The merchandise export performance in March 2024 amounted to US$ 1,138.9 million, recording an increase of 9.77 % compared to March 2023. Furthermore, export performance in March 2024 increased by 7.51% compared to the preceding month, February 2024, Export Development Board (EDB) said yesterday.
The value of services exports for March 2024 was US$ 275.1 Million, increasing 8.39 % over the corresponding period of 2023. Subsequently, total exports for March 2024
was recorded as US$ 1.4 Billion including merchandise and services exports.Export earnings from Apparel and Textile increased by 6.66 % y-o-y to US $ 443.9 Mn in March 2024 compared to March 2023.
Export earnings from tea which made up 12% of merchandise exports, increased by 13.35 % y-o-y to US$ 124.86 Mn in March 2024 compared to March 2023. This increase is mainly due to the strong performance in the export of Bulk Tea and Tea packets, increased by 23.31 % and 6.51% respectively.
Furthermore, volume of tea exports increased by 18.2% in March 2024. Additionally, Tea exports to Iraq, UAE, Russia and Saudi Arabia markets, increased by 202.07 %, 102.46 %and 48.41% respectively.
Moreover, Export earnings from Rubber and Rubber Finished products have increased by 7.45 % y-o-y to US$ 97.98 Mn in March 2024, with the strong performance in exports of Pneumatic and Retreated Rubber Tyres and Tubes (7.41 %) and Industrial and Surgical Gloves of Rubber (12.18%).
On monthly analysis, export earnings of Coconut based products increased by 32.2 % in March 2024. Moreover, export earnings of Coconut kernel products, Coconut fiber products and Coconut shell products increased by 41.87 %, 25.53 % and 21.06 % respectively in March 2024 compared to March 2023.
Export earnings from Food & Beverages have increased by 35.81 % y-o-y to US$ 49.45 million in March 2024, with the positive performance in exports of Processed food (95.31%).Earnings from export of Tea, Rubber products, Coconut products and Food & Beverages increased by 6.51 %, 10.18 %, 25.24 % and 26.05 % respectively during the period of January – March 2024 compared, in comparison to the corresponding period of 2023.
Earnings from export of Tea increased y-o-y by 12.89 % to US$ 354.78 mn in the period of January to March 2024. This increase was mainly due to the strong performance in export of Bulk Tea (27.7%) and Tea Packets (2.58 %).
In addition, export earnings from Rubber & Rubber finished products increased by 10.18 % to US$ 268.44 Mn in January – March 2024.Export earnings of Coconut & Coconut based products increased by 25.24 % to US$ 203.62 Mn during January-March 2024 compared to the last year. Earnings from all the major categories of Coconut based products increased in the period of January – March 2024.Export earnings from Food & Beverages have increased by 26.05 % y-o-y to US$ 126.33 Million in the period of January to March 2024, with the positive performance in exports of processed food (77.12 %).
