The official data issued by the Export Development Board of Sri Lanka indicates that the merchandise export performance in January 2024 amounted to US$ 970.7 million, recording a 0.77 % decline compared to January 2023.
Compared to January 2023, agricultural exports have shown an increase of 3.58%, reaching US$ 225.43 million in January 2024. However, industrial exports experienced a decline of 2.08% during the same period, dropping to US$ 744.77 million.
Tea has made up 12% of merchandise exports, increased by 2.63 % y-o-y to US$ 102.18 Mn in January 2024 compared to January 2023. According to the official data earnings from Tea increased mainly due to the strong performance in the export of Bulk Tea, Tea Bags and Green Tea. Significantly earnings from the export of Tea Bags and Green Tea which are considered as value-added products have increased 58.33% and 89.29% respectively.
Furthermore, the volume of tea exports increased by 6.88 % in January 2024 compared to January 2023. Additionally, Tea exports to Iran and Iraq markets, increased by 93.81% and 35.11% respectively.
Moreover, Export earnings from Rubber and Rubber Finished products have increased by 7.68 % y-o-y to US$ 81.72 Mn in January 2024, with a strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (17.57%). Furthermore, exports of rubber to Italy and Canada experienced significant growth, surpassing 100% in January 2024 compared to January 2023.
On monthly analysis, export earnings of Coconut-based products increased by 16.74 % in January 2024 compared to January 2023. Moreover, export earnings of Coconut kernel products and Coconut shell products increased by 19.92 % and 42.68 % respectively in January 2024 compared to January 2023.
Export earnings from Coconut Oil, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 39.74 %, 37.5 % and 15.01 % respectively in January 2024 compared to January 2023.
Being the largest contributor to the coconut-based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 0.57% to US$ 10.55 Mn in January 2024 in comparison to January 2023.
Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 44.07 % to US$ 12.88 Mn in January 2024 compared to January 2023.
Export earnings from Seafood increased by 9.93 % to US$ 23.02 Mn in January 2024 compared to January 2023. This increase was mainly due to the strong performance in export of Fresh fish (30.8 %) and Shrimps (44.83 %). Furthermore, export earnings from Ornamental fish increased by 0.45% to US$ 2.21 Mn in January 2024 compared to January 2023.
Export earnings from Food & Beverages have increased by 4.57 % y-o-y to US$ 33.87 Million in January 2024, with the positive performance in exports of Processed food (124.73%).
Products with Negative Growth (Decreases)
Export earnings from Apparel & Textile decreased by 10.17 % y-o-y to US $ 380.1 Mn in January 2024 compared to January 2023. Additionally, exports of Apparel & Textile to USA, UK and EU Region decreased by 10.16%, 17.8% and 9.54% respectively in January 2024 com
pared to January 2023.
Similarly, export earnings from Spices and Essential Oils decreased by 14.94 % to US$ 29.33 Mn in the month of January 2024 compared to month of January 2023 mainly due to the poor performance in export of Cloves (-94.13%). Clove exports to India decreased by nearly 100% in January 2024 compared to January 2023.
In addition, export earnings from the Electrical & Electronics Components decreased by 18.37 % y-o-y to US$ 31.24 Mn in January 2024 with poor performance in exports of Insulated Wires and Cables (-3.24%), Electrical Transformers (-1.23 %) and Other Electrical & Electronic products (-36.67%).
Export earnings of Coconut fiber-based products decreased by 5.33 % in January 2024 compared to January 2023.
Furthermore, the total export earnings from Diamonds, Gems & Jewellery declined by 29.09 % y-o-y to US$ 32.98 million in January 2024. Export earnings from all three sub-sectors experienced decreases in January 2024: Diamonds (-23.23%), Gems (-33.56%), and Jewellery (-33.79%). Specifically, exports of Gems to the USA decreased by 53.03%, while exports of Diamonds to Israel decreased by 64.8%.
Export earnings of Boatbuilding decreased by 14.29% to US$ 0.06 Mn in January 2024 compared to January 2023.
