Sri Lanka’s import bill declines by 11.4% in 2022

Colombo, Feb 1 (IANS) Sri Lanka’s total import expenditure for 2022 was about $18.3 billion, a decline of 11.4 per cent compared to 2021, according to the latest data from the country’s central bank.

This is the result of restricting non-urgent imports and liquidity constraints that prevailed in the market for the most part of 2022, the Central Bank of Sri Lanka said.

It also said the earnings from exports in 2022 surpassed $13 billion per year for the first time, an increase of 4.9 per cent from 2021.

The deficit in the trade account narrowed to the lowest level since 2010 to about $5.2 billion, compared with over $8 billion in 2021.

Workers’ remittances in 2022 amounted to about $3.8 billion, in comparison to about $5.5 billion in 2021, recording a decline of 31 per cent, though a notable recovery was witnessed during the latter part of the year, according to the central bank.

It said earnings from tourism are estimated at over $1.1 billion in 2022, compared to $507 million in 2021.

–IANS

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