Sri Lanka’s merchandise exports surge in July 2024

The merchandise export performance in July 2024 has amounted to USD 1,087.6 million, recording an increase of 6.58% compared to July 2023, according to the latest report from the Export Development Board (EDB).

This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Coconut based products, Spices & Concentrates and Seafood, according to the EDB.

Furthermore, export performance in July 2024 increased by 0.98% compared to June 2024. 

The estimated value of services exports for the month of July 2024 was USD 293.26 Million, increasing 16.44 % over the corresponding period of 2023. 

Consequently, total exports for July 2024, including both merchandise and services, were recorded at US$ 1,380.84 million, increasing 8.53% over the corresponding period of 2023.

Export earnings from Apparel & Textile increased by 3.8 % y-o-y to USD  443.74 Mn in July 2024 compared to July 2023.

Among Sri Lanka’s top 10 export markets, USA, UK, Germany, Netherlands, France, Canada and China markets showed positive growth in the month of July 2024 and the cumulative period from January to July 2024, compared to the corresponding periods in 2023. 

Furthermore, United States of America, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, increased by 5.21 % to US$ 267.02 Mn in July 2024 compared to July 2023. In parallel, exports to United States of America in the cumulative period of January to July 2024 increased by 1.12 % to US$ 1,638.78 Mn compared to the corresponding periods in 2023.

Exports to the United Kingdom increased by 1.33 % to US$ 74.4 Mn in July 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 5.77 % to US$ 527.01 Mn in cumulative period of January to July 2024 compared to the corresponding period in 2023.