In March 2024, earnings from merchandise exports witnessed a significant upswing, soaring to USD 1,139 million, marking a robust 9.8% increase compared to USD 1,037 million in March 2023. This remarkable growth was observed across all major export categories, with industrial exports experiencing the most substantial rise.
The surge in industrial goods exports during March 2024, compared to the previous year, was primarily fueled by petroleum products, buoyed by increased volumes of bunkering and aviation fuel exports. Furthermore, textiles and garments exports also registered a noteworthy upturn.
Additionally, earnings from agricultural goods exports saw improvement in March 2024, primarily attributed to tea, driven by higher volumes, and coconut-related products. However, this positive trend was juxtaposed with a significant decline in spice exports. Meanwhile, earnings from mineral exports saw a slight uptick during the same period.
Moreover, the boost in export earnings in March 2024 compared to February 2024 was predominantly steered by heightened textiles and garments exports, marking the highest earnings from these exports since December 2022.
