Sri Lanka closes the gap on its trade deficit

Sri Lanka closes the gap on its trade deficit by US$ 47 million up to April 2005, with tsunami aid, higher exports and an increase in remittances. Sri Lanka closes the gap on its trade deficit by US$ 47 million up to April 2005, with tsunami aid, higher exports and an increase in remittances. The Central Bank on Wednesday said that Sri Lanka’s trade deficit for the first four months of 2005 had dropped to US$ 675 million from US$ 722 million in 2004.


Export earnings in the first four months of 2005 increased by 11.8 percent to US$ 1.9 billion from US$ 1.7 billion in 2004.


Total expenditure on imports for the period rose to US$ 2.62 billion, 6.5 percent higher than the US$ 2.46 billion recorded up to April 2004.


Private remittances in the first four months of 2005 meanwhile touched US$ 654 million, a 24 percent increase over 2004’s US$ 528 million.


The bank said “These favourable developments culminated in increasing gross official reserves and total reserves during January – April, 2005.”

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