Sri Lanka's total exports reach USD1.2B last month
Date
12/23/2024 8:00:30 AM
(MENAFN) Sri Lanka's total exports, including both merchandise and services, reached 1.2 billion U.S. dollars in November 2024, according to data released by the country's Export Development Board (EDB) on Monday. This figure represents a slight increase of 0.04 percent compared to November 2023, indicating relatively stable export performance year-over-year.
Merchandise exports for November 2024 were reported at 943 million U.S. dollars, marking a 5.6 percent decline compared to the same month in 2023. The EDB attributed this drop to reduced earnings in several key sectors, including rubber-based products, electrical and electronic components, food and beverages, and seafood. These industries experienced notable contractions, which weighed down overall merchandise export figures.
In contrast, Sri Lanka's services exports performed strongly during the same period. Services exports for November 2024 were estimated at 326 million U.S. dollars, reflecting a significant 20.89 percent increase compared to November 2023. This growth highlights the resilience and expanding contribution of the services sector to the country's overall export revenue.
The contrasting trends between merchandise and services exports underscore the shifting dynamics in Sri Lanka's export portfolio. While challenges persist in traditional goods sectors, the robust growth in services exports offers a positive outlook and potential for further diversification in the nation’s trade strategy.
MENAFN23122024000045015839ID1109023693
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.