Sri Lanka's export sector witnessed a robust surge in March 2024, with merchandise exports hitting a significant milestone of $1,138.9 million, marking a notable increase of 9.77% compared to March 2023.
The Export Development Board (EDB) released this promising data, highlighting a 7.51% rise in export performance compared to the preceding month, February 2024.
The report further disclosed that the value of services exports in March 2024 stood at $275.1 million, marking an impressive 8.39% increase over the corresponding period in 2023. As a result, the total exports for March 2024, including merchandise and services, reached a commendable $1.4 billion.
Among the key sectors, Apparel & Textile export earnings witnessed a noteworthy rise of 6.66% year-on-year, reaching $443.9 million in March 2024. Additionally, the export earnings from tea, a vital component comprising 12% of merchandise exports, saw a substantial increase of 13.35% year-on-year, totaling $124.86 million. This notable growth is attributed to the strong performance in the export of Bulk Tea and Tea packets, which increased by 23.31% and 6.51% respectively.
Moreover, the cumulative merchandise exports during the first quarter of 2024 (January to March) recorded a commendable increase of 5.71%, amounting to $3,168.9 million compared to the corresponding period in 2023. Similarly, services exports during this period demonstrated a robust growth of 7.76%, reaching $788.7 million.
Highlighting the geographical distribution, exports to the European Union (EU), which accounts for a significant portion of Sri Lanka's exports, exhibited positive trends. Exports to the EU increased by 4.79% in March 2024 and 2.54% during the cumulative period of January to March 2024. Among the top five EU markets, Germany led the pack with exports amounting to $163.94 million, witnessing a notable increase of 6.34%.
