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Monday May 10th, 2021
Economy

Sri Lanka imports, trade deficit down in August amid weak credit

ECONOMYNEXT – Sri Lanka’s imports fell 16.6 percent from a year earlier to 1,574 million US dollars in the August 2019, while exports also fell 0.4 percent to 1,033 million US dollars, official data shows.

The trade deficit contracted to 540 million US dollars from 850 million US dollars last year, central bank data showed.

In the nine months to August exports grew 2.4 percent to 8,031 million US dollars and imports fell 14.4 percent to 12,886 million US dollars.

Imports fell 19.9 percent to 2,380 million US dollars.

Sri Lanka’s trade gap and imports have contracted amid a credit contraction and an output shock after the rupee collapsed in the course of operating a so-called flexible exchange rate.

Worker remittances also fell 3 percent to 518 million US dollars. (Colombo/Oct14/2019)

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