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Export earnings recorded a decline of 7.0 per cent YOY after a steady growth

Financial News from Sri Lanka: In July 2019, the trade deficit expanded as exports dropped more than import declines. Export income decreased by 7.0 percent (year-on-year) after constant several month developments, while import spending decreased by 2.2 percent (year-on-year) in July 2019.

The decrease in export income in July 2019 can be mainly ascribed to a decrease in petroleum product income due to reduced bunker fuel prices and the export of a naval ship in July 2018, resulting in a greater export base in the respective month of the past year.

The trade deficit in July 2019 expanded to US$ 717 million compared to the US$ 316 million deficit reported in June 2019. Tourist visitors noted a remarkable recovery from the effect of the Easter Sunday attacks recording an 83.4 percent raise over the previous month in July 2019.

In July 2019, the remittances of workers rose by 1.0% (year-on-year) to 626 million US dollars. Workers ‘ remittances over the first seven months of 2019 amounted to US dollars 3,895 million on a cumulative basis. There was a significant inflow of foreign investments in the CSE, while some outflows from the government securities market were recorded in July 2019.

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