Sri Lanka’s trade deficit widens in May 2023
01-Jul-2023The Central Bank says the country’s trade deficit in May 2023 widened, compared to a year ago, for the first time since February 2022 while the cumulative trade deficit remained modest so far during 2023.
The Central Bank says the country’s trade deficit in May 2023 widened, compared to a year ago, for the first time since February 2022 while the cumulative trade deficit remained modest so far during 2023.
In its report on the External Sector Performance for May 2023, the Central Bank said the deficit in the merchandise trade account amounted to USD 447 million in May 2023, compared to USD 403 million recorded in May 2022, recording a year-on-year expansion for the first time since February 2022.
The cumulative deficit in the trade account from January to May 2023 was USD 1,926 million, a sizeable decline from USD 3,528 million recorded over the same period in 2022.
The earnings from merchandise exports meanwhile declined by 2.7% in May 2023 on a year-on-year basis, to USD 1,019 million, while increasing notably compared to April 2023.
