Sri Lanka’s export sector witnessed a notable boost in July 2024, with merchandise exports rising by 6.58% year-on-year to reach 1,087.6 million US dollars, according to official data. Apparel exports, a key contributor, grew by 3.8%, supported by increased demand from the US market.
From January to July 2024, total merchandise exports climbed by 4.94%, totaling 7,231.94 million US dollars compared to the same period in 2023. The Export Development Board reported that services exports also experienced substantial growth, up 16.44% in July 2024, amounting to 293.26 million US dollars.
Combined, the total exports for July 2024, including both goods and services, stood at 1,380.84 million US dollars, marking an 8.53% increase over July 2023.
Tea exports, which represent 12% of Sri Lanka’s merchandise exports, rose by 8.25% year-on-year to 124.7 million US dollars. The spices and concentrates segment saw a significant 63.07% increase, driven by a 127% surge in pepper exports to India.
Activated carbon exports also grew by 26.41%, reaching 13.45 million US dollars.
Geographically, exports to the US, Sri Lanka’s top export destination, increased by 5.21% to 267.02 million US dollars. Other markets also showed growth, including the UK (up 1.33%), Germany (up 4.2%), UAE (up 6.89%), and India (up 13.31%). However, exports to Italy declined by 31.79%.