1H exports earnings top $ 6 b mark

SRI Lanka’s merchandise exports sustained over $ 1 billion in June, whilst propelling shipment of goods in the first half of 2024 to over $ 6 billion, according to provisional data released by the Export Development Broad (EDB) yesterday.

Merchandise export earnings in June increased by 2.58% year-on-year (YoY) to $ 1.03 billion, marking a 1.97% rise compared to May 2024. This boost was primarily driven by increases in apparel and textiles, tea, rubber-based products, coconut-based products, food and beverages, and spices and concentrates.

The estimated value of services exports for June 2024 was $ 323.13 million, a significant 39.05% increase over the corresponding period in 2023. The estimate of services exports includes sectors such as ICT/BPM, construction, financial services, transport, and logistics.

Total exports for June 2024, including both merchandise and services, reached $ 1.35 billion, a 9.42% increase over June 2023.

During the first half of the year, total merchandise exports were up 3.84% YoY to over $ 6.09 billion, while estimated total service sector earnings increased by 12.28% YoY to $1.67 billion. 

This pushed overall exports during the first six months, to a high of $ 7.76 billion, marking a 5.57% YoY growth.

Among the top 10 export markets, the US, UK, Netherlands, France, Canada, and China showed positive growth in June 2024 and the cumulative period from January to June 2024, compared to the corresponding periods in 2023. 

The US, Sri Lanka’s single largest export destination, which absorbs 23% of the country’s merchandise exports, saw a 12.44% YoY increase to $ 254.2 million in June 2024. In parallel, exports to the US in the cumulative period of January to June 2024 increased by a mere 0.36% YoY to $ 1.37 billion.

Exports to the UK increased by 3.25% YoY to $ 74.88 million in June, while exports during the first six months increased by 6.54% YoY to $ 452.61 million.