• Wed. Jul 24th, 2024

Sri Lank’s trade deficit hits a 12-year low in 2022

The deficit in the trade account in 2022 narrowed to the lowest level since 2010 to $ 5,185 million, from $8,139 million recorded in 2021.

Earnings from exports in 2022 surpassed $13 billion per year for the first time, recording an
increase of 4.9 percent from the previous highest recorded in 2021.

“This improvement was a result of increased earnings from industrial exports, including garments, gems, diamonds and jewellery, machinery and mechanical appliances and petroleum products,” the Central Bank of Sri Lanka (CBSL) said.

Meanwhile, total import expenditure in 2022 amounted to $ 18,291 million, recording a decline of 11.4 percent, year-on-year, resulting from measures to restrict non-urgent imports and liquidity constraints that prevailed in the market for the most part of 2022.

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