Sri Lanka’s Exports Reach US $14 Billion amid Mixed Sectoral Growth
- 5opn1
- December 26, 2024
- Business News
- Sri Lanka’s Exports Reach US $14 Billion amid Mixed Sectoral Growth
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Sri Lanka’s export sector achieved significant milestones in the first 11 months of 2024, with total export earnings crossing $14.78 billion, reflecting a 6.44% year-on-year (YoY) growth.
According to the Sri Lanka Export Development Board (EDB), merchandise exports contributed $11.61 billion, marking a 6.44% YoY rise, while services exports generated an estimated $3.17 billion, up by 7.39% YoY.
However, November saw a downturn in merchandise exports, which dropped 5.56% YoY to $943.1 million, a 14.4% decrease compared to October 2024. This was primarily due to reduced exports of rubber-based products, electrical and electronic components, food and beverages, and seafood.
Despite the decline in merchandise, services exports for November 2024 surged by 21% YoY to $326.23 million, driven by robust growth in ICT/BPM, construction, financial services, and transport and logistics. Combined, merchandise and services exports for November reached $1.26 billion, showing a marginal 0.04% increase compared to November 2023.
