{"id":141748,"date":"2024-05-07T12:22:14","date_gmt":"2024-05-07T19:22:14","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=141748"},"modified":"2024-05-07T12:22:14","modified_gmt":"2024-05-07T19:22:14","slug":"sri-lankas-central-bank-predicts-8-export-18-import-growth","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2024\/05\/07\/sri-lankas-central-bank-predicts-8-export-18-import-growth\/","title":{"rendered":"Sri Lanka’s central bank predicts 8% export, 18% import growth"},"content":{"rendered":"

courtesy FibreFashion<\/em><\/span><\/h2>\n\n\n

INSIGHTS<\/h3>\n\n\n\n
    \n
  • CBSL envisages exports to increase by 8.4 per cent this year in aftermath of decline in 2023.<\/li>\n\n\n\n
  • This projection is indicated in the CBSL’s Annual Economic Review of 2023 released recently.<\/li>\n\n\n\n
  • Last year exports were down by 9 per cent to $11.9 billion from $13.1 billion in 2022.<\/li>\n\n\n\n
  • Imports expected to recover to $20 billion from $16.8 billion last year.<\/li>\n<\/ul>\n\n\n\n

    The Central Bank of Sri Lanka (CBSL) predicts an 8.4 per cent increase in exports to $12.9 billion in 2024, following a decline in the previous year.<\/p>\n\n\n\n

    This projection was outlined in the CBSL\u2019s 2023 Annual Economic Review, released recently.<\/p>\n\n\n\n

    Exports dropped by 9 per cent to $11.9 billion in 2023 from $13.1 billion in 2022, while imports are anticipated to rebound to $20 billion from $16.8 billion in 2023, a decrease from $18.3 billion in 2022.<\/p>\n\n\n\n

    In the initial two months of 2024, exports totalled $2 billion, up by 3.6 per cent compared to the same period in 2023, while imports surged by 18 per cent to $2.89 billion.<\/p>\n\n\n\n

    The CBSL commentary suggests sustained external demand for domestic services, particularly in tourism, and a potential resurgence in export demand given ongoing initiatives to strengthen exports amidst improved growth prospects for Sri Lanka\u2019s key trading partners.<\/p>\n\n\n\n

    Despite a projected moderate growth in export earnings, the merchandise trade deficit is expected to widen in 2024 due to increased import demand, driven by eased import restrictions and enhanced economic activity.<\/p>\n\n\n\n

    The services account surplus is predicted to expand, propelled by higher tourism earnings and increased competitiveness in service exports.<\/p>\n\n\n\n

    The CBSL anticipates a strengthening services account surplus, supported by increased activity in transport services and robust growth in the Information Technology and Business Process Outsourcing (IT\/BPO) services subsector.<\/p>\n\n\n\n

    The medium-term current account deficit is forecast to remain sustainable, aided by restored debt sustainability and favourable policies for the tradable sector.<\/p>\n\n\n\n

    Reflecting on 2023, the CBSL notes a significant decline in the merchandise trade deficit, primarily due to reduced import expenditure relative to export earnings. Industrial exports, particularly garment exports, experienced a notable contraction, while certain sectors, such as tea, spices, and unmanufactured tobacco, saw marginal declines in agricultural exports.<\/p>\n\n\n\n

    Imports saw a substantial contraction, driven by restrictions on non-essential imports and subdued economic activity even as declines were observed in intermediate and investment goods imports, while consumer goods imports increased, notably medical and pharmaceutical products.<\/p>\n","protected":false},"excerpt":{"rendered":"

    courtesy FibreFashion INSIGHTS The Central Bank of Sri Lanka (CBSL) predicts an 8.4 per cent increase in exports to $12.9 billion in 2024, following a decline in the previous year. This projection was outlined in the CBSL\u2019s 2023 Annual Economic Review, released recently. Exports dropped by 9 per cent to $11.9 billion in 2023 from […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-141748","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/141748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=141748"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/141748\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=141748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=141748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=141748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}