News & market updates

Sri Lanka’s merchandise exports fell 5.6% to $943.1m in November 2024, the Export Development Board said. Apparel was up 0.54% to $397.2m and tea and coconut-based product exports rose, while rubber, seafood and exports to some EU markets declined.

Talawakelle Tea Estates' Great Western Estate fetched a record Rs. 2,900/kg for Dust1 at the 23 December 2024 sale, bought by M/s Heritage Teas Ltd. The estate is managed by Talawakelle Tea Estates PLC, a subsidiary of Hayleys PLC.

The EDB and Sri Lankan Embassy supported 19 Sri Lankan F&B exporters at SIAL Paris 2024, helping them secure over $2.8m in confirmed orders and about $3.6m in additional business under negotiation.

Merchandise exports fell 5.6% y-o-y to US$ 943.10 million in November 2024. Services exports rose 20.89% to US$ 326.23 million, with gains in ICT, apparel and tea while rubber, electrical/electronics, food & beverages and seafood showed declines.

The EDB led Sri Lanka’s participation at SIAL Paris (19–23 Oct 2024), enabling 19 F&B firms to showcase products and secure over US$2.8m in confirmed orders and about US$3.6m in businesses under negotiation. A dedicated promotional area supported entry of 10 EU PGI-certified Ceylon Cinnamon producers.

Aitken Spence PLC's annual report won the Silver award (Diversified Holdings) at the 59th TAGS Awards 2024; Aitken Spence Hotel Holdings PLC won Gold (Hotels) and Elpitiya Plantations PLC won Bronze (Plantations). The companies also received certificate recognitions for governance, sustainability and reporting.

Elpitiya Plantations PLC won the Bronze Award in the Plantations Sector at CA Sri Lanka's TAGS Awards 2024 and was Second Runner-Up at the Best Corporate Citizen Sustainability Awards 2024. It also received recognition for sustainability reporting and its “Grow-to-Grow” bamboo project and is managed by Aitken Spence Plantation Managements PLC.

The Consulate General of Sri Lanka in Milan hosted a Ceylon tea promotional event in Venice on 12 December 2024 to mark Marco Polo's 700th death anniversary, featuring presentations and tastings by Italian agents Mlesna and PMD Tea and an AR-TEA Academy sommelier to boost Ceylon tea's profile.

Colombo Stock Market closed mixed: ASPI +40 pts (+0.27%) while S&P SL20 -14 pts (-0.3%), with turnover Rs.5.85bn on 357m shares and a net foreign outflow of Rs.1.5m. Top contributors included Ceylon Cold Stores, PGP Glass, John Keells, Lanka IOC, Dipped Products and Lanka Milk Foods, with Food, Beverage & Tobacco leading turnover.

Asia Siyaka reported Sri Lanka's tea export earnings for Jan–Nov reached $1.304bn on 223 million kg, while November volumes fell 6% YoY to about 20 million kg. It noted a stronger Sri Lankan rupee has reduced auction prices and returns to tea producers despite higher FOB/kg in USD.

Flexiprint Ltd. won the “Best Exporter Award” and the Merit Award for Industry/Manufacturing (Large) at the Western Province Entrepreneur Awards 2024, recognising its export growth and performance in printing tea bag tags and related products. The company emphasised innovation, sustainability and expanded international presence.

Commercial Bank of Ceylon PLC filed a winding-up petition against Almar Teas Ltd, but the Commercial High Court suspended the inquiry scheduled for 20 Dec 2024 and fixed the objections hearing for 6 Mar 2025 with written submissions due one month earlier.

Sri Lanka's Export Development Board chairman met Australia's High Commissioner to discuss boosting bilateral trade and FDI, noting 2023 Sri Lanka exports to Australia of USD 226.51 Mn and a roughly USD 40 Mn trade surplus. Discussions focused on export‑led manufacturing, mineral investment, a commodity value‑adding hub and TIFA cooperation.

Elpitiya Plantations PLC won Bronze in the Plantations sector at the TAGS Awards 2024 and was 2nd Runner-Up at the Best Corporate Citizen Sustainability Awards 2024. It also received recognition for its “Grow to Grow” bamboo biomass project and is managed by Aitken Spence Plantation Managements.

Sri Lanka's GDP rose 5.5% y/y in Q3 2024 to Rs. 3,151,941 million. Growth was led by a 10.8% expansion in industry (notably construction and manufacturing), with agriculture up 3.0% and services up 2.6%, supported by lower interest rates, higher trade, tourism and remittances.

Sri Lanka's GDP expanded 5.5% in Q3 2024, up from 1.2% a year earlier. Growth was driven by strong industrial and construction gains (industrial +10.8%, construction +23.8%), apparel and tea, alongside rising private credit and falling interest rates; real GDP remains below pre-crisis levels.

The Sri Lankan Embassy in Brussels promoted Sri Lanka's economic recovery and opportunities in trade, investment and tourism to over 35 Belgian private-sector representatives in Antwerp on 5 December, highlighting sectors like tea, apparel, logistics and renewable energy; more sector-specific promotional events are planned.

Australian High Commissioner Paul Stephens met EDB Chair Mangala Wijesinghe to boost bilateral trade and explore Australian investment in mineral-sector projects and export‑led manufacturing; Australia was Sri Lanka’s 11th largest export destination in 2023 with $226.51m of exports (imports $185.89m; surplus ≈ $40m).

Dr. T. Senthilverl sold his 6% stake in Alumex PLC for Rs. 408 million. Buyers included Rayynor Silva, Aravinda de Silva and Ajith Devasurendra; Senthilverl also increased stakes in Agarapatana (over 10%) and Kotagala (5%) and exited a 10% stake in Asia Asset Finance.

Elpitiya Plantations PLC appointed Dr. Ravi A. Fernando as an Independent Non-Executive Director effective 1 January 2025. Fernando is a sustainability and consumer-goods executive who also serves on boards including Dilmah Ceylon Tea Company, LOLC Holdings and Aitken Spence.

Planters' Association chairman says the plantation sector agreed to a 30% wage increase to Rs.1,350 with a productivity incentive, a cost it expects to absorb only by the third year. He also warns tea exports fell 5.3% in Aug 2024 and 2024 production may drop below 250 million kg amid policy, labor and climate pressures.

Sri Lanka's Embassy in Warsaw participated in the 17th SHOM Charity Bazaar on 08 December 2024, selling traditional wade, Ceylon tea and handicrafts to raise funds and promote Sri Lankan tourism and culture.

Colombo Stock Exchange ASPI rose 0.77% (105.38 pts) to 13,718 as turnover reached Rs4.4bn. Major contributors were diversified financials, capital goods and food/beverage/tobacco, with heavy volumes and gains in Asia Asset Finance, Ambeon Capital, Hayleys, Central Finance, Lanka IOC and others; Sampath Bank fell and net foreign inflow was Rs47mn.

Dambatenne Estate in Haputale, founded by Sir Thomas Lipton, spans 873 ha (376 ha tea) and now produces about 700,000–1,000,000 kg of tea annually after replanting and mechanisation. The estate holds Rainforest Alliance and ISO certifications, invests in hydropower/solar/biomass and is developing ecotourism and a tea centre.

Dambatenne Estate, founded by Sir Thomas Lipton, spans 873 hectares (376 ha of tea) and produces about 700,000–1,000,000 kg of tea annually. The estate has invested in replanting (74% vegetatively propagated), renewable energy, certifications, mechanised harvesting, community programmes and tourism development.