Merchandise exports anchor US $ 12.7bn revenue in 2024

Sri Lanka’s export sector ended 2024 on a positive note, with merchandise exports reaching US $ 12.7 billion, reflecting a 6.67 percent growth year-on-year (YoY).

The official data released by the Export Development Board yesterday showed that services exports also recorded a promising growth, with an estimated increase of 8.51 percent YoY to US $ 3.46 billion during 2024.

Earnings from the export of apparel, tea, rubber products, coconut products, food and beverages and spices and concentrates increased by 3.83 percent, 9.62 percent, 7.66 percent, 20.9 percent, 11.7 percent and 16.11 percent, respectively during January to December 2024, compared to the corresponding period in 2023.

However, earnings from the export of electrical and electronic components fell by 13.29 percent to US $ 422 million. Seafood exports also recorded a drop, with earnings decreasing by 11.15 percent to US $ 257 million, due to a weaker performance in frozen fish (-8.3 percent) and shrimp (-37.49 percent). 

Among Sri Lanka’s top 10 export markets, India, Germany and the Netherlands showed positive growth in 2024. Exports to the US grew by 5.49 percent YoY, while exports to the UK and India rose by 8.8 percent and 6.5 percent.