Total exports for November 2024, including both merchandise and services, were recorded at US$ 1,269.33 million, reflecting a marginal increase of 0.04% compared to the same period in 2023.
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in November 2024 amounted to US$ 943.1 million, reflecting a 5.6% decline compared to November 2023. This decrease is primarily attributed to reduced earnings from exports of Rubber-based products, Electrical and Electronic components, Food & Beverages, and Seafood.
However, services exports for the month of November 2024 were estimated at US$ 326.23 Million, reflecting a 20.89 % increase over the corresponding period of 2023.
Figure I shows Monthly Merchandise export performance from the year 2021 to November 2024.
Sources: Central Bank of Sri Lanka, Sri Lanka Customs
Major Exports in November 2024
a) Products & Services with Positive Growth (Increases)
Export earnings from Apparel & Textile increased by 0.54 % y-o-y to US $ 397.19 Mn in November 2024 compared to November 2023. Additionally, exports of Apparel & Textile to USA and UK increased by 1.4 % and 4.6 % respectively in November 2024 compared to November 2023.
Export earnings from tea, which made up 12% of merchandise exports, increased by 4.72 % y-o-y to US$ 118.15 Mn in November 2024 compared to November 2023. This increase is mainly due to the positive performance in the export of Tea Packets (14.14 %) and Bulk Tea (5.02 %).
On monthly analysis, export earnings of Coconut based products increased by 13.08 % in November 2024 compared to November 2023. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 12.37 %, 11.73 % and 16.72 % respectively in November 2024 compared to November 2023.
Moreover, Export earnings from Coconut oil, Desiccated Coconut, Coconut milk powder and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 8.18 %, 20.64 %, 24.8 %, and 16.68 % respectively in November 2024 compared to November 2023.
Being the largest contributor to Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fiber products, increased by 15.9 % to US$ 13.56 Mn in November 2024 in comparison to November 2023.
In addition, export of Activated Carbon, which is categorized under Coconut shell products, increased by 18.62 % to US$ 13.76 Mn in November 2024 in comparison to November 2023.
Export earnings from Spices and Concentrates increased by 33.17 % to US$ 41.27 Mn in the month of November 2024 compared to month of November 2023 mainly due to the strong performance in export of Pepper (169.71 %) and Cinnamon (15.96 %).
Furthermore, the estimated value of ICT exports is expected to increase by 38.04 % to US$ 141.39 Mn in November 2024 when compared to November 2023. In addition, the estimated value of Logistics & transport services is expected to increase by 21.09 % to US$ 162.34 Mn in November 2024 when compared to November 2023.
b) Products & Services with Negative Growth (Decreases)
Export earnings from Rubber and Rubber finished products have decreased by 1.96 % y-o-y to US$ 77.2 Mn in November 2024, with the negative performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-22.95 %).
Export earnings from Electrical and Electronics Components deceased by 6.18 % y-o-y to US$ 35.08 million in November 2024, primarily due to a decline in export of Insulated Wires and Cables (- 20.47 %).
Export earnings from Food & Beverages have decreased by 8.29 % y-o-y to US$ 36.29 Million in November 2024, with the negative performance in exports of Animal feed (-22.81 %) and Other Cereals (-30.73%).
Export earnings from Seafood decreased by 34.68 % to US$ 16.46 Mn in November 2024 compared to November 2023. This decrease was mainly due to the poor performance in export of Frozen fish (-22.49 %), Fresh fish (-39.92 %) and Shrimps (-72.22%).
Moreover, export earnings from Ornamental fish decreased by 26.64 % to US$ 1.79 Mn in November 2024 compared to November 2023.
Exports during the period of January – November 2024
During the period of January to November 2024, cumulative merchandise exports recorded notable growth of 6.44 % to US$ 11611.90 million compared to the same period in 2023.
Services exports also showed promising growth, with an estimated increase of 7.39% to US$ 3,174.06 Mn during the first eleven months of 2024, compared to the corresponding period last year.
As a result, the total export value, encompassing both merchandise and services, reached US$ 14,785.96 Mn during this period, reflecting a 6.64% growth over the same period in 2023.
This performance underscores the resilience and continued potential of Sri Lanka’s export sector amidst evolving global trade dynamics.
a) Products & Services with Positive Growth (Increases)
Earnings from export of Apparel, Tea, Rubber products, Coconut products, Food & Beverages, and Spices & Concentrates increased by 4.03 %, 8.8 %, 8.25%, 19.86 %, 9.48 % and 13.18 % respectively during the period of January to November 2024 in comparison to the corresponding period of 2023.
Earnings from export of Apparel & Textile have increased by 4.03 % to US$ 4,604.16 Mn during the period of January to November 2024 compared to the same period in 2023. Additionally, exports of Apparel & Textile to USA and UK increased by 4.03 % & 6.09 % respectively in the period of January to November 2024 compared to the corresponding period of 2023.
Earnings from export of Tea increased y-o-y by 8.8 % to US$ 1,304.26 Mn in the period of January to November 2024. This increase was mainly due to the strong performance in export of Bulk Tea (12.01 %) & Tea Packets (7.18 %).
