Sri Lanka exports flat in November, imports down

ECONOMYNEXT – Sri Lanka has exported 979 million dollars of goods in November 2019, unchanged from last year, and earned 332 million US dollars of tourism revenue down 9.5 percent, central bank data showed.

Migrant workers had also remitted 515 million US dollars down 7.2 percent, totaling 1.8 billion rupees of external current income to import goods and consumer services and travel abroad. Tourism however is an estimated figure.

Merchandise imports fell 1.3 percent to 1.74 billion rupees amid weak credit, giving deficit in the merchandise account of 762 million US dollars down from 785 million last year.

Merchandise exports were up 0.8 percent in the first 11 months to 10.93 billion US dollars, imports were down 11.4 percent to 18.15 billion dollars amid weak domestic credit.

The gap in merchandise trade account was 7.2 billion US dollars down from 9.6 billion in 2018 last year.

In 2018 Sri Lanka printed money to drive credit and the Ceylon Petroleum Corporation also borrowed dollars to worsen the deficit, analysts say.

(Colombo/Jan17/2020)