As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in May 2024 amounted to US$ 960.2 million, recorded an increase of 9.4 % compared to the preceding month, April 2024. Furthermore, export performance in May 2024 decreased by 5.81 % compared to May 2023.
The estimated value of services exports for the month of May 2024 was US$ 327.35 Million, increasing 21.24 % over the corresponding period of 2023.
Consequently, total exports for May 2024, including both merchandise and services, were recorded at US$ 1,287.59 million.
Table 1: Comparison of Sector-wise Export Performance
Values in US$ Mns
| Exports of Goods & Services | Jan-May 2023 | Jan-May 2024 | % Growth (23-24) | May 2023 | May 2024 | % Growth (23-24) |
| Apparel & Textile | 2024.69 | 1956.65 | -3.36 | 412.44 | 390.29 | -5.37 |
| Tea | 523.99 | 565.28 | 7.88 | 116.32 | 115.04 | -1.10 |
| Rubber-based | 375.89 | 416.20 | 10.72 | 76.85 | 81.17 | 5.62 |
| Coconut-based | 280.83 | 332.94 | 18.56 | 66.64 | 68.56 | 2.88 |
| Diamond, Gems & Jewelery | 156.65 | 149.29 | -4.70 | 31.44 | 32.19 | 2.39 |
| Electronics & Electronic Components | 210.70 | 168.82 | -19.88 | 43.90 | 30.88 | -29.66 |
| Spices and Concentrates | 149.74 | 112.93 | -24.58 | 27.12 | 25.48 | -6.05 |
| Processed Food & Beverages | 174.58 | 200.95 | 15.10 | 44.29 | 42.22 | -4.67 |
| Seafood | 114.47 | 108.09 | -5.57 | 22.98 | 17.41 | -24.24 |
| Ornamental Fish | 11.05 | 10.53 | -4.71 | 2.35 | 2.02 | -14.04 |
| Vegetables | 12.39 | 12.02 | -2.99 | 2.70 | 2.31 | -14.44 |
| Fruits | 18.11 | 15.88 | -12.31 | 4.22 | 2.64 | -37.44 |
| Other Export Crops | 27.54 | 30.33 | 10.13 | 13.50 | 7.06 | -47.70 |
| Flowers & Foliage | 6.32 | 6.06 | -4.11 | 1.31 | 1.12 | -14.50 |
| Boat Building | 12.04 | 11.15 | -7.39 | 0.21 | 0.09 | -57.14 |
| Petroleum Products | 162.25 | 145.98 | -10.03 | 21.89 | 47.65 | 117.68 |
| Others | 604.56 | 773.20 | 27.89 | 131.34 | 94.11 | -28.35 |
| Total Merchandize Exports | 4,865.80 | 5,016.30 | 3.09 | 1,019.50 | 960.24 | -5.81 |
| ICT/ BPM | 481.20 | 601.15 | 24.93 | 98.30 | 164.45 | 67.29 |
| Construction | 92.80 | 89.65 | -3.39 | 19.50 | 18.35 | -5.90 |
| Financial Services | 29.15 | 30.40 | 4.29 | 5.65 | 11.30 | 100.00 |
| Transport & Logistics | 667.26 | 663.75 | -0.53 | 146.55 | 133.25 | -9.08 |
| Total Services Exports | 1,270.41 | 1,384.95 | 9.02 | 270.00 | 327.35 | 21.24 |
| Total Exports | 6,136.21 | 6,401.25 | 4.32 | 1,289.50 | 1,287.59 | -0.15 |
Sources: CBSL, Sri Lanka Customs
Table 2: Comparison of Merchandise Export Performance of Top 15 Export Destinations
Values in US$ Mns
|
| Destination | Jan-May 2023 | Jan-May 2024 | % Growth (23-24) | May 2023 | May 2024 | % Growth (23-24) |
| 1 | United States | 1,140.70 | 1,117.56 | -2.03 | 225.8 | 222.62 | -1.41 |
| 2 | United Kingdom | 352.32 | 377.73 | 7.21 | 66.58 | 72.56 | 8.98 |
| 3 | India | 345.55 | 311.80 | -9.77 | 78.10 | 72.41 | -7.29 |
| 4 | Italy | 259.19 | 250.92 | -3.19 | 61.84 | 52.33 | -15.38 |
| 5 | Germany | 244.41 | 255.04 | 4.35 | 50.69 | 50.03 | -1.30 |
| 6 | United Arab Emirates | 155.42 | 141.02 | -9.27 | 18.32 | 26.29 | 43.50 |
| 7 | Netherlands | 137.45 | 144.96 | 5.46 | 31.15 | 30.88 | -0.87 |
| 8 | France | 104.51 | 106.99 | 2.37 | 24.69 | 22.05 | -10.69 |
| 9 | Canada | 131.75 | 126.01 | -4.36 | 28.48 | 22.44 | -21.21 |
| 10 | China | 103.24 | 101.21 | -1.97 | 23.48 | 18.1 | -22.91 |
| 11 | Australia | 93.53 | 96.08 | 2.73 | 19.81 | 17.73 | -10.50 |
| 12 | Belgium | 91.51 | 91.37 | -0.15 | 18.86 | 19.31 | 2.39 |
| 13 | Turkey | 76.66 | 55.58 | -27.50 | 15.24 | 13.19 | -13.45 |
| 14 | Japan | 83.70 | 71.14 | -15.01 | 22.89 | 14.31 | -37.48 |
| 15 | Switzerland | 77.88 | 76.71 | -1.50 | 20.54 | 21.14 | 2.92 |
|
| Others | 1467.98 | 1692.18 | 15.27 | 313.03 | 284.85 | -9.00 |
|
| Total | 4,865.80 | 5,016.30 | 3.09 | 1,019.50 | 960.24 | -5.81 |
Sources: CBSL, Sri Lanka Customs
Table 3: Comparison of Region wise Merchandise Export Performance
Values in US$ Mns
| Region | Jan-May 2023 | Jan-May 2024 | % Growth (23-24) | May 2023 | May 2024 | % Growth (23-24) |
| United States | 1,140.70 | 1,117.56 | -2.03 | 225.8 | 222.62 | -1.41 |
| European Union (EU) excluding UK | 1,072.06 | 1,085.02 | 1.21 | 236.98 | 220.06 | -7.14 |
| South Asia | 504.15 | 493.35 | -2.14 | 111.77 | 126.43 | 13.12 |
| ASEAN | 405.96 | 406.86 | 7.71 | 72.29 | 77.86 | 0.22 |
| CIS Countries | 142.13 | 118.92 | -16.33 | 26.50 | 25.07 | -5.40 |
| African Countries | 129.85 | 133.53 | 2.83 | 23.63 | 23.56 | -0.30 |
| Middle East Countries (excl. Cyprus & Egypt) | 106.12 | 111.91 | 5.46 | 25.06 | 24.44 | -2.47 |
| Others | 1,364.83 | 1,549.15 | 13.50 | 297.47 | 240.20 | -19.25 |
| Total Merchandise Exports | 4,865.80 | 5,016.30 | 3.09 | 1,019.50 | 960.24 | -5.81 |
Sources: CBSL, Sri Lanka Customs