ECONOMYNEXT- Sri Lanka’s merchandise exports fell 5.6 percent to 943.1 million with rubber based products, food and beverages weakening, the Export Development Board said.
In the eleven months to November exports were 11,611.90 million US dollars, a 6.44 percent increase from last year.
In the month of November, apparel and textile exports were up 0.54 percent compared to the same period last year, generating 397.19 million US dollars.
Exports to USA and UK increased by 1.4 percent and 4.6 percent respectively.
Export earnings of coconut based products increased by 13.08 percent.
Export earnings of coconut kernel products, coconut fiber products and coconut shell products increased by 12.37 percent, 11.73 percent and 16.72 percent respectively compared to November 2023.
“Export earnings from Coconut oil, Desiccated Coconut, Coconut milk powder and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 8.18 %, 20.64%, 24.8 %, and 16.68 % respectively in November 2024 compared to November 2023,” the EDB said.
Tea exports also increased to 118.15 million US dollars driven by tea packets and bulk tea exports.
Rubber and rubber finished products fell by 1.96 percent, to 77.2 million US dollars, compared to November 2023.
Export earnings on seafood decreased to 34.68 percent, to 16.46 million US dollars due to “poor performance in export of Frozen fish (-22.49 %), Fresh fish (-39.92 %) and Shrimps (-72.22%).”
Exports to the USA increased by 1.75 percent to 227.17 million dollars in November 2024 compared to November 2023.
Exports to the United Kingdom increased by 5.96 percent to 68.6 million dollars, to India increased by 27.44 percent to 70.31 million dollars, while exports to Italy fell by 24.67 percent to 45.61 million dollar, to Germany fell by 8.92 percent to 41.46 million dollars, and to UAE fell by 27.24 percent to 19.98 million dollars.
“Exports to the European Union (EU) which accounts for 24% of Sri Lanka’s exports, decreased by 6.53 % y-o-y in November 2024. However, exports to EU increased by 0.46 % during the cumulative period of January to November 2024.” (Colomb0/Dec24/2024)
Continue Reading
