Sri Lank rubber and finish products exports increase by 7 percent in 2024

Colombo, Sri Lanka – The latest report from the Sri Lanka Export Development Board reveals that the country achieved a record-breaking total export revenue of US$ 16.17 billion in 2024. This marks the highest export earnings in Sri Lanka’s history, surpassing the previous peak of US$ 15.72 billion recorded in 2018.

The 2024 figure comprises US$ 12.70 billion from merchandise exports and US$ 3.46 billion from services exports, reflecting a strong performance across key sectors.

Provisional data from Sri Lanka Customs indicates that merchandise export earnings for December 2024 amounted to US$ 1,042.5 million, a 4.06% increase compared to December 2023. This growth was driven by higher earnings from Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, Spices & Concentrates, and Food & Beverages.

Services exports for December 2024 were estimated at US$ 322.92 million, representing a significant 29.96% increase over the corresponding period in 2023.

As a result, total exports for December 2024, including merchandise and services, amounted to US$ 1,365.42 million, reflecting a moderate year-on-year growth of 9.21%.

In addition, export earnings from Rubber & Rubber finished products increased by 7.66 % to US$ 1,001.54 Mn in the year 2024 compared to the year 2023 attributed to increased exports of Industrial & Surgical Gloves of Rubber (23.09 %) and Pneumatic & Retreated Rubber Tyres & Tubes (1.39 %).