World News | Sri Lanka's Exports Record Nearly 6% Growth in First Quarter of 2025
Get latest articles and stories on World at LatestLY. Sri Lanka's exports have seen a near six per cent growth in the first quarter of 2025, the export development board said on Wednesday.
Colombo, Apr 23 (PTI) Sri Lanka's exports have seen a near six per cent growth in the first quarter of 2025, the export development board said on Wednesday.
“Sri Lanka has demonstrated remarkable resilience and growth in its export sector during the first quarter of 2025, with total exports reaching USD 4,212.13 million, reflecting a robust 5.87 per cent growth compared to the same period last year.”
In March, the total exports, including both merchandise and services, reached USD 1,507.90 million.
“This represents an impressive 6.24 per cent year-on-year growth compared to March 2024 and a substantial 11.76 per cent month-on-month increase from February 2025,” the export development board said.
The merchandise export sector showed strong performance with a 5.87 per cent year-on-year growth in March 2025, reaching USD 1,215.9 million, according to provisional data from Sri Lanka Customs, including estimated figures for gems and jewellery and petroleum products.
Services exports have been a particular bright spot, with an estimated growth of 7.79 per cent in March 2025, reaching USD 291.12 million compared to the same period in 2024.
For the entire first quarter, services exports are estimated to have increased by 10.88 per cent to USD 887.04 million, highlighting the growing importance of Sri Lanka's knowledge-based economy.
Overall merchandise exports for January to March 2025 are estimated at USD 3,325.09 million, marking a healthy 4.61 per cent increase compared to the first quarter of 2024.
Meanwhile, the World Bank on Wednesday, releasing its biannual Sri Lanka Development Update, warned that a third of Sri Lanka's population is in poverty or faces the risk of falling into that category despite the island showing a remarkable turnaround of its economy in 2024.
“Sri Lanka's economy has made a remarkable recovery in 2024, surpassing growth expectations by recording 5 per cent growth, compared to the projected 4.4 per cent. This growth has been driven by strong performances in industry and services, particularly in construction and tourism-related services.
“In 2025, growth is expected to moderate to 3.5 per cent reflecting scarring effects of the crisis and structural impediments to growth, amid global headwinds and unprecedented trade policy uncertainty,” the World Bank said in its report.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)