Sri Lanka's Exports in February Saw a Slight Year-on-Year Increase

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ten data blog25-03-2024

Sri Lanka's merchandise exports in February saw a marginal year-on-year increase of 0.17%, with a month-on-month growth of 1.3%, reaching $983.7 million.


As per this, the cumulative merchandise exports from January to February 2024 amounted to $1.95439 billion, a decrease of 0.30% year-on-year.


Despite some improvement, monthly revenues from merchandise exports have yet to surpass $1 billion for the year. The last time merchandise exports surpassed the $1 billion mark was in December 2023.


Data released by Sri Lanka Customs indicates a significant increase of 11.82% in agricultural product exports compared to February 2023, reaching $255.76 million in February 2024. Meanwhile, industrial exports amounted to $727.94 million, declining by 3.36% during the same period.


Contributing positively to this month's export revenue were products such as tea, rubber, and coconut.


In February 2024, tea exports, accounting for 12% of merchandise exports, increased by 22.16% year-on-year to $127.74 million. This growth was mainly attributed to strong performances in bulk tea and tea bag exports, which increased by 52.31% and 2.56% respectively.


Rubber and rubber product exports in February 2024 increased by 15.87% year-on-year to $88.73 million, with robust performances in the export of pneumatic and reclaimed rubber tires and inner tubes (17.16%).


Coconut product exports showed a year-on-year growth of 25.17% in revenue. Additionally, compared to February 2023, exports of coconut kernel products, coconut fiber products, and coconut shell products increased by 20.27%, 44.28%, and 13.55% respectively.


Seafood exports saw a year-on-year revenue increase of 3.5% to $206.9 million, primarily due to strong performances in the export of fresh fish (3.36%) and shrimp (47.26%), while revenue from food and beverage exports increased by 36.77% to $43 million, with processed food exports performing well (31.88%).


Of note, in February 2024, the total export revenue of diamonds, gemstones, and jewelry saw a year-on-year increase of 66.56%, reaching $37.61 million. Apart from jewelry (-49.14%), there were significant increases in the export revenue of diamonds and gemstones, growing by 110.66% and 40.55% respectively.


However, negative impacts on February's export performance were observed in clothing, spices, ornamental fish, electrical and electronic equipment, and shipbuilding. Clothing and textile exports in February 2024 saw a slight year-on-year decrease of 2.06% to $421.31 million.


Similarly, exports of spices and essential oils decreased by 33.32% to $22.99 million, mainly due to poor performance in clove exports (-85.82%). Compared to February 2023, clove exports to India decreased by nearly 100% in February 2024.


Furthermore, exports of electrical and electronic components decreased by 18.25% year-on-year to $35.16 million, with poor performances in exports of insulated wires and cables (-2.1%), power transformers (-34.47%), and other electrical and electronic products (-31.11%).


In terms of export markets, the United States, the largest single export destination for Sri Lanka, saw an 8.02% increase in exports in February, reaching $249.6 million, accounting for 23% of Sri Lanka's merchandise exports.


Exports to the UK amounted to $82.93 million, up 20.49% year-on-year, while exports to India amounted to $50.71 million, a decrease of 20.56% year-on-year. The poor performance in exports to India was attributed to a decline in animal feed exports (12.92%).


Exports to the European Union (EU), which accounts for 24% of Sri Lanka's exports, grew by 5.64%.


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Exploring Sri Lanka's market growth direction requires a comprehensive analysis of the Sri Lankan market to determine the crucial import and export strategies for Sri Lankan foreign trade practitioners in the new year. When seeking suitable Sri Lankan import and export data providers to assist in market analysis, Tendata is one of the best choices.


Tendata provides analysis reports for individual products in Sri Lanka, including comprehensive trade information, trends in quantity and price over the past 2-3 years, analysis of country of origin, buyer/supplier analysis, and potential buyer purchasing trend changes, among other multidimensional analyses. The sections can be directly linked, allowing for a deeper exploration of the relationships between data, facilitating accurate insights and predictions for companies in exploring the Sri Lankan market globally.


Tendata provides import and export data for 218 countries or regions, allowing you to cover most countries and regions globally and providing strong support for your global market analysis. (>>Contact Tendata now)


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