In May 2024, Sri Lanka’s merchandise exports dropped by 5.81% compared to the same month last year, totaling 960.2 million dollars, according to the island’s Export Development Board.
For the first five months of 2024, goods exports reached 5,016.30 million dollars, marking a 3.09% increase from the same period in the previous year.
Service exports saw a significant rise in May, increasing by 21.24% to 327.35 million dollars.
Despite these gains, the total value of goods and services exports in May decreased by 0.15% to 1,287.59 million dollars.
Among traditional hard goods exports in May, tea exports fell by 1.1% to 115.04 million dollars. However, rubber-based products rose by 5.62% to 81.17 million dollars, and coconut-based products increased by 2.88% to 68.56 million dollars.
Other exports that saw growth included petroleum products, which surged by 117.68% to 47.65 million dollars, and diamond, gems, and jewelry, which climbed by 2.39% to 32.19 million dollars.
However, all other goods exports declined from April. Notably, apparel exports decreased by 5.37% to 390.29 million dollars, and spices and concentrates dropped by 6.05% to 25.48 million dollars.