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Sri Lanka’s export earnings exceed $ 1.09 billion in November

Sri Lanka’s export earnings exceed $ 1.09 billion in November

The Morning: As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in October amounted to $ 1,097.1 million, recording an increase of 18.22% compared to the same month in 2023.
Furthermore, export performance in October increased by 8.44 % compared to September.
The estimated value of services exports for the month of October was $ 323.17 million, increasing 19.75% over the corresponding period of 2023.
Furthermore, export performance in October increased by 8.44 % compared to September. The estimated value of services exports for the month of October was $ 323.17 million, increasing 19.75% over the corresponding period of 2023.
Export earnings from apparel and textile increased by 21.77% year-on-year (y-o-y) to $ 430.21 million in October, compared to October 2023.
Additionally, exports of apparel and textile to the USA and UK increased by 23.28 % and 23.26% respectively in October compared to the same month last year.
Export earnings from tea, which made up 12% of merchandise exports, increased by 32.6 % y-o-y to $ 126.81 million in October, compared to October 2023.
This increase is mainly due to the positive performance in the export of tea packets (35.19%) and bulk tea (19.77%).
Export earnings from rubber and rubber finished products have increased by 6.26% y-o-y to $ 84.69 million in October, with the positive performance in exports of industrial and surgical gloves of rubber (32.48%).
Moreover, export earnings of Coconut-based products increased by 29.27% in October compared to October 2023. Export earnings of coconut kernel products, coconut fibre products and coconut shell products increased by 34.35%, 38.21% and 3.65% respectively in October compared to the same month last year.
Moreover, export earnings from coconut oil, desiccated coconut, coconut milk powder, coconut cream and liquid coconut milk which are categorised under the coconut kernel products increased by 31.23%, 63.22%, 70.21%, 7.37% and 32.52% respectively in October compared to October 2023.
In addition, export of activated carbon, which is categorised under coconut shell products, increased by 5.04% to $ 11.67 million in October in comparison to October 2023.
Export earnings from spices and concentrates increased by 56.88% to $ 51.3 million in the month of October compared to October 2023 mainly due to the strong performance in export of pepper (168.98%) and cinnamon (39.92%).
Export earnings from food and beverages have increased by 39.31 % y-o-y to $ 51.35 million in October, with the positive performance in exports of processed food (114.73%).

OSL take:
Sri Lanka’s exports sector is on a steady growth after showing great resilience even during the challenging economic conditions faced by the country in the past few years. The many trade agreements and trade concessions enjoyed by the country with many foreign countries and the incentive schemes introduced by the local authorities have all helped boost and expand Sri Lanka’s exports industry. The expansion in the industry has created a host of new business/investment opportunities in the local exports industry. The increasing revenue generated by the industry and the growth and profits recorded by local businesses engaged in the exports sector all indicate the increasing business potential in Sri Lanka’s exports industry. The business/investment opportunities in Sri Lanka’s exports sector would see a further increase in the future due to the increasing demand due to the country’s target of becoming a regional hub. All these indicate that Sri Lanka’s exports industry presents a host of lucrative business/investment opportunities for foreign businesses/investors exploring opportunities in the region and Sri Lanka. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the exports sector with the aim of further expanding operations locally and internationally.

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Article Code : VBS/AT/20241209/Z_1

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