April merchandise exports dip 4.1% YoY to US$ 813.31 million

Merchandise export performance witnessed a dip in April as earnings contracted by 4.1 percent Year-on-Year (YoY) to US$ 813.31 million.

Accordingly, cumulative merchandise exports during the period of January to April 2024, increased by 3.55 percent to US$ 3,982.71 million compared to the corresponding period in 2023. 

When combined with services, export revenue crossed the US$ 1 billion mark, totalling US$ 1.14 million, a 1.25 percent increase YoY.

The estimated value of services exports for the month of April 2024 was US$ 300.41 million, increasing 19.28 percent over the corresponding period of 2023. The value of services exports is expected to increase by 6.47 percent to US$ 1,048.61 million during the period of January to April 2024 when compared to the corresponding period of 2023.

Export earnings from tea which made up 12 percent of merchandise exports, increased by 2.22 percent YoY to US$ 95.46 million in April 2024. This increase is mainly due to the strong performance of export of Bulk Tea (increased by 12.08 percent). The volume of tea exports increased by 12.03  percent in April 2024 compared to April 2023. 

Earnings from Rubber and Rubber Finished products have increased by 20.18 percent YoY to US$ 66.58 million in April 2024, with the strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (36.09 percent).

Export earnings of Coconut based products increased by 17.73 percent in April 2024. 
Contributing to the dip, export earnings from apparel & textile decreased by 6.34  percent YoY to US$ 321.06 million in April 2024.

Spices is another sector that saw performance drop. Earnings from Spices and Essential Oils decreased by 14.47 percent to US$ 18.03 million YoY. This was mainly due to the poor performance in export of Cinnamon (-15.99 percent) and Cloves (-52.22 percent). Clove exports to India decreased by nearly 100 percent in April 2024 compared to April 2023.
Furthermore, the total exports earnings from Diamonds, Gems & Jewellery decreased by 14.14 percent YoY to US$ 21.68 million in April 2024. Export earnings from Diamonds experienced substantial decrease by 23.88 percent in April 2024.

Among the top 10 export markets of Sri Lanka, UK, Italy, Germany, Netherlands, France and China have shown positive growth in both April 2024 and the cumulative period of January to April 2024 compared to the corresponding periods in 2023.

United States of America, Sri Lanka’s single largest export destination, which absorbs 23 percent of Sri Lanka’s merchandise exports, decreased by 5.09 percent to US$ 183.37 million in April 2024 compared to April 2023.
Exports to the United Kingdom increased by 7.65 percent YoY to US$ 66.14 million in April 2024, while exports to the United Kingdom increased by 6.8 percent to US$ 305.16 million.

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