Pasidol
Sathosa Ad Final Eng 1
Feb 17, 2018

Sri Lanka’s trade deficit widened in 2017

The trade deficit widened in 2017 as high import expenditure offset the increase in export earnings, Central Bank announced in its monetary policy review.

During January – December 2017 period cumulative export earnings increased by 10.2% to USD 11,360 mn

This was largely due to higher earnings from tea (20.5%), textiles and garments (3.0%), petroleum products (51.4%), spices (28.1%) and seafood (41.9%)

Cumulative import expenditure increased by 9.4% to USD 20,980 mn and this was attributed to higher imports of fuel (38.2%) , rice (2,244.7%), gold (73.7%), base metals (37.8%) and wheat (31.5%)

Trade deficit increased to USD 9,620 mn in 2017 from USD 8,873 mn in 2016

In December 2017 Export earnings increased by 18.7% (y-o-y) to USD 1,020 mn

This was largely due to higher earnings from textiles and garments (19.4%), petroleum products (102.8%), tea (15.6%) and rubber products (19.6%)

Import expenditure increased by 12.8% (y-o-y) to USD 2,048 mn due to higher imports of fuel (32.0%) , base metals (109.0%), rice (2,355.3%) , vehicles (63.5%) and gold (43.1%)

The trade deficit widened to USD 1,029 mn in December 2017 from USD 957 mn during the corresponding period of 2016. Central Bank revealed.

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