Exports top $ 10 b mark in first eight months

• Merchandise exports up 5.37% to $ 8.44 b; services by 7.58% to $ 2.24 b

The value of Sri Lanka’s export of goods and services crossed the Rs. 10 billion mark in the first eight months of this year reflecting a near 6% growth yearon- year (YoY). The Sri Lanka Export Development Board (SLEDB) revealed yesterday that total merchandise exports in the first eight months were up 5.37% YoY to over $ 8.44 billion, while estimated total service sector earnings increased by 7.58% YoY to $ 2.24 billion. Thereby, the overall export earnings for the January to August period reached a high of $ 10.68 billion, marking a 5.82% YoY growth. In August merchandise export earnings reached a high of $ 1.16 billion in August, bringing the total value of goods shipped in the first eight months of 2024 to over $ 10 billion. Merchandise export earnings in August saw a 4.18% YoY increase reaching $ 1.16 billion, reflecting a 3.1% rise compared to July 2024. The surge in earnings was largely attributed to a boost in apparel and textiles exports which surpassed $ 500 million mark in August 2024 after a hiatus of two years.

I n a d d i t i o n t o t h e merchandise, t h e e s t i - mated value of services export s for August 2024 s t o o d a t $ 3 1 8 . 7 7 m i l - l i o n , mark i n g a 6 .49% i n c re a s e ove r t h e c o rr e s p o n d i n g p e r i o d i n 2023. The services exports include sectors such as ICT/BPM, construction, financial services, transport and logistics. Total exports for August 2024, including both merchandise and services, reached $ 1.48 billion, reflecting a 4.6% growth over the corresponding period of 2023.