In March 2024, Sri Lanka’s merchandise export performance reached US$ 1,138.9 million, marking a significant 9.77% increase compared to March 2023. The Export Development Board (EDB) reported that this performance also saw a 7.51% rise from the previous month, February 2024. Alongside merchandise exports, services exports amounted to US$ 275.1 million in March 2024, showcasing an 8.39% increase over the corresponding period in 2023. Consequently, the total exports for March 2024, combining merchandise and services, reached US$ 1.4 billion.
Notably, export earnings from Apparel and Textile rose by 6.66% year-on-year to US$ 443.9 million in March 2024 compared to March 2023. Tea exports, constituting 12% of merchandise exports, also surged by 13.35% year-on-year to US$ 124.86 million in March 2024. This increase was driven by robust performances in Bulk Tea and Tea packets exports, which grew by 23.31% and 6.51%, respectively. Additionally, the volume of tea exports increased by 18.2% in March 2024, with significant growth seen in exports to markets like Iraq, UAE, Russia, and Saudi Arabia.
The report further highlighted positive trends in Rubber and Rubber Finished products, Coconut-based products, and Food & Beverages exports. Rubber and Rubber Finished products saw a 7.45% year-on-year increase to US$ 97.98 million in March 2024, while Coconut-based products witnessed a substantial 32.2% growth. Similarly, Food & Beverages exports surged by 35.81% year-on-year to US$ 49.45 million in March 2024, particularly fueled by strong performances in Processed food exports. These upward trends in various export sectors have contributed to a favorable start in export earnings for the year 2024, showing promising growth trajectories across key industries.