus & Egypt) 106.12 111.91 5.46 25.06 24.44 -2.47
Others 1,364.83 1,549.15 13.50 297.47 240.20 -19.25
Total Merchandise Exports 4,865.80 5,016.30 3.09 1,019.50 960.24 -5.81

Sources: CBSL, Sri Lanka Customs

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