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Sri Lanka  Trade Deficit Contracts
World Economy

Sri Lanka Trade Deficit Contracts

Sri Lanka’s trade deficit contracted marginally by 1% to $724 million in August 2015 from $732 million a year earlier, according to the Central Bank data released in its External Sector Performance Review, NewsNow reported. However, on a cumulative basis, the trade deficit increased by 5% to $5.41 billion during the first eight months of 2015, the bank said. Export earnings dropped by 19.5% to $799 million in August 2015, reflecting a year-on-year decline in all major export categories. The lower earnings from tea, textiles and garments, transport equipment and rubber products mainly contributed to the overall decline in exports earnings during the month, the Central Bank said. On a cumulative basis, export earnings declined by 3.4%, year-on-year, to $7.147 billion during the first eight months of 2015 largely due to weak global demand. Expenditure on imports also declined by 11.7%, year on year, to $1.52 billion in August 2015. On a cumulative basis, expenditure on imports during the first eight months of 2015 stood at $12.56 billion, despite the significant drop in international commodity prices, especially fuel.

 

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