Monday Jul 08, 2024
Monday Jul 08, 2024
Thursday, 27 June 2024 02:12 - - {{hitsCtrl.values.hits}}
Sri Lanka’s merchandise export earnings in first five months registered a marginal growth of 3.09% year-on-year (YoY) to over $ 5.01 billion, despite the downturn in merchandise shipments in May, provisional data released yesterday by the Export Development Board (EDB) revealed.
In May, merchandise export earnings declined by 5.81% YoY to $ 960.24 million, whilst marking a 9.4% increase compared to April 2024. Despite this, total exports for May registered over $ 1.28 billion, while total service sector earnings estimated increased by 21.24% to $ 327.35 million over May 2023.
The strong performance in services exports earnings, during the first five months which rose by 9.2% YoY to $ 1.38 billion. The estimate of services exports includes sectors such as ICT/BPM, construction, financial services, transport and logistics.
The overall exports during the first five months including both merchandise and services hit a high of $ 6.4 billion, marking a 4.32% YoY growth.
Export earnings from Rubber and Rubber finished products have increased by 5.62% YoY to $ 81.17 milion in May, with the strong performance in exports of Pneumatic and Retreated Rubber Tyres and Tubes (4.46%) and Industrial and Surgical Gloves of Rubber (8.15%).
On a monthly analysis, export earnings of Coconut based products increased by 2.88% in May 2024 compared to May 2023. Moreover, export earnings of Coconut kernel products and Coconut fibre products increased by 9.22% and 0.26% respectively in May 2024 compared to May 2023.
Moreover, Export earnings from Desiccated Coconut, Coconut milk powder, Coconut Cream and Liquid Coconut Milk which are categorised under the Coconut kernel products increased by 23.18%, 44.08%, 36.04% and 6.02% respectively in May 2024 compared to May 2023.
Being the largest contributor to Coconut based sector, Coco Peat, Fibre Pith and Moulded products which are categorised under the Coconut fibre products, increased by 4.79% to $ 16.19 million in May 2024 in comparison to May2023.
Additionally, the total export earnings from Diamonds, Gems and Jewellery increased by 2.39% YoY to $ 32.19 million in May 2024. Export earnings from Diamonds experienced a substantial increase of 12.22% in May 2024.
Furthermore, the estimated value of ICT exports is expected to increase by 67.29% to $ 164.45 million in May 2024 when compared to May 2023.
Export earnings from tea, which made up 12% of merchandise exports, decreased by 1.1% YoY to $ 115.04 million in May 2024 compared to May 2023. This decline is primarily attributed to the poor performance in the export of all tea subcategories except Bulk Tea.
Furthermore, volume of tea exports decreased by 5.35% in May 2024 compared to May 2023. Additionally, Tea exports to Russia, Iraq and Turkey markets, decreased by 0.84%, 25.66% and 19.48% respectively.
Export earnings from Apparel and Textile decreased by 5.37% YoY to $ 390.29 million in May2024 compared to May 2023.
Export earnings from Spices and Essential Oils decreased by 6.05% to $ 25.48 million in the month of May 2024 compared to month of May 2023 mainly due to the poor performance in export of Cinnamon (-36.18%)and Cloves (-52.61%). Clove exports to India decreased by nearly 100% in May 2024 compared to May 2023.
Export earnings from Food and Beverages have decreased by 4.67 % YoY to $ 42.22 million in May 2024, with the negative performance in exports of Animal feed (-38.82 %). Animal Feed exports to Japan and India decreased by 83.53% and 19.36% respectively in May 2024 compared to May 2023.
Export earnings from Seafood decreased by 24.24 % to $ 17.41 million in May 2024 compared to May 2023. This decline was mainly due to the negative performance in the export of frozen fish (-25.51%) and shrimp (-80.99%).
In parallel, export earnings from Ornamental fish decreased by 14.04% to $ 2.02 million in May 2024 compared to May 2023.
Additionally, export earnings from the Electrical and Electronics Components decreased by 29.66% YoY to $ 30.88 million in May 2024 with poor performance in exports Other Electrical and Electronic products (-41.29%). Moreover, the estimated value of Constructions services exports is expected to decrease by 5.9% to $ 18.35 million in May 2024 when compared to May 2023.
Earnings from export of Tea, Rubber products, Coconut products and Food and Beverages increased by 7.88%, 10.72%, 18.56% and 15.10% respectively during the period of January to May 2024 in comparison to the corresponding period of 2023.
Earnings from export of Tea increased YoY by 7.88% to $ 565.28 million in the period of January to May 2024. This increase was mainly due to the strong performance in export of Bulk Tea (20.15%).
In addition, export earnings from Rubber & Rubber finished products increased by 10.72% to $ 416.2 million in January to May 2024 compared to the same period in 2023 attributed to increased exports of Industrial and Surgical Gloves of Rubber (8.04%) and Pneumatic and Retreated Rubber Tyres and Tubes (14.65%).
Export earnings of Coconut and Coconut based products increased by 18.56% to $ 332.94 million during January to May 2024 compared to the last year. Earnings from all the major categories of Coconut based products increased in the period of January to May 2024 compared with the corresponding period of 2023 due to the strong performance in export of Coconut Oil (14.18%), Desiccated Coconut (34.02%), Coconut Milk Powder (38.15%), Coconut Cream (42.18%), Liquid Coconut Milk (25.4%), Cocopeat (21.72%) and Activated Carbon (11.77%).
Export earnings from Food and Beverages have increased by 15.1% YoY to $ 200.95 million in the period of January to May 2024, with the positive performance in exports of Processed food (58.55%).
Furthermore, the estimated value of ICT exports is expected to increase by 24.93% to $ 601.15 million during the period of January to May 2024 when compared to the corresponding period of 2023.
Earnings from export of Apparel and Textile have decreased by 3.36 % to $ 1,956.65 million during the period of January to May 2024 compared to the same period in 2023. Further, earnings from export of Apparel declined by 2.5% and export of Textiles declined by 12.11% in January to May 2024.
In addition, export earnings from Spices and Essential Oils decreased YoY by 24.58% to $ 112.93 million in the period of January to May 2024. This decrease was due to the poor performance in exports of Cloves (-83.04 %).Clove exports to India decreased by nearly 100% in May 2024 compared to May 2023.
Meanwhile earnings from export of Electrical and Electronic Components (EEC) decreased by 19.88 % to $ 168.82 million in the period of January to May 2024 compared to the corresponding period of 2023. This decrease was due to the poor performance in exports of Transformers (-30.52%), Insulated wires (-8.09%) and other Electrical and Electronic products (-30.88 %).
Further, export earnings from Seafood decreased by 5.57% to $ 108.09 million during the period of January to May 2024 compared to year 2023 due to the poor performance in Frozen Fish (-11.95 %).
