Trade deficit increases, remittances drop by 61.6%

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The Central Bank of Sri Lanka (CBSL) says foreign remittances in January this year decreased by 61.6 percent compared to last year.

Remittances from workers in January last year amounted to USD 675 million, but dropped to USD 259 million this year.

Citing statistics, CBSL reported that revenue from merchandise exports in January 2021 was recorded at USD 937 million and increased to USD 1,101 million in January this year.

Further, the bank reported that despite the restrictions on imports, the import of merchandise has increased compared to last year.

USD 1,959 million worth of goods were imported in January 2022, while January 2021 saw USD 1,592 million.

The CBSL noted that the majority of the USD expenses were spent on fuel imports.