In May 2024, the external sector was supported by a narrowed trade deficit, higher inflows to the services account and higher workers’ remittances.
Merchandise trade deficit on Y-o-Y basis narrowed in May 2024, although widened during January-May 2024.
Services sector inflows (excluding tourist earnings) amounted to USD 306 mn in May 2024 compared to USD 265 mn in May 2023.
Workers’ Remittances amounted to USD 2,624 mn in Jan-May 2024 compared to USD 2,347 mn in JanMay 2023.
Tourist Earnings amounted to USD 1,406 mn during Jan-May 2024 compared to USD 752 mn during Jan-May 2023.
Foreign investment outflows from the government securities market continued in May 2024.
Gross Official Reserves stood at USD 5.4 billion at end May 2024, recording over USD 1 billion increase from end 2023.
The Sri Lanka rupee remained appreciated during the year up to end May 2024.
Foreign investments in CSE recorded a net marginal outflow in May 2024.