Sri Lanka sees exports to key markets improve

Sri Lanka’s total exports in March expanded by 9.5 percent Year-on-Year (YoY) to US$ 1.41 billion with positive growth seen in key markets.

Data shared by the Export Development Board (EDB) showed that among the top 10 export markets of Sri Lanka, the UK, Germany, Netherlands, Canada and China have shown positive growth in both March 2024 and in the cumulative period of January to March 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, increased by 2.39 percent to US$ 241.5 million in March 2024 compared to March 2023. 
However, exports to USA in the cumulative period of January to March 2024 decreased by 1.4 percent to US$ 711.57 million compared to the corresponding period in 2023.

Additionally, exports to the United Kingdom increased by 13.48 percent to US$ 88.57 million in March 2024 compared to the corresponding month in 2023. Meanwhile, exports to the United Kingdom increased by 6.56 percent to US$ 239.02 million in the cumulative period of January to March 2024 compared to the corresponding period in 2023.

Exports to the European Union (EU) which accounts for 24 percent of Sri Lanka’s exports during both March 2024 and the cumulative period of January to March 2024 increased respectively by 4.79 percent and 2.54 percent.