External trade – 4th Quarter and Year 2024
Highlights
Fourth quarter 2024
Exports
Total exports for the fourth quarter of 2024, including domestic exports, re-exports and ship's stores and bunkers, amounted to Rs 26,869 million, showing an increase of 4.0% compared to the value of Rs 25,828 million in the corresponding quarter of 2023. This is mainly explained by increases in the exports of “Ship's stores and bunkers" (+11.1%), “Food and live animals" (+11.0%) and “Chemicals and related products, n.e.s" (+8.1%), partly offset by decreases in the exports of “Manufactured goods classified chiefly by material" (-14.4%), “Machinery and transport equipment" (-10.7%) and “Miscellaneous manufactured articles" (-3.2%).
Compared to the previous quarter, total export proceeds for the fourth quarter of 2024 decreased by 10.3%.
Imports
Total imports in the fourth quarter of 2024 amounted to Rs 86,533 million, showing an increase of 17.9% compared to the value of Rs 73,422 million in the corresponding quarter of 2023. This is due to increases in the imports of “Machinery & transport equipment" (+21.0%), “Chemicals and related products" (+21.0%), “Miscellaneous manufactured articles" (+19.2%), “Mineral fuels, lubricants, & related products" (+19.1%), “Manufactured goods classified chiefly by material" (+17.9%) and “Food and live animals" (+10.0%).
Compared to the previous quarter, total imports for the fourth quarter of 2024 increased by 6.3%.
Balance of trade
The trade deficit for the fourth quarter of 2024 worked out to Rs 59,664 million, around 25.4% higher than the deficit of Rs 47,594 million of the corresponding quarter of 2023.
Compared to the previous quarter, the deficit for the fourth quarter of 2024 increased by 16.0%.
Year 2024
Exports
Total export proceeds for the year 2024 stood at Rs 110,313 million, representing an increase of 6.2% over the 2023 figure of Rs 103,895 million. This is explained by increases in “Ship's Stores and Bunkers" (+45.7%) and “Food and live animals" (+4.4%), partly offset by decreases in “Manufactured goods classified chiefly by material" (-13.8%) and “Miscellaneous manufactured articles" (-7.9%).
Imports
Total imports for 2024 amounted to Rs 314,054 million, representing an increase of 10.6% compared to Rs 283,871 million in 2023. This is mainly explained by increases in “Mineral fuels, lubricants, & related products" (+18.8%), “Chemicals and related products, n.e.s." (+13.6%) and “Machinery & transport equipment" (+12.2%).
Balance of trade
The trade deficit for year 2024 worked out to Rs 203,741 million, around 13.2% higher than the deficit of Rs 179,976 million for the year 2023.
Forecast for year 2025
Based on trends and information from various sources, the forecast of total exports for 2025 will be at the same level as 2024, that is, Rs 110 billion. Total imports for 2025 excluding one-off items, will be around Rs 320 billion, 1.9% higher than the total imports of around Rs 314 billion in 2024.
The trade deficit for 2025 is forecasted at around Rs 210 billion, 2.9% higher as compared to around
Rs 204 billion in 2024.
25 February 2025
