As per the provisional data released by the Sri Lanka Customs, the country's merchandise export performance in October 2024 reached an impressive US$ 1,097.1 million. This marks an 18.22% increase compared to October 2023, mainly driven by growth in the export of Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, and Spices & Concentrates.
Notably, the export performance in October 2024 also saw an 8.44% rise compared to September 2024, indicating a steady upward trend.
The estimated value of services exports for October 2024 stood at US$ 323.17 million, reflecting a 19.75% increase over the same period in 2023.
Consequently, the total exports for October 2024, encompassing both merchandise and services, were recorded at US$ 1,420.27 million, marking an 18.57% increase over the corresponding period in 2023.
Table 1: Comparison of Sector-wise Export Performance
Values in US$ Mns
| Exports of Goods & Services | Jan-Oct 2023 | Jan-Oct 2024 | % Growth (23-24) | Oct 2023 | Oct 2024 | % Growth (23-24) |
| Apparel & Textile | 4,030.68 | 4,206.95 | 4.37 | 353.30 | 430.21 | 21.77 |
| Tea | 1,085.94 | 1,186.10 | 9.22 | 95.63 | 126.81 | 32.60 |
| Rubber-based | 771.86 | 843.61 | 9.30 | 79.70 | 84.69 | 6.26 |
| Coconut-based | 590.69 | 712.11 | 20.56 | 59.69 | 77.16 | 29.27 |
| Diamond, Gems & Jewelery | 342.49 | 251.30 | -26.63 | 36.37 | 20.94 | -42.43 |
| Electronics & Electronic Components | 414.26 | 347.30 | -16.16 | 37.59 | 36.85 | -1.97 |
| Spices and Concentrates | 335.39 | 373.40 | 11.33 | 32.70 | 51.30 | 56.88 |
| Processed Food & Beverages | 359.20 | 400.27 | 11.43 | 42.93 | 59.29 | 38.11 |
| Seafood | 213.24 | 196.32 | -7.93 | 20.29 | 16.95 | -16.46 |
| Ornamental Fish | 21.91 | 20.69 | -5.57 | 2.47 | 1.97 | -20.24 |
| Vegetables | 24.30 | 24.15 | -0.62 | 2.70 | 2.84 | 5.19 |
| Fruits | 36.24 | 34.48 | -4.86 | 3.94 | 3.97 | 0.76 |
| Other Export Crops | 83.82 | 53.96 | -35.62 | 9.19 | 4.15 | -54.84 |
| Flowers & Foliage | 12.30 | 11.53 | -6.26 | 1.23 | 1.21 | -1.63 |
| Boat Building | 67.53 | 40.35 | -40.25 | 0.28 | 14.60 | 5114.29 |
| Petroleum Products | 325.49 | 354.52 | 8.92 | 30.67 | 70.56 | 130.06 |
| Others | 1,194.66 | 1,550.92 | 29.82 | 119.32 | 93.60 | -21.56 |
| Total Merchandize Exports | 9,910.00 | 10,607.96 | 7.04 | 928.00 | 1,097.10 | 18.22 |
| ICT/ BPM | 1,022.00 | 1,209.64 | 18.36 | 102.43 | 145.94 | 42.48 |
| Construction | 301.00 | 176.97 | -41.21 | 26.90 | 17.17 | -36.16 |
| Financial Services | 51.08 | 44.41 | -13.06 | 6.46 | 3.91 | -39.50 |
| Transport & Logistics | 1,281.35 | 1,429.79 | 11.58 | 134.07 | 156.16 | 16.48 |
| Total Services Exports | 2,655.43 | 2,860.80 | 7.73 | 269.86 | 323.17 | 19.75 |
| Total Exports | 12,565.43 | 13,468.76 | 7.19 | 1,197.86 | 1,420.27 | 18.57 |
Sources: CBSL, Sri Lanka Customs
Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations
Values in US$ Mns
|
| Destination | Jan-Oct 2023 | Jan-Oct 2024 | % Growth (23-24) | Oct 2023 | Oct 2024 | % Growth (23-24) |
| 1 | United States | 2,281.57 | 2,432.78 | 6.63 | 206.77 | 247.33 | 19.62 |
| 2 | United Kingdom | 709.09 | 765.67 | 7.98 | 65.23 | 82.79 | 26.92 |
| 3 | India | 720.84 | 726.57 | 0.79 | 63.35 | 74.36 | 17.38 |
| 4 | Italy | 571.48 | 505.21 | -11.60 | 64.16 | 63.33 | -1.29 |
| 5 | Germany | 484.28 | 526.83 | 8.79 | 45.87 | 49.50 | 7.91 |
| 6 | United Arab Emirates | 301.67 | 280.50 | -7.02 | 21.95 | 24.26 | 10.52 |
| 7 | Netherlands | 270.92 | 316.48 | 16.82 | 24.48 | 30.91 | 26.27 |
| 8 | France | 266.99 | 222.92 | -16.51 | 18.66 | 23.68 | 26.90 |
| 9 | Canada | 249.76 | 270.24 | 8.20 | 19.76 | 27.07 | 36.99 |
| 10 | China | 200.01 | 206.86 | 3.42 | 23.02 | 20.34 | -11.64 |
| 11 | Australia | 187.82 | 202.25 | 7.68 | 18.56 | 21.54 | 16.06 |
| 12 | Belgium | 186.89 | 196.59 | 5.19 | 16.91 | 22.51 | 33.12 |
| 13 | Turkey | 167.68 | 115.23 | -31.28 | 12.93 | 10.38 | -19.72 |
| 14 | Japan | 159.07 | 147.37 | -7.36 | 13.88 | 17.39 | 25.29 |
| 15 | Switzerland | 158.57 | 140.32 | -11.51 | 17.86 | 13.55 | -24.13 |
|
| Others | 2993.36 | 3552.14 | 18.67 | 294.61 | 368.16 | 24.97 |
|
| Total | 9,910.00 | 10,607.96 | 7.04 | 928.00 | 1,097.10 | 18.22 |
Sources: CBSL, Sri Lanka Customs
Table 3: Comparison of Region wise Merchandise Export Performance
Values in US$ Mns
| Region | Jan-Oct 2023 | Jan-Oct 2024 | % Growth (23-24) | Oct 2023 | Oct 2024 | % Growth (23-24) |
| United States | 2,281.57 | 2,432.78 | 6.63 | 206.77 | 247.33 | 19.62 |
| European Union (EU) excluding UK | 2,257.58 | 2,283.97 | 1.17 | 213.18 | 252.29 | 18.35 |
| South Asia | 1,029.73 | 1,125.53 | 9.30 | 92.02 | 162.56 | 76.66 |
| ASEAN | 851.05 | 808.02 | -5.06 | 73.05 | 75.41 | 3.23 |
| CIS Countries | 272.09 | 262.23 | -3.62 | 25.52 | 32.44 | 27.12 |
| African Countries | 276.20 | 289.46 | 4.80 | 24.45 | 24.05 | -1.64 |
| Middle East Countries (excl. Cyprus & Egypt) | 203.31 | 238.01 | 17.07 | 17.36 | 27.67 | 59.39 |
| Others | 2,738.47 | 3,167.96 | 15.68 | 275.65 | 275.35 | -0.11 |
| Total Merchandise Exports | 9,910.00 | 10,607.96 | 7.04 | 928.00 | 1,097.10 | 18.22 |
Sources: CBSL, Sri Lanka Customs