Sri Lanka’s total November exports at Rs. 1,269.33 million
The Morning: Total exports for November 2024, including both merchandise and services, were recorded at $ 1,269.33 million, reflecting a marginal increase of 0.04% compared to the same period in 2023, according to provisional data released by the Sri Lanka Customs.
Moreover, data revealed that merchandise export performance in November mounted to $ 943.1 million, reflecting a 5.6% decline compared to November 2023. This decrease is primarily attributed to reduced earnings from exports of Rubber-based products, Electrical and Electronic components, food and beverages, and seafood.
However, services exports for the month of November 2024 were estimated at $ 326.23 million, reflecting a 20.89% increase over the corresponding period of 2023.
Meanwhile, export earnings from apparel and textile increased by 0.54% y-o-y (year-on-year) to $ 397.19 million in November compared to November 2023. Additionally, exports of apparel and textile to the US and UK increased by 1.4% and 4.6% respectively in November this year compared to November 2023.
Export earnings from tea, which made up 12% of merchandise exports, increased by 4.72% y-o-y to $ 118.15 million in November. This increase is mainly due to the positive performance in the export of tea packets (14.14%) and bulk tea (5.02%).
On monthly analysis, export earnings of Coconut based products increased by 13.08% in November compared to November 2023.
Being the largest contributor to the coconut-based sector, coco peat, fiber pith and moulded products which are categorised under the coconut fiber products, increased by 15.9% to $ 13.56 million in November in comparison to November 2023.
In addition, export of activated carbon, which is categorised under coconut shell products, increased by 18.62% to $ 13.76 million in November in comparison to November 2023.
Export earnings from spices and concentrates increased by 33.17% to $ 41.27 million in the month of November compared to November 2023 mainly due to the strong performance in export of pepper (169.71%) and cinnamon (15.96%).
Furthermore, the estimated value of ICT exports is expected to increase by 38.04% to $ 141.39 million in November when compared to November 2023.
In addition, the estimated value of logistics and transport services is expected to increase by 21.09% to $ 162.34 million in November when compared to November 2023.
OSL take:
Sri Lanka’s exports sector is on a steady growth path and is poised for further growth due to the overall expansion of the sector as well as the country’s economy. Sri Lanka’s many trade agreements as well as trade concessions with many foreign countries and the move to further strengthen and expand the existing trade ties to include more foreign markets would in-turn expand the country’s exports sector. All these developments indicate an expansion of business/investment opportunities in the exports sector. With Sri Lankan authorities engaged in overseas promotional campaigns to expand access for local products in foreign markets and the push for local exporters to diversify and expand the existing export product portfolio, the business/investment opportunities in the local exports sector would become more lucrative and ensure steady growth. The growth and profits recorded by local businesses in the exports sector are indicative of the increasing business potential in the sector as well. Foreign businesses/investors could therefore explore the expanding opportunities in Sri Lanka’s exports sector.
Article Code : | VBS/AT/20241226/Z_1 |