Be the First to Know

lanka matrimony

Export turnover increases by 4.9%

0 158
Surpasses USD 13 Bn in 2022

arnings from exports in 2022 surpassed USD13 billion per year for the first time, recording an increase of 4.9% from the previous highest recorded in 2021 according to the Central Bank.

This improvement was a result of increased earnings from industrial exports, including garments, gems, diamonds and jewellery, machinery and mechanical appliances and petroleum products. Meanwhile, total import expenditure in 2022 amounted to US dollars 18,291 million, recording a decline of 11.4%, year-on-year, resulting from measures to restrict non-urgent imports and liquidity constraints prevailed in the market for the most part of 2022.

As a result, the deficit in the trade account in 2022 narrowed to the lowest level since 2010 to US dollars 5,185 million, from US dollars 8,139 million recorded in 2021. Merchandise trade deficit recorded the lowest in 2022, since 2010. Foreign investments in the government securities market and Colombo Stock Exchange (CSE) recorded a notable net inflow during 2022 compared to net outflow in 2021. The foreign inflows to the CSE, including primary and secondary market transactions, recorded a notable net inflow in December 2022.

Foreign investments in the government securities market recorded a cumulative net inflow of US dollars 51 million during 2022, with a marginal net inflow in December 2022. The recovery in earnings from tourism persisted in 2022 and marked a noticeable growth. Earnings from mineral exports increased in December 2022, compared to December 2021, mainly due to the increase in export of titanium ores.

 

Workers’ remittances increase to USD 476 Mn

Workers’ remittances increased to US dollars 476 million during December 2022, in comparison to US dollars 384 million in the previous month, recording the highest monthly remittances during 2022.

Total departures for foreign employment during 2022 were recorded at 299,934, contributed mainly by the unskilled (101,786), skilled (88,215) and domestic aid (73,781) categories. Total departures for foreign employment were recorded at 23,407 during the month of December 2022. However on an annual basis Workers’ remittances in 2022 amounted to US dollars 3,789 million, in comparison to US dollars 5,491 million in 2021, recording a decline of 31.0 per cent, though a notable recovery was witnessed during the latter part of the year.

 

Thursday, February 2, 2023 – 01:00











Leave A Reply

Your email address will not be published.