External trade – 1st Quarter 2024
Highlights
Total Exports
For the first quarter of 2024, total exports proceeds, including domestic exports, re-exports and ship's stores and bunkers amounted to Rs 23,359 million, showing a decrease of 9.6% compared to Rs 25,828 million in the previous quarter. This is mainly explained by decreases in the exports of “Manufactured goods classified chiefly by material" (-22.3%), “Miscellaneous manufactured articles" (-10.1%), “Ship's Stores and Bunkers" (-7.4%) and “Food and live animals" (-4.1%), partly offset by an increase in the exports of “Chemicals and related products, n.e.s. (+4.1%).
Compared to the corresponding quarter of 2023, total exports for the first quarter of 2024 decreased by 8.4%. This is mainly explained by decreases in exports of “Manufactured goods classified chiefly by material" (-27.8%), “Miscellaneous manufactured articles" (-14.7%) and “Food and live animals" (-4.2%), partly offset by increases in the exports of “Ship's Stores and Bunkers" (+22.2%) and “Chemicals and related products, n.e.s." (+13.4%).
Total Imports
Total imports for the first quarter of 2024 amounted to Rs 69,841 million, showing a decrease of 4.9% compared to Rs 73,422 million in the previous quarter. This is mainly due to decreases in the imports of “Miscellaneous manufactured articles" (-21.3%), “Food and live animals" (-15.3%), “Manufactured goods classified chiefly by material" (-14.2%) and “Chemicals & related products, n.e.s." (-14.0%), partly offset by increases in the imports of “Mineral fuels, lubricants & related products" (+20.9%).
Compared to the corresponding quarter of 2023, total imports for the first quarter of 2024 increased by 6.4%. This is mainly due to increases in imports of “Machinery & transport equipment" (+20.8%), “Mineral fuels, lubricants & related products" (+12.8%), “Miscellaneous manufactured articles" (+9.6%), “Food and live animals" (+3.8%) and “Chemicals and related products n.e.s" (+1.4%), partly offset by a decrease in the imports “Manufactured goods classified chiefly by material" (-8.3%).
Balance of trade
The resulting trade deficit for the first quarter of 2024 worked out to Rs 46,482 million, 2.3% lower than the deficit of Rs 47,594 million of the previous quarter and 15.9% higher than the deficit of Rs 40,099 million of the corresponding quarter of 2023.
Forecast for year 2024
Based on trends and information from various sources, the forecast of total exports for 2024 will be around Rs 104 billion, same level as year 2023. Total imports for 2024 including one-off items such as machinery for metro terminals, will be around Rs 300 billion, 5.6% higher than the total imports of around Rs 284 billion in 2023.
The trade deficit for 2024 is forecasted at around Rs 196 billion, 8.9% higher as compared to around Rs 180 billion in 2023.
