Friday Mar 27, 2026
Friday Mar 27, 2026
Friday, 27 March 2026 04:51 - - {{hitsCtrl.values.hits}}
Sri Lanka’s total export earnings in February raked in over $ 1.4 billion, reflecting a 4.22% year-on-year (YoY) growth.
The latest data released by the Sri Lanka Export Development Board (EDB) showed that merchandise exports shipped in February were up 1.32% YoY to over $ 1.06 billion, while estimated service earnings in the month increased by 14.68% YoY to $ 334.9 million.
However, February exports registered a 9.2% month-on-month (MoM) decline compared to January 2026.
During the first two months of 2026, total exports were up 7.56% YoY to over $ 2.89 billion.
Merchandise export earnings during January-February increased by 5.22% YoY to over $ 2.21 billion, whilst services exports during the same period were estimated to have surged by 15.95% to $ 680.68 million. Services exports include sectors such as ICT/BPM, construction, financial services, and transport and logistics.
Addressing the media, Export Development Board (EDB) Chairman and CEO Mangala Wijesinghe described the February outcome as a resilient way towards achieving the country’s annual export targets.
“We remain confident that, with focused policy support and market diversification efforts, Sri Lanka will be able to maintain this positive momentum despite the global headwinds,” he said.
The EDB noted that the moderate merchandise exports growth in February was driven largely by improved demand across the agricultural and industrial product categories.
As per the data shared by the EDB, apparel and textiles remained the dominant contributor, but the sector saw a 6.29% YoY decrease between January and February of 2026, reaching $ 831.67 million. The contraction was largely influenced by reduced demand in key markets, with exports to the US and the European Union (EU), together accounting for over 50% of total market share, declining by 2.9% and 2.8%, respectively.
Earnings from the export of Electrical and Electronic Components (EEC) increased by 52.74% YoY to $ 91.28 million during the first two months. This increase was due to the strong performance in exports of Insulated Wires and Cables (+37.12%), Printed Circuits (+14.71%), Switches, Boards and Panels (+39.32%).
During the first two months, Gems and Jewellery exports increased by 4.26% YoY to $ 28.86 million, while Petroleum Products rose by 4.98% YoY to $ 85.15 million during the first two months from industrial exports.
Agriculture exports witnessed a remarkable growth during the first two months. Tea exports, which comprised 12% of total merchandise exports, rose by 2.04% to $ 236.84 million, whilst coconut-based exports increased by 27.86% YoY to $ 203.01 million. Earnings from all the major categories of coconut-based products increased during the first two months compared to the same period last year due to the strong performance in export of Coconut Oil (53.98 %), Desiccated Coconut (48.62 %), Coconut Milk Powder (16.54 %), Coconut Cream (44.17 %), Liquid Coconut Milk (24.37 %), and Activated Carbon (53.26 %).
Export earnings from Food and Beverages have increased by 30.84 % YoY to $ 108.56 million during the first two months, with the positive performance in exports of processed foods (49.39%).
Seafood export earnings increased by 30.28 % YoY to $ 40.74 million due to the strong performance in Frozen Fish (+9.77%) and Fresh Fish (+103.09%).
On the services side, ICT/BPM and transport and logistics showed positive growth during the first two months with increases of 37.25% YoY to $ 306.62 million and 5.31% YoY to $ 354.59 million, respectively.
The robust February figures build on the positive trajectory recorded in 2025. Sri Lanka’s total export earnings reached over $ 17.25 billion last year, marking a 5.6% YoY increase and achieving nearly 95% of the $ 18.2 billion export target.
For 2026, Sri Lanka has set an ambitious export revenue target of $ 20 billion, reflecting an anticipated YoY growth of 10-12%. Merchandise exports are expected to exceed $ 15.7 billion in 2026, while services exports are projected to rise to $ 4.3 billion.
“These projections form part of a broader roadmap to boost Sri Lanka’s export earnings to $ 36 billion by 2030, comprising $ 25 billion from merchandise exports and $ 11 billion from services. The strategy prioritises scaling up value-added exports, expanding market access, and accelerating services-led growth alongside traditional goods exports,” he added.
Among Sri Lanka’s top 10 export markets, the United Arab Emirates (UAE), China, Australia, and Mexico demonstrated positive YoY growth, both in February 2026 and cumulatively for the January-February period, indicating emerging market resilience.
The US, the largest single export destination accounting for around 22% of total merchandise exports, recorded a marginal decline of 0.3% to $ 239.8 million in February, with cumulative exports for January-February also marginally down by 0.61% to $ 497.65 million compared to the same period in 2025. India consolidated its position as Sri Lanka’s second-largest export destination, surpassing the UK, with exports growing by 16.21% to $ 192.01 million during January-February, despite a temporary dip in February. Meanwhile, exports to the UK declined by 1.86% to $ 149.44 million over the same period, reflecting weaker performance in this key European market.
