​​​​​​​​​​​​Ext​ernal trade – 3rd Quarter 2024

Highlights

Total Exports

1. ​1. Total exports (inclusive of ship's stores & bunkers) for the third quarter of 2024 were valued at Rs 29,960 million, showing an increase of 9.3%, compared to the corresponding quarter of 2023. This is mainly explained by increases in the exports of “Ship's stores & bunkers" (+54.9%), “Machinery and transport equipment" (+21.1%), “Chemicals and related products, n.e.s" (+13.7%) and “Food and live animals" (+2.3%), partly offset by decreases in the exports of “Manufactured goods classified chiefly by material" (-13.4%) and “Miscellaneous manufactured articles" (-7.5%). Compared to the previous quarter, the total exports for third quarter of 2024 increased by 1.3%.
   
    2.For the period January to September of 2024, total exports valued at Rs 83,444 million increased by 6.9%, compared to Rs 78,067 million in the corresponding period of 2023.
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3. Total Imports
    
4. 3. Total imports, for the third quarter of 2024, amounted to Rs 81,402 million showing an increase of 12.7%, compared to the corresponding quarter of 2023. This is mainly due to increases in the imports of “Beverage and tobacco" (+70.0%), “Miscellaneous manufactured articles" (+20.4%), “Chemicals and related products, n.e.s." (+17.6%), “Manufactured goods classified chiefly by material" (+13.7%), “Machinery & transport equipment" (+11.8%) “Food and live animals" (+11.6%) and “Mineral fuels, lubricants, & related products" (+5.0%). Compared to the previous quarter, the total imports for the third quarter of 2024 increased by 6.1%.​
    
5. 4. For the period January to September of 2024, total imports amounting to Rs 227,521 million increased by 8.1%, compared to Rs 210,449 million in the corresponding period of 2023.
    
   
   Balance of Trade​
    
6. 5. ​The trade deficit for the third quarter of 2024 worked out to Rs 51,442 million, 9.1% higher than the deficit of Rs 47,133 million of the previous quarter and 14.9% higher than the deficit of Rs 44,790 million of the corresponding quarter of 2023.
   
    
7. 6. For the period January to September of 2024, the trade deficit worked out to around Rs 144,077 million, 8.8% higher than the deficit of Rs 132,382 million in the corresponding period of 2023.
    
   
   Forecast for Year 2024
    
8. ​7. Based on trends and information from various sources, the forecast for both total exports and total imports have been revised upwards for 2024. This was mainly due to higher exports of “Ship's stores & bunkers" and, higher imports of petroleum products and some manufactured goods during the first nine months of 2024. Total exports for 2024 will be around Rs 110 billion, 5.8% higher than Rs 104 billion in 2023. Total imports for 2024 will be around Rs 305 billion, 7.4% higher than the total imports of around Rs 284 billion in 2023. The trade deficit f​or 2024 is forecasted at around Rs 195 billion, 8.3% higher as compared to around Rs 180 billion in 2023.     ​
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