Sri Lanka’s CumulativeTrade Deficit Crosses $7B Mark up to November Last Year

Sri Lanka’s cumulative trade deficit crossed the $7 billion mark in the the-11-months period ending in November last year despite export revenue reaching new highs, according to the Central Bank of Sri Lanka (CBSL).

The cumulative deficit in the country’s trade account from January to November 2021 widened to a record $7.05 billion from $ 5.4 billion million in the corresponding period of 2020.

The fuel import bill contributed to a nearly $1 billion increase in the trade deficit followed by $666.8 million and $536.9 million contributions from Textiles and textile articles and Machinery and equipment imports.

Cumulative export earnings rose by 24.9 percent during January- November 2021 to $11.34 billion over the same period of the last
year. The total import expenditure amounted to $18.35 billion, recording
an increase of 26.6 percent compared to the value of $ 14.52 billion recorded in the corresponding period in 2020.