The Central Bank of Sri Lanka reports that earnings from exports in 2022 surpassed USD 13 billion per year for the first time, recording an increase of 4.9 per cent from the previous highest recorded in 2021.
The CBSL said this improvement was a result of increased earnings from industrial exports, including garments, gems, diamonds and jewellery, machinery and mechanical appliances and petroleum products.
Meanwhile, total import expenditure in 2022 amounted to USD 18,291 million, recording a decline of 11.4 per cent, year-on-year, resulted from measures to restrict non-urgent imports and liquidity constraints prevailed in the market for the most part of 2022.
As a result, the deficit in the trade account in 2022 narrowed to the lowest level since 2010 to USD 5,185 million, from USD 8,139 million recorded in 2021.
The major contributory factors for the decline in the cumulative trade deficit in 2022 are shown in Figure 1.
Click to read-External Sector Performance 2022 December