The Export Development Board (EDB) says that Sri Lanka’s merchandise export performance in March 2024 amounted to USD 1,138.9 million, recording an increase of 9.77% compared to March 2023. 

Furthermore, it said that export performance in March 2024 increased by 7.51% compared to the preceding month, February 2024.

According to the latest data released by the EDB, the value of services exports for the month of March 2024 was US$ 275.1 Million, increasing 8.39 % over the corresponding period of 2023. 

Subsequently, total exports for the month of March 2024 was recorded as US$ 1.4 Billion including merchandize and services exports.

Export earnings from Apparel & Textile increased by 6.66 % y-o-y to US $ 443.9 Mn in March 2024 compared to March 2023. 

Export earnings from tea which made up 12% of merchandise exports, increased by 13.35 % y-o-y to US$ 124.86 Mn in March 2024 compared to March 2023. 

This increase is mainly due to the strong performance in the export of Bulk Tea and Tea packets, increased by 23.31 % and 6.51% respectively, the release said.

Cumulative merchandise exports during the period of January to March 2024, increased by 5.71 % to US$ 3,168.9 Million compared to the corresponding period in 2023. 

The value of services exports for the period of January to March 2024 was US$ 788.7 Million, increasing 7.76 % over the corresponding period of 2023. 

The EDB said that exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports during both March 2024 and the cumulative period of January to March 2024 increased respectively by 4.79 % and 2.54 %.

Exports to the top five EU markets were recorded as; Germany US$ 163.94 Mn (increased by 6.34 %), Italy US$ 157.82 Mn (decreased by 0.39 %), Netherlands US$ 87.83 Mn (increased by 5.02 %), France US$ 60.62 Mn. (increased by 5.79 %) and Belgium US$ 55.42 Mn (decreased by 0.45%) during the cumulative period of January to March 2024 in comparison to the corresponding period in 2023.