Total exports, including both merchandise and services, reached at US$ 1,382.53 Mn in February 2025, marking a notable 4.62% year-on- year growth compared to February 2024. Additionally, exports recorded a 2.58% month-on-month increase compared to January 2025.
According to provisional data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products, merchandise exports for February 2025 were valued at US$ 1,056.39 Mn.
In contrast, services exports for February 2025 were estimated at US$ 326.14 million, marking a significant 24.37% increase over the corresponding period in 2024.
However, cumulative total exports, including both merchandise and services, were estimated at US$ 2,730.33 Mn for period of January to February 2025, marking a notable 6.65 % growth compared to the same period in 2024.
Merchandise exports during the first two months of 2025 are estimated to have increased by 3.9%, reaching US$ 2,109.19 Mn, based on data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products.
Meanwhile, the estimated value of services exports is expected to increase by 17.2% to US$ 621.14 Mn compared to the corresponding period in 2024.
The services exports estimated by EDB consists of ICT/BPM, Construction, Financial services and Transport & Logistics.
Major Exports in February 2025
a) Products & Services with Positive Growth (Increases)
Export earnings from Apparel & Textile increased by 1.42 % y-o-y to US $ 427.28 Mn in February 2025 compared to February 2024.
On monthly analysis, export earnings of Coconut based products increased by 20.93 % in February 2025 compared to February 2024. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 22.72 %, 28.23% and 4.67 % respectively in February 2025 compared to February 2024.
Export earnings from Coconut Oil, Coconut Milk powder, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 57.42 %, 77.88 %, 53.13 % and 1.01 % respectively in February 2025 compared to February 2024.
Being the largest contributor to Coconut based sector, Coco Peat, Fiber Pith & Moulded products which are categorized under the Coconut fibre products, increased by 36.76 % to US$ 22.06 Mn in February 2025 in comparison to February 2024.
Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 7.52 % to US$ 12.87 Mn in February 2025 compared to February 2024.
Similarly, export earnings from Spices and Essential Oils increased by 64.98 % to US$ 37.93 Mn in the month of February 2025 compared to month of February 2024 mainly due to the strong performance in export of Pepper (243.13%), Cinnamon (19.32%) and Cloves (309.56%).
Export earnings from Boat building reached US$ 3.68 Mn in February 2025, reflecting a remarkable growth of 18,300% compared to February 2024.
Furthermore, the estimated value of ICT exports is expected to increase by 32.14 % to US$ 141.89 Mn in February 2025 when compared to February 2024. In addition, the estimated value of Logistics & transport services is expected to increase by 34.91 % to US$ 170.47 Mn in February 2025 when compared to February 2024.
b) Products & Services with Negative Growth (Decreases)
Export earnings from tea which made up 12% of merchandise exports, decreased by 6.52 % y-o-y to US$ 119.41 Mn in February 2025 compared to February 2024. This decrease is mainly due to the poor performance in the export of Bulk Tea(- 22.96 %).
Furthermore, volume of tea exports decreased by 8.58 % in February 2025 compared to February 2024. Additionally, Tea exports to UAE market decreased by 47.22%.
Moreover, Export earnings from Rubber and Rubber Finished products have decreased by 6.33 % y-o-y to US$ 83.11 Mn in February 2025, with the poor performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (-21.38 %).
Export earnings from Food & Beverages have decreased by 4.12 % y-o-y to US$ 41.23 Million in February 2025, with the negative performance in exports of Animal Feed (-23.57%).
Export earnings from Seafood decreased by 34.24 % to US$ 13.6 Mn in February 2025 compared to February 2024. This increase was mainly due to the negative performance in export of Fresh fish (-63.75 %) and Shrimps (-81.42 %).
Furthermore, export earnings from Ornamental fish decreased by 54.27 % to US$ 0.75 Mn in February 2025 compared to February 2024.
Additionally, export earnings from the Electrical & Electronics Components decreased by 10.89 % y-o-y to US$ 31.33 Mn in February 2025 with poor performance in exports of Insulated Wires and Cables (-15.93 %), Printed Circuits (-90.53%), Switches, Boards & Panels (-27.76%).
Exports during the period of January – February 2025
Cumulative total exports, including both merchandise and services, were estimated at US$ 2,730.33 Mn for period of January to February 2025, marking a notable 6.65 % growth compared to the same period in 2024.
Merchandise exports during the first two months of 2025 are estimated to have increased by 3.9%, reaching US$ 2,109.19 Mn, based on data from Sri Lanka Customs and estimated figures for Gems & Jewellery and Petroleum Products.
Meanwhile, the estimated value of services exports is expected to increase by 17.2% to US$ 621.14 Mn compared to the corresponding period in 2024.
a) Products & Services with Positive Growth (Increases)
Earnings from export of Apparel, Tea, Coconut products, Spices & Concentrates and Food & Beverages increased by 10.74 %, 0.95 %, 25.91 %, 47.02 % and 7.89% respectively during the period of January – February 2025 in comparison to the corresponding period of 2024.
Earnings from export of Apparel & Textile have increased by 10.74 % to US$ 887.52 Mn during the period of January to February 2025 compared to the same period in 2024. Notably, exports to the United States increased by 7.8%, amounting to US$ 323.85 Mn.
