In April 2024, Sri Lanka experienced a dip in merchandise export performance, with earnings contracting by 4.1 percent Year-on-Year (YoY) to US$ 813.31 million. This decline was primarily driven by decreases in export earnings from apparel & textile, spices, diamonds, gems & jewellery. However, despite this setback, the cumulative merchandise exports during the period of January to April 2024 increased by 3.55 percent to US$ 3,982.71 million compared to the corresponding period in 2023.
Additionally, when considering both merchandise and services, export revenue crossed the US$ 1 billion mark, totaling US$ 1.14 million, marking a 1.25 percent increase YoY. The estimated value of services exports for April 2024 was US$ 300.41 million, showing a significant increase of 19.28 percent over the corresponding period of 2023. Looking ahead, the value of services exports is expected to continue its upward trend, with a projected increase of 6.47 percent to US$ 1,048.61 million during the period of January to April 2024 when compared to the same period in 2023.