In addition, export earnings from Rubber & Rubber finished products increased by 8.25 % to US$ 920.81 Mn in January – November 2024 compared to the same period in 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (21.74 %) and Pneumatic & Retreated Rubber Tyres & Tubes (3.3 %).
Export earnings of Coconut & Coconut based products increased by 19.86 % to US$ 782.32 Mn during January – November 2024 compared to the last year. Earnings from all the major categories of Coconut based products increased in the period of January – November 2024 compared with the corresponding period of 2023 due to the strong performance in export of Coconut Oil (21.09 %), Desiccated Coconut (38.73 %), Coconut Milk Powder (39.35 %), Coconut Cream (28.97 %), Liquid Coconut Milk (28.08 %), Cocopeat (20.41 %) and Activated Carbon (15.9 %).
In addition, export earnings from Spices and Concentrates increased y-o-y by 13.18 % to US$ 414.67 Mn in the period of January to November 2024. This increase mainly driven by the strong performance in exports of Pepper (83.57%). Pepper exports to India increased 83.72 % in the first eleven months of 2024 compared to the corresponding period of previous year.
Export earnings from Food & Beverages have increased by 9.48 % y-o-y to US$ 436.56 Million in the period of January to November 2024, with the positive performance in exports of Processed food (36.7 %).
Furthermore, the estimated value of ICT exports is expected to increase by 18.28 % to US$ 1,325.79 Mn during the period of January to November 2024 when compared to the corresponding period of 2023.
In addition, the estimated value of Logistics & transport services is expected to increase by 10.11 % to US$ 1,600.27 Mn during the period of January to November 2024 when compared to the corresponding period of 2023.
b) Products & Services with Negative Growth (Decreases)
Meanwhile earnings from export of Electrical and Electronic Components (EEC) decreased by 15.34 % to US$ 382.39 Mn in the period of January to November 2024 compared to the corresponding period of 2023. This decline was primarily driven by poor performance in exports of Switches, boards & Panels (-18.92 %), Insulated wires (-14.35 %) and Other Electrical & Electronic Products (-18.66 %).
Further, export earnings from Seafood decreased by 10.76 % to US$ 212.78 Mn during the period of January to November 2024 compared to year 2023 due to the poor performance in Frozen Fish (-9.72 %) and Shrimps (-34.62 %).
Export earnings from Ornamental fish decreased by 7.68 % to US$ 22.48 Mn in the first eleven months of 2024 compared to the same period of 2023.
Table 1 shows the comparison of Export performance during the month of November 2024 and the period of January to November 2024 compared to 2023.
Sri Lanka’s Export Performance in Major Markets
Among Sri Lanka's top 10 export markets, USA, UK, India, Netherlands and Canada markets showed positive growth in the month of November 2024 and the cumulative period from January to November 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 1.75 % to US$ 227.17 Mn in November 2024 compared to November 2023. In parallel, exports to United States of America in the cumulative period of January to November 2024 increased by 6.19 % to US$ 2,659.95 Mn compared to the corresponding periods in 2023.
Exports to the United Kingdom increased by 5.96 % to US$ 68.6 Mn in November 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 7.81 % to US$ 834.27 Mn in cumulative period of January to November 2024 compared to the corresponding period in 2023.
Table 2 shows the comparison of Merchandise export performance of top 15 export markets during the month of November 2024 and the period of January to November 2024 compared to 2023.
Exports to FTA Partners (India & Pakistan)
a) November 2024
In November 2024, exports to India and Pakistan accounted for 8.4 % of total merchandise exports, experiencing an increase of 24.86 % to US$ 75.35 Mn compared to November 2023. Both, exports to India increased by 27.44 % while exports to Pakistan decreased by 2.89 % in November 2024 compared to November 2023.
The Positive performance of India was driven by higher exports of Petroleum oils(415.23%) and Pepper (146.33%).
b) January - November 2024
Exports to India & Pakistan accounted for 6.8 % of total merchandise exports increased by 2.4 % to US$ 866.74 Mn during the period of January to November 2024 compared to the corresponding period of previous year.
Exports to India increased by 2.69 % while Exports to Pakistan decreased by 0.82 % during the period of January to November 2024 when compared with the corresponding period in 2023.
The positive export performance of India was driven by higher export of Pepper (83.52 %). Meanwhile, decreased exports to Pakistan were led by decreased exports of Betel leaves (-35.64 %)
Sri Lanka’s Export Performance in Regions
Table 3 shows the comparison of region wise exports during the month of November 2024 and the period of January to November 2024 compared to 2023.
Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports, decreased by 6.53 % y-o-y in November 2024. However, exports to EU increased by 0.46 % during the cumulative period of January to November 2024.
Exports to the top five EU markets were recorded as; Germany US$ 568.29 Mn (increased by 7.27 %), Italy US$ 550.82 Mn (decreased by 12.85 %), Netherlands US$ 354.05 Mn (increased by 15.53 %), France US$ 242.49 Mn. (decreased 15.05 %) and Belgium US$ 216.99 Mn (increased by 5.73 %) during the cumulative period of January to November 2024 in comparison to the corresponding period in 2023.
Policy & Strategic Planning Division - 19.12.2024
