Merchandise exports surge in March 2024

The Export Development Board (EDB) says that Sri Lanka’s merchandise export performance in March 2024 amounted to $1,138.9 million, recording an increase of 9.77% compared to March 2023.

Furthermore, it said that export performance in March 2024 increased by 7.51 percent compared to the preceding month, February 2024.

According to the latest data released by the EDB, the value of services exports for March 2024 was $275.1 million, increasing 8.39 % over 2023.

Subsequently, total exports for March 2024, including merchandise and services exports, were recorded as $1.4 billion.

Export earnings from Apparel & textiles increased by 6.66 percent year over year to $443.9 million in March 2024 compared to March 2023.

Export earnings from tea, which made up 12% of merchandise exports, increased by 13.35 percent year over year to $124.86 million in March 2024 compared to March 2023.

This increase is mainly due to the strong performance in the export of Bulk Tea and Tea packets, which increased by 23.31 percent and 6.51 percent, respectively, the release said.

Cumulative merchandise exports from January to March 2024 increased by 5.71 % to $3,168.9 million compared to the corresponding period in 2023.

The value of services exports from January to March 2024 was $788.7 million, increasing 7.76 percent over the corresponding period of 2023.