In January 2019, the trade deficit continued its improving trend observed in recent months. The trade deficit was recorded at US dollars 617 million during the month, compared to a deficit of US dollars 701 million in December 2018, and US dollars 1,049 million in January 2018.
This significant reduction in the trade deficit was due to the combined effect of higher earnings from exports and a notable deceleration in import expenditure. Exports grew by 7.5 per cent while imports declined significantly by 17.8 per cent in January 2019 (year-on-year).
Tourist arrivals grew by 2.2 per cent (year-on-year) in January 2019, resulting in earnings from tourism of US dollars 458 million during the month.
Published Date:
Wednesday, April 17, 2019