Trade deficit for May expands on falling apparel earnings and higher oil bill

Sri Lanka’s trade deficit for May expanded, on the back of a heavy oil bill and a drop in apparel sector revenues, the Central Bank said Monday. Sri Lanka’s trade deficit for May expanded, on the back of a heavy oil bill and a drop in apparel sector revenues, the Central Bank said Monday.

Trade deficit for May rose to US$ 173 mn from US$ 50 mn in
2003, bringing the cumulative deficit for Jan-May up to US$ 894 mn.

“Foreign exchange inflows from other sources increased
during this period reflecting the growth in tourism, port services and private
transfers offsetting the increase in the trade deficit to some extent,” the Bank
said.

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