Sri Lanka’s merchandise exports in October 2024 reached $1.097bn, an 18.22% year-on-year (y/y) increase, led by strong performances in apparel and textiles, tea, rubber products, coconut-based products and spices, Daily Mirror reported on December 4.

Month-on-month (m/m), export earnings rose 8.44% from September 2024. Combined with estimated service exports of $323.17mn, which grew 19.75% y/y, total export earnings for October amounted to $1.42bn, reflecting an 18.57% annual increase.

The apparel and textile sector, the largest contributor to merchandise exports, grew 21.77% y/y to $430.21mn in October. Exports to the US and UK rose 23.28% and 23.26%, respectively.

Tea exports earned $126.81mn, up 32.6% y/y, driven by gains in tea packets (up 35.19%) and bulk tea (up 19.77%). Rubber and rubber-based product exports grew 6.26% to $84.69mn, with industrial and surgical gloves leading the category, rising 32.48%.

Coconut-based products saw earnings increase by 29.27%, bolstered by growth in coconut kernel products (up 34.35%), fibre products (up 38.21%), and shell products (up 3.65%). Spices and concentrates posted the highest growth, rising 56.88% y/y to $51.3mn, with pepper exports surging 168.98% and cinnamon up 39.92%.

Processed food exports soared 114.73%, driving food and beverage export earnings up 39.31% to $51.35mn.

The ICT sector’s estimated exports increased 42.48% y/y to $145.94mn, while logistics and transport services exports rose 16.48% to $156.16mn, according to Daily Mirror.

Despite the overall growth, some sectors struggled. Electrical and electronic components declined 1.97% y/y to $36.85mn, mainly due to a 36.23% drop in insulated wire and cable exports. Seafood exports contracted 16.46% to $16.95mn, with declines in frozen fish, fresh fish, and shrimp exports. Ornamental fish exports fell 20.24% to $1.97mn, while other export crops like arecanut dropped 54.84%.

From January to October 2024, merchandise exports totalled $10.607bn, a 7.04% increase. Services exports were estimated at $2.86bn, up 7.73%. Total exports for the ten-month period reached $13.468bn, reflecting 7.19% y/y growth.

The United States, accounting for 23% of merchandise exports in October, saw a 19.62% y/y increase to $247.33mn. Exports to the UK grew 26.92% to $82.79mn.

Exports to India and Pakistan, representing 8.4% of October’s total, climbed 25.91% to $89.67mn, driven by a 151.46% surge in pepper exports to India. Exports to the EU, comprising 24% of total exports, rose 18.35% y/y in October, though mixed performances were observed in the January-October period, with gains in Germany and the Netherlands offset by declines in Italy and France.