Sri Lanka’s exports record 10th consecutive month of US$ 1 billion plus performance in March
Sri Lanka’s exports sector has reportedly recorded a performance of over US$ 1 billion for the month of March, which is the 10th consecutive month that exports had recorded over US$ 1 billion, while also recording a decline in the trade deficit during the month due to lower imports.
The Central Bank of Sri Lanka (CBSL) has stated that earnings from exports had exceeded US$ 1 billion for the 10th consecutive month in March, despite a marginal decline compared to a year earlier.
The CBSL has also noted that import expenditure had recorded a notable decline, year-on-year, for the first time since February 2021, resulting in the trade deficit declining in March on a year-on-year basis.
The deficit in the trade account had narrowed to US$ 762 million in March, compared to the deficit of US$ 832 million recorded in March 2021 and US$ 781 million recorded in February.
Sri Lanka’s manufacturing and exports industries have shown a growth momentum during the global pandemic and is continuing the growth path. The many trade agreements enjoyed by the country and the incentives offered to industries as well as local exporters have also helped boost Sri Lanka’s manufacturing and exports industries. With Sri Lanka’s economy on a growth path and working towards positioning the country as an emerging business destination in the South Asian region, the country’s manufacturing and exports sectors are also on an expansion path. Sri Lankan missions overseas are also engaged in promoting local exports in key foreign markets resulting in the continuous expansion of foreign markets for Sri Lanka’s exports industry. Given the growing business potential in Sri Lanka’s exports industry, foreign businesses/investors could confidently explore the increasing opportunities in the country’s industrial and exports sectors.
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