Inflation ( CCPI)0.9% (March 2024)
GDP4.5% (4Q 2023)
Unemployment4.3% (4Q 2023)
3M T-Bill Rate9.90%
12M T-Bill Rate10.21%
2Y T-Bond Rate10.85%/ 11.00%
4Y T-Bond Rate12.10% / 12.20%
USD/LKR298/299
Reserves $4.951Bn (March 2024)
Cum. Trade Deficit $860 Mn (Feb 2024 cumulative)
Cum. Fiscal DeficitLKR 2,020 Bn (Nov 2023)

Sri Lanka exports fell by 10% but it offset by import contraction of 45% in February

EconomicsMar 28, 2023
Sri Lanka exports fell by 10% but it offset by import contraction of 45% in February

Sri Lanka’s exports fell below USD 1Bn in February, while the cumulative trade deficit fell by 73% as a result of a massive contraction of imports. The country has spent only USD 1.021 Bn for imports and received 0.982 Bn in exports. The trade deficit in the first two months of 2023 was only USD 449 Mn, whereas it was USD 1,636 Mn in the first two months of 2022.

The average imports of the last three months were USD 1,419Mn and exports were USD 1,013Mn. The substantial reduction of imports in February has saved close to 370Mn. This would have prompted the creation of excess FX liquidity in the market.

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