Crisis sends Sri