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Thursday December 7th, 2023

Sri Lanka exports down 16-pct, imports 20-pct in November

ECONOMYNEXT – Sri Lanka’s exports were down 16.3 percent to 819 million dollars in November 2021 from a year earlier and imports were down 20.5 percent, 1,384 million dollars, taking the trade deficit down to 565 million dollars from 762 million, the central bank said.

Worker remittances were up 18.7 percent to 612 million US dollars.

Sri Lanka’s credit has been picking up over the last quarter from contractions in the second quarter driving activity and imports up.

Imports in November were slightly up from 1,363 million dollars in October. Exports in October were 848 million dollars.

Sri Lanka’s central bank has been printing record volumes of money, which analysts had warned would put pressure on the currency when credit picks up, as there are no dollars to back the new money when it turns into credit and imports.

In November consumer goods imports fell 31 percent from a year earlier to 255 million dollars amid controls including cars.

Intermediate goods were down 17.6 percent to 818.3 million dollars with refined petroleum down 51 percent to 98 million US dollars.

Textile and apparel articles, which are an export input, were down 15 percent to 216 million dollars, and ware around the same level as 218 million dollars in October.

Total imports down were down 20 percent to 14.52 billion dollars.

Apparel exports were down 32 percent to 326 million dollars to 484 million dollars. Gems diamonds and jewelry exports were up 120 percent to 59 million dollars.

Rubber products were up 9.5 percent to 66.4 million dollars.

Total industrial products were down 19.6 percent to 632 million dollars.

Agricultural exports were down 2.3 percent to 183 million dollars with tea down 5.2 percent to 96.2 million dollars. (Colombo/Jan15/2021)

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  1. Anil Wirasinghe says:

    ISB’s zero & does not auger well. Insightful & pl continue to publish regularly. Only by involving IMF (albeit bitter prescriptions), we could restore credibility among Bond investors & that too at double digit interest rates like Russia/Turkey. Stark Reality is at our door step?

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  1. Anil Wirasinghe says:

    ISB’s zero & does not auger well. Insightful & pl continue to publish regularly. Only by involving IMF (albeit bitter prescriptions), we could restore credibility among Bond investors & that too at double digit interest rates like Russia/Turkey. Stark Reality is at our door step?

COP28 sees new era for climate action with $57 bln pledge; Sri Lanka’s proposals need approval

ECONOMYNEXT – The 2023 United Nations Climate Change Conference (COP28) has witnessed governments, businesses, investors, and philanthropies announcing support of over $57 billion across the climate agenda in just the first four days of the global event with eight pledges and declarations receiving historic support.

After a historic deal to operationalize a fund for climate impact response on the first day, announcements have poured in across the entire climate agenda, including on finance, health, food, nature, and energy.

On climate finance, the COP28 host United Arab Emirates launched a $30 billion catalytic fund, ALTÉRRA, with an emphasis on unlocking private finance across the Global South.

The host nation also has announced $200 million for SDRs and $150 million for water scarcity.

The World Bank has announced an increase of $9 billion annually to finance climate-related projects, while the first two days of COP28 saw $725 million in pledges after a historic response to loss and damage was operationalized.

Eight new declarations have been announced which are expected to help transform every major system of the global economy.

These include the first ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonize heavy emitting industries.

The eight declarations are:

  • The Global Renewables and Energy Efficiency Pledge has been endorsed by 119 countries.
  • The COP28 UAE Declaration on Agriculture, Food, & Climate has received endorsements from 137 countries.
  • The COP28 UAE Declaration on Climate and Health has been endorsed by 125 countries.
  • The COP28 UAE Declaration on Climate Relief, Recovery & Peace has been endorsed by 74 countries and 40 organizations.
  • The COP28 UAE Declaration on Climate Finance has been endorsed by 12 countries.
  • The Coalition for High Ambition Multilevel Partnerships (Champ) Pledge has been endorsed by 64 countries.
  • The Oil and Gas Decarbonization Charter has been endorsed by 51 companies, representing 40 percent of global oil production.
  • The Industrial Transition Accelerator has been endorsed by 35 companies and six industry associations, including World Steel Association, International Aluminium Institute, Global Renewable Alliance, Global Cement and Concrete Association, Oil and Gas Climate Initiative, International Air Transport Association.

Three additional declarations will be announced in the coming days on hydrogen, cooling, and gender. The number of countries supporting these declarations and pledges is growing and demonstrates an unprecedented level of inclusivity at this COP.

Sri Lanka President Ranil Wickremesinghe announced three new proposals: Climate Justice Forum (CJF), Tropical Belt Initiative (TBI), and International Climate Change University in Sri Lanka.

However, the proposals are yet to get approval from the general UN body though the island nation’s authorities expect wide support for the moves.

“What we have done is to talk to countries about the initiatives and launch them. Next step is for them to be formally recognized by the main body,” Ruwan Wijewardena, the Senior Advisor to President Wickremesinghe on Climate change, told Economy Next.

Breakdown of financial pledges and contributions so far:

  • Loss and Damage: $725 million
  • Green Climate Fund: $3.5 billion (increasing second replenishment to $12.8 billion)
  • Renewable Energy: $2.5 billion
  • Technology: $568 million
  • Methane: $1.2 billion
  • Climate Finance: Over $30 billion from UAE (plus $200 million in Special Drawing Rights and an increase of $9 billion annually from the World Bank)
  • Food: $2.6 Billion
  • Nature: $2.6 Billion
  • Health: $2.7 billion
  • Water: $150 million
  • Relief, Recovery and Peace: $1.2 billion
  • Local Climate Action: $467 million (Dubai/Dec 6/2023)
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Sri Lanka to start international tourism branding campaign

ECONOMYNEXT – Sri Lanka will soon start a tourism international marketing campaign under the theme ‘You will come back for more,” Tourism Minister Harin Fernando said.

“We have not had a branding campaign for 15 years,” Fernando told parliament. “A campaign has been developed by Ogilvy.

“It will help us reach the target of 2.3 million tourists next year.”

This year Sri Lanka is expecting a 1.5 million tourists with close to 1.3 million reached by November.

About 6,000 tourists are now coming each day, at the moment he said.

On December 10, three cruise ships are due. (Colombo/Nov06/2023)

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Sri Lanka 3-month Treasuries yields fall

ECONOMYNEXT – Sri Lanka’s Treasury bill yields eased across maturities with the tree month yield falling 19 basis points to 14.67 percent, data from the state debt office showed.

A total of 185 billion rupees in bills were sold, with sharply lower than offered volumes in 12-months sold.

The debt office offered 55 billion rupees of 3 -month bills and sold 87 billion.

92 billion rupees of 6-month bills were sold after offering 60 billion at 14.38 percent down 14 basis points.

Only 5.2 billion rupees of 12-month bills were sold after offering 70 billion rupees, at 12.88 percent, down 01 basis point. (Colombo/Dec06/2023)

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