Sri Lanka’s merchandise export performance for June 2024 reached USD 1,031.2 million, marking a 2.58% increase compared to June 2023, according to provisional data from Sri Lanka Customs. This rise is attributed to higher earnings from exports of apparel and textiles, tea, rubber-based products, coconut-based products, food and beverages, and spices and concentrates.
Compared to May 2024, June’s export performance improved by 1.97%. Service exports for June 2024 were estimated at USD 323.13 million, reflecting a 39.05% increase over the previous year.
Total exports for June 2024, including both merchandise and services, amounted to USD 1,354.32 million, up 9.42% from the same period in 2023. Notably, apparel and textile exports grew by 4.22% year-on-year to USD 446.54 million, with exports to the USA rising by 13.28%.
Tea exports, comprising 12% of merchandise exports, increased by 9.18% year-on-year to USD 121.76 million. Rubber and rubber product exports saw an 11.8% year-on-year increase to USD 82.63 million, driven by strong performance in pneumatic and retreaded tyres and industrial gloves.
Monthly increases in June 2024 included a 15.54% rise in coconut-based product exports and a 62.63% increase in spice exports, primarily due to a surge in pepper exports to India. Seafood exports rose by 14.86%, with notable gains in frozen and fresh fish. Ornamental fish exports increased by 15.69%, while ICT exports are expected to grow by 28.25%.
Construction services exports and logistics and transport services are anticipated to grow by 4.89% and 52.96%, respectively. Among Sri Lanka’s top export markets, the USA, UK, Netherlands, France, Canada, and China showed positive growth. The USA, Sri Lanka’s largest export destination, saw a 12.44% increase in June, while cumulative exports to the USA rose by 0.36% from January to June 2024.
Exports to the UK increased by 3.25% in June 2024, with a 6.54% rise in the first half of the year. However, exports in the electrical and electronics sector fell by 19.69%, and other export crops and flowers showed decreases of 22.29% and 45.83%, respectively. Food and beverage exports increased by 5.9% year-on-year to USD 36.96 million, driven by growth in processed food exports.