Sri Lanka’s external sector showed a mixed performance during May 2016 with a widening of the trade deficit, continued growth in tourist earnings and an increase in workers’ remittances. The trade deficit widened on account of the decline in export earnings, mainly due to the subdued performance in exports of tea, rubber products and textiles and garments, amidst the marginal growth in import expenditure on a year-on-year basis. However, the widening of the trade deficit on a cumulative basis as of end May 2016 was offset to some extent by continuous inflows on account of tourism, increased workers’ remittances and moderate inflows to the financial account during the period.
Published Date:
Tuesday, August 9, 2016