Earnings from merchandise exports increased by 9.8 per cent to US dollars 1,139 million in March 2024 compared to US dollars 1,037 million in March 2023. There was an increase in earnings across all major categories of exports, where industrial exports increased the most. The increase in industrial goods exports in March 2024 (year-on-year) was mainly contributed by petroleum products due to the increase in volumes of bunkering and aviation fuel exports, while textiles and garments exports also recorded a notable improvement. Earnings from exports of agricultural goods also improved in March 2024 mainly driven by tea (led by higher volumes) and coconut-related products, despite a significant decline in spice exports. Earnings from mineral exports increased marginally in March 2024.

Meanwhile, the improvement in earnings from exports in March 2024 compared to February 2024 was largely driven by higher textiles and garments exports, which was the highest earnings from these exports recorded since December 2022.