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Sri Lanka identifies 7 key items to import from India

Crisis-ridden Sri Lanka has identified seven classes of products, aside from petroleum, to be imported from India this year under credit facilities, according to Indian media reports. The product classes…

EU strongly urges Sri Lanka to lift forthwith import restrictions

The European Union (EU) has strongly urged Sri Lanka to lift forthwith import restrictions preventing many European products from entering its market during the 24th meeting of the Joint Commission held…

Pakistan likely to issue $200 million loan to Sri Lanka

Pakistan is likely to issue a $200 million loan to Sri Lanka after the country will get a loan installment of $1 billion from International Monetary Fund (IMF). According to…

Sri Lanka shuts only oil refinery to manage forex crisis

By Uditha Jayasinghe (Reuters) – Sri Lanka has temporarily shut its only oil refinery as part of efforts to manage dwindling foreign exchange reserves, the energy minister said on Tuesday, triggering…

Navigating through High Maritime Freight Rates

By Imesha Dissanayake Maritime Freight rates have been on an upward trend since the second half of 2020. The Drewry’scomposite World Container Index (WCI) as of 30th September 2021 increased…

Sri Lanka’s Forex Crisis Worries South Indian textile and fabric exporters

South India’s textile and fabric exporters are worried that the economic crisis in Sri Lanka–India’s second-largest export destination for clothing products—may lead to a delay in payments from buyers in…

Shipping during COVID-19: Why container freight rates have surged

By United Nations Conference on Trade and Development (UNCTAD) When the Ever Given megaship blocked traffic in the Suez Canal for almost a week in March, it triggered a new…

Sri Lanka’s food and beverage imports grow by 9 percent in 2020

Sri Lanka’s food and beverage imports grew by nearly 9 percent topping $1.5 billion last year (2020) compared to 2019 despite import restrictions, according to the Central Bank (CB). The…

Sri Lanka’s trade deficit declines in October

Sri Lanka’s trade deficit declined by $320 million to $514 million in October compared to the preceding month, the Central Bank (CB) data showed. The $ 514 million trade deficit…

Sri Lanka allows importation of special bamboo sticks for incense stick production with tax relief

Sri Lanka’s Cabinet of Ministers decided to allow importation of special bamboo sticks for incense stick production with tax relief citing shortages in sourcing these bamboo sticks locally. The proposal…