Earnings from export of Tea increased y-o-y by 0.95 % to US$ 232.11 Mn in the period of January to February 2025. This increase was mainly due to the strong performance in export of Tea Packets (9.07 %).
Export earnings of Coconut & Coconut based products increased by 25.91 % to US$ 156.77 Mn during January – February 2025 compared to the last year. Earnings from all the major categories of Coconut based products increased in the period of January – February 2025 compared with the corresponding period of 2024 due to the strong performance in export of Coconut Oil (46.76 %), Desiccated Coconut (8.3 %), Coconut Milk Powder (76.96 %), Coconut Cream (52.81 %), Liquid Coconut Milk (11.43 %), Cocopeat (45.8 %) and Activated Carbon (10.46 %).
In addition, export earnings from Spices and Essential Oils increased y-o-y by 47.02 % to US$ 76.92 Mn in the period of January to February 2025. This increase was due to the strong performance in exports of Pepper (144.64 %), Cinnamon (4.6 %) & Cloves (417.09 %).
Export earnings from Food & Beverages have increased by 7.89 % y-o-y to US$ 82.97 Million in the period of January to February 2025, with the positive performance in exports of Processed food (18.6 %).
Furthermore, the estimated value of ICT exports is expected to increase by 24.1 % to US$ 255.89 Mn during the period of January to February 2025 when compared to the corresponding period of 2024.
In addition, the estimated value of Logistics & transport services is expected to increase by 25.89 % to US$ 333.47 Mn during the period of January to February 2025 when compared to the corresponding period of 2024.
b) Products & Services with Negative Growth (Decreases)
Export earnings from Rubber & Rubber finished products decreased by 7.2 % to US$ 158.18 Mn in January – February 2025 compared to the same period in 2024 attributed to decreased exports of Pneumatic & Retreated Rubber Tyres & Tubes (-27.2 %).
Further, export earnings from Seafood decreased by 28.44 % to US$ 31.27 Mn during the period of January to February 2025 compared to year 2024 due to the negative performance in Fresh Fish (-61.96 %) and Shrimps (-79.2 %).
Meanwhile earnings from export of Electrical and Electronic Components (EEC) decreased by 10.0 % to US$ 59.76 Mn in the period of January to February 2025 compared to the corresponding period of 2024. This decrease was due to the poor performance in exports of Insulated Wires and Cables (-21.76 %), Printed Circuits (-88.19%), Switches, Boards & Panels (-13.26%).
Table 1 shows the comparison of Merchandise export performance during the month of February 2025 and the period of January to February 2025 compared to 2024.
Sri Lanka’s Export Performance in Major Markets
Among the top 15 export markets of Sri Lanka, India, Germany, Netherlands and China have shown positive growth in both February 2025 and the cumulative period of January to February 2025 compared to the corresponding periods in 2024.
United States, Sri Lanka’s single largest export destination, which absorbs 23% of Sri Lanka’s merchandise exports, decreased by 3.63 % to US$ 240.53 Mn in February 2025 compared to February 2024. However, exports to United States over the cumulative period from January to February 2024 increased by 6.52 %, reaching US$ 500.71 Mn.
Similarly, exports to the United Kingdom decreased by 12.3 % to US$ 72.73 Mn in February 2025 compared to the corresponding month in 2024. Meanwhile, exports to the United Kingdom increased by 1.22 % to US$ 152.28 Mn in cumulative period of January to February 2025 compared to the corresponding period in 2024.
Table 2 shows the comparison of Merchandise export performance of top 15 export markets during the month of February 2025 and the period of January to February 2025 compared to 2024.
Exports to FTA Partners (India & Pakistan)
a) February 2025
In February 2025, exports to India & Pakistan constituted 6.5% of the total merchandise exports, experienced a significant 44.08 % increase to reach US$ 88.29 Mn, compared to February 2024. Further, exports to India recorded an increase of 49.56 % while exports to Pakistan decreased by 10.77 % in February 2025 compared to February 2024.
The positive growth in exports to India was driven by higher shipments of Petroleum Oil, Animal Feed, and Pepper whereas the decline in exports to Pakistan was primarily due to reduced demand for Other Textile Articles.
b) January - February 2025
Exports to India & Pakistan accounted for 7.2% of total merchandise exports increased by 43.21 % to US$ 176.59 Mn during the period of January to February 2025 compared to the corresponding period of previous year. Exports to India and Pakistan increased by 46.69% and 6.46 % respectively during the cumulative period of January to February 2025 when compared with the corresponding period in 2024.
The positive export performance of India was driven by higher export of Petroleum Oil, Animal Feed, and Pepper while Pakistan's negative performance was led by decreased export of Other article of stones.
Sri Lanka’s Export Performance in Regions
Table 3 shows the comparison of region wise exports during the month of February 2025 and the period of January to February 2025 compared to 2024.
Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports during both February 2024 and the cumulative period of January to February 2024 increased respectively by 5.64 % and 1.26%.
Exports to the top five EU markets were recoded as; Germany US$ 110.01 Mn (increased by 8.68 %), Italy US$ 95.21 Mn (decreased by 5.29 %), Netherlands US$ 70.09 Mn (increased by 2.85 %), France US$ 42.33 Mn. (increased by 8.52 %) and Belgium US$ 38.1Mn (increased by 8.52 %) during the cumulative period of January to February 2025 in comparison to the corresponding period in 2024.
Policy & Strategic Planning Division - 21.03.2025
