Sri Lanka’s exports surpass $1.3 billion in January
The Morning: Sri Lanka’s exports surged past $ 1.3 billion in January, marking a strong start to the year.
The merchandise export performance in January amounted to $ 1,004.82 million, a 3.51% increase compared to January 2024 as per the data released by the Sri Lanka Customs.
Compared to January 2024, agricultural exports show a significant increase of 14.87%, reaching $ 258.93 million in January.
In addition, industrial exports experienced an increase of 0.08% during the month of January, increasing to $ 745.89 million. The estimated value of services exports for the month of January was $ 329.37 million, increasing 37.87% over the corresponding month of January 2024.
Consequently, total exports for January, including both merchandise and services, were recorded as $ 1,334.19 million.
Export earnings from apparel and textile increased by 21.08% y-o-y (year-on-year) to $ 460.22 million in January, compared to January 2024.
Additionally, exports of apparel and textile to USA, UK and the EU region decreased by 26.89%, 17.69% and 26.18% respectively in January, compared to January 2024.
Export earnings from tea, which made up 12% of merchandise exports, increased by 2.63% y-o-y to $ 112.7 million in January compared to January 2024. This increase is mainly due to the strong performance in the export of tea packets (29.83%).
Furthermore, the volume of tea exports increased by 3.25% in January compared to January 2024. Additionally, tea exports to Iraq, Saudi Arabia and UAE markets increased by 43.58%, 13.8% and 414% respectively.
On monthly analysis, export earnings of coconut-based products increased by 12.04% in January compared to January 2024.
Moreover, export earnings of coconut kernel products, coconut shell products and coconut fiber products increased by 19.92% and 42.68% respectively in January compared to January 2024.
Export earnings from coconut oil, coconut cream and liquid coconut milk which are categorized under the coconut kernel products increased by 32.35%, 50.69% and 12.04% respectively in January compared to January 2024.
Being the largest contributor to the coconut-based sector, coco peat, fiber pith and moulded products which are categorized under the Coconut fiber products, increased by 59.62% to $ 16.84 million in January in comparison to January 2024. Earnings from activated carbon, which is categorized under the coconut shell products increased by 13.2% to $ 14.58 million in January compared to January 2024.
OSL take:
Sri Lanka’s exports sector continues to record a steady growth while serving as a key revenue generator to the country. The strong trade ties enjoyed by Sri Lanka with many foreign countries and the move to further strengthen and expand the existing trade ties while looking at forming new trade ties have all helped and would help the expansion of Sri Lanka’s exports sector. The sector has also received a boost by the many promotional campaigns carried out by Sri Lanka in foreign markets including new foreign markets while also calling on local exporters to add value and diversify the existing local export product portfolio. All these positive developments have also opened up a host of new business/investment opportunities in Sri Lanka’s exports sector. The growth, profits and the global expansions recorded by local exporters further indicate the increasing business potential in the exports sector. Given all these positive developments, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka’s exports sector. Foreign businesses could also look at forming partnerships or joint ventures with local export businesses with the aim of further expanding operations locally and internationally.
| Article Code : | VBS/AT/20250305/Z_3 |