Sri Lanka’s export performance surges in March 2024
The Export Development Board (EDB) reports that Sri Lanka’s merchandise export performance in March 2024 amounted to USD 1,138.9 million, marking an increase of 9.77% compared to March 2023.
Furthermore, it stated that export performance in March 2024 increased by 7.51% compared to the preceding month, February 2024.
According to the latest data released by the EDB, the value of service exports for March 2024 was US$ 275.1 million, reflecting an 8.39% increase over the corresponding period in 2023.
Subsequently, total exports for March 2024 were recorded as US$ 1.4 billion, including both merchandise and service exports.
Export earnings from Apparel & Textile increased by 6.66% year-on-year to US$ 443.9 million in March 2024 compared to March 2023.
Export earnings from tea, which comprised 12% of merchandise exports, increased by 13.35% year-on-year to US$ 124.86 million in March 2024 compared to March 2023.
This increase is mainly attributed to the strong performance in the export of Bulk Tea and Tea packets, which increased by 23.31% and 6.51% respectively, the release said.
Cumulative merchandise exports during the period of January to March 2024 increased by 5.71% to US$ 3,168.9 million compared to the corresponding period in 2023.
The value of service exports for the same period was US$ 788.7 million, representing a 7.76% increase over the corresponding period in 2023.
The EDB noted that exports to the European Union (EU), which accounts for 24% of Sri Lanka’s exports during both March 2024 and the cumulative period of January to March 2024, increased by 4.79% and 2.54% respectively.
Exports to the top five EU markets were recorded as follows: Germany US$ 163.94 million (increased by 6.34%), Italy US$ 157.82 million (decreased by 0.39%), Netherlands US$ 87.83 million (increased by 5.02%), France US$ 60.62 million (increased by 5.79%), and Belgium US$ 55.42 million (decreased by 0.45%) during the cumulative period of January to March 2024 compared to the corresponding period in 2023.
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There we go.
Under RW leadership supported by the Pohottuwa, we are on track to reach new heights.
Under SP, we will be a nation of beggars looking for busses and smartboards to gain false popularity.