Category: Commodity
Sri Lanka’s August 2024 Merchandise Exports Rise by 4.2-pct to USD 1.2 Bn
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in August 2024 amounted to US$ 1,165.4 million, recorded an increase of 4.18 % compared to the month of August 2023. This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Rubber based products, […]
Sri Lanka’s July 2024 Exports Surge to USD1 Bn, Marking a 6.58-pct Year-on-Year Increase
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in July 2024 amounted to US$ 1,087.6 million, recorded an increase of 6.58 % compared to the month of July 2023. This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Coconut based products, […]
Sri Lanka’s May Exports Up 9-pct from April
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in May 2024 amounted to US$ 960.2 million, recorded an increase of 9.4 % compared to the preceding month, April 2024. Furthermore, export performance in May 2024 decreased by 5.81 % compared to May 2023. The estimated value of services […]
‘s Exports Up 1.25-pct to USD1.11 Billion in April
The total exports (Merchandise & Service) for the month of April 2024 was recorded as US$ 1,114.22 Million increasing 1.25 % over the corresponding period of 2023. As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in April 2024 amounted to US$ 813.81 million, recorded decrease of 4.1 % […]
Export performance recorded a modest increase in February
The merchandise export performance in February 2024 amounted to US$ 983.7 million, recorded a modest increase of 0.17 % compared to February 2023. Furthermore, export performance in February 2024 increased by 1.3% compared to the preceding month, January 2024. Compared to February 2023, agricultural exports shown a significant increase of 11.82 %, reaching US$ 255.76 […]
Merchandise Exports Dip 0.77-pct in January 2024, Reaching USD970.7 Mn
The merchandise export performance in January 2024 amounted to US$ 970.7 million, recorded a 0.77 % decline compared to January 2023. Compared to January 2023, agricultural exports shown a modest increase of 3.58%, reaching US$ 225.43 million in January 2024. However, industrial exports experienced a decline of 2.08% during the same period, dropping to US$ […]
Sri Lanka’s total exports reached USD 14.94 Bn in 2023
Sri Lanka’s total exports reached US$ 14.94 Bn in 2023 including merchandise exports (US$ 11.85Bn) and estimated service exports (US$ 3.08 Bn). It is only a 0.39 % decline when compared to the value recorded in the previous year ( US$ 14.99 Bn). The estimated increase in service exports is around 63%. Sri Lanka’s Export […]
Sri Lanka Revises VAT Exemptions Starting 2024 (Complete List)
The Inland Revenue Department of Sri Lanka has announced an update to the list of goods and services exempted from Value Added Tax (VAT) beginning January 1, 2024. The changes are part of amendments to the VAT Act passed in 2023. Key highlights of the revised VAT exemptions include: Several essential food items like wheat, […]
Sri Lanka’s exports decreased by 14.6-pct in October 2023
Sri Lanka’s merchandise exports decreased by 14.6 % to US$ 898.0 Million in October 2023 compared to October 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 13.13 % decrease when compared to the value recorded in September 2023. The decline in merchandise exports is due to decreased […]
Headline inflation is expected to converge towards 5-pct level over medium term, says CBSL
Sri Lanka’s Central Bank says that the spillover effects of tax measures and other developments are likely to be muted due to subdued underlying demand pressures; hence, this rise in inflation is expected to be transitory. A one-off upward movement in inflation is expected in the near term, driven mainly by the changes to the […]
Ceylon Chamber Advocates for a Balanced Fiscal Approach Over Proposed VAT rate hike
The Ceylon Chamber of Commerce raises concerns regarding the proposed increase of the Value Added Tax (VAT) to 18%. While recognising the government’s commitment to revenue enhancement in alignment with International Monetary Fund obligations, it’s imperative to evaluate the broader economic ramifications of such a decision. The current economic landscape, characterized by escalating income taxes, […]
VAT to be increased to 18-pct from January; coverage will be expanded to meet targets agreed with IMF
The current Value Added Tax (VAT) rate is to be increased to 18% with effect from 01-01-2024, and to impose the tax on certain goods and services to which the Value Added Tax does not apply. According to the Cabinet of Ministers, this will be carried out to achieve the tax revenue and primary balance […]