Merchandise export earnings decline, trade deficit contracts in Oct. 2022

 

Earnings from merchandise exports declined in October 2022 – on a year-on-year basis – for the first time since March 2022 due to lower earnings from garments exports, the Central Bank of Sri Lanka (CBSL) says.

The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording an increase, compared to September 2022.The merchandise trade deficit recorded a notable contraction in October 2022, compared to the previous year.

Meanwhile, the workers’ remittances steadied and earnings from tourism improved in October 2022, whereby earnings from tourism crossed over USD 1 bn during January-October 2022, while workers’ remittances reached about USD 3 bn from January to October 2022.