7.7 C
New York
Saturday, September 26, 2020
Home Business Sri Lanka achieves first trade surplus in decades

Sri Lanka achieves first trade surplus in decades

  • Imports bill of $ 961 m in June dips below exports 
  • Restrictions on imports have helped curb expenditure
  • Exports in June at $ 1.02 b almost on par with level achieved in June last year
  • President informs Cabinet of favourable turn of events
  • Govt. to continue policies to strength local industry
SL achieves first trade surplus in decades

The cost of imports into the country have, for the first time in decades, dropped below export earnings in June 2020 leading to a rare trade surplus, President Gotabaya Rajapaksa informed the Cabinet this week. 

In a detailed explanation to the Cabinet of Minister, the President said the import bill for the month of June was kept at $ 961 million, due to the restrictions on the import of non-essential goods into the country.

Export earnings for the month of June on the other hand picked up and was at $ 1020 million, which is almost on par with the export income a year earlier, which was $ 1084 million, and June 2018, which was $ 1024 million.

Co-Cabinet Spokesman Romesh Pathirana said that the favourable turnaround in economic indicators was due to Government policies aimed at strengthening local industry and reducing over dependence on imports.

“This Government is encouraging domestic industry and restricting imports and we can see favourable signs already, even though there has been a big impact on the economy due to COVID-19,” he told reporters at the weekly Cabinet press briefing. Since April this year, the Government has suspended the import of over 100 items deemed as non-essential.

SourceFT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Sri Lanka achieves first trade surplus in decades

Imports bill of $ 961 m in June dips below exports Restrictions on imports have helped curb expenditureExports in June at $ 1.02 b almost...

Funnel Building Platform – 100% Free for Lifetime

All of the tools you need to run your online business. Your Complete...

Towards a New Normal – for the prevention and control of COVID-19

Towards a New Normal - Instructions for the prevention and control of COVID-19 - Sri Lanka Direct Link :...

Top 9 Plants that release oxygen at night as well

If you’ve ever spent time in or near these settings, you’ll know how refreshing and revitalizing they are! The biggest benefit to incorporating these oxygen-producing...