Exports break US$ 14.4bn barrier in 10 months

• 80% of annual target realised

The local export sector extended its recovery streak into October, pushing cumulative earnings for the first ten months of 2025 to US$14.43 billion, up 6 percent from a year earlier, data released by the Export Development Board (EDB) showed. 

The performance marks the first time the country has crossed the US$14-billion threshold within the January–October period.

The surge was led by a landmark achievement in the coconut-based products segment, which crossed US$1 billion for the first time. Merchandise exports for the period rose 6.53 percent to US$ 11.37 billion, while services exports grew 4.01 percent to US$ 3.06 billion.

“The continued recovery of key Western markets, along with the steady production capacity maintained by local industries, has played a pivotal role in driving this growth,” EDB Chairman and CEO Mangala Wijesinghe said in a commentary that was released with the October export performance. He pointed out exporters have already delivered 80 percent of the US$ 18 billion annual target.

Total October exports reached US$ 1.47 billion, inching up 2.2 percent from September, and marginally 0.16 percent higher than the year earlier. The monthly data reflected a mix with strong contributions from services exports, estimated at US$ 316.14 million for the month.

Services remained a key growth engine, with ICT/BPM, construction, financial services and transport & logistics continuing to widen Sri Lanka’s export base and generate high-value jobs.

In merchandise, coconut-based products saw a sharp 60.46 percent year-on-year jump in October, maintaining their role as the standout performer. Food and beverages rose 20.17 percent to US$ 71.25 million, supported by a 27.15 percent pickup in processed food exports. Gems and jewellery are estimated to have increased by 26.74 percent to US$ 39.2 million, while electrical and electronic components rose 5.18 percent to US$ 38.76 million.

ICT/BPM exports for October are projected to have climbed 26.71 percent to US$ 154.5 million.

Meanwhile, apparel and textiles, still the single largest merchandise category, saw a mild 0.24 percent year-on-year dip in October to US$ 429.17 million. Tea exports fell 0.21 percent to US$ 126.55 million, dragged down by a 5.08 percent contraction in bulk tea shipments. Rubber products dropped 5.4 percent to US$ 80.12 million, with gloves and tyres both weakening.

Spices and essential oils posted a sharp 25.17 percent decline to US$ 38.39 million, due largely to a 73.6 percent fall in pepper exports to India. Seafood earnings fell 9.54 percent to US$ 15.36 million, while transport and logistics services exports are estimated to have contracted 13.44 percent to US$ 144.5 million.

Among the top export destinations, Germany, Italy, the Netherlands, UAE, Canada, France and China posted growth both in October and over the January–October period.

Exports to the United States, Sri Lanka’s largest export market with a 23 percent share, slipped 0.46 percent in October to US$ 246.2 million but rose 2.68 percent to US$ 2.49 billion in the ten-month period. 

October exports to India, now the second-largest market, saw a 10.03 percent fall to US$ 74.49 million, although cumulative exports climbed 19.31 percent to US$ 866.9 million. Shipments to the UK fell 5.38 percent in October but rose 3.45 percent to US$ 792.1 million in the January -October window.