Sri Lanka exports down in May, remittances, tourism up

ECONOMYNEXT – Sri Lanka’s imports rose 0.3 percent from a year earlier to 1,590 million US dollars in May 2016, exports fell 12.0 percent to 776 million US dollars, central bank data showed.

The trade deficit expanded 15.7 percent from a year earlier to 814 million US dollar in May.

In the five months to May, imports were down 2.8 percent to 7,645 million US dollars, exports were down 6 percent to 4,211 million dollars.

The trade deficit expanded 1.4 percent to 3,434 million US dollars.

In the six months to June worker remittances rose 2.4 percent to 644.5 million US dollars. In the first six month remittances were up 5.3 percent to 3,613.1 million US dollars.

Tourism receipts were also up, 5.3 percent to 3,613 million US dollars.

A trade deficit occurs when people who get dollars from sources other than merchandise exports including worker remittances, tourism receipts and net foreign borrowings spend the money. (Colombo/June30/2018)

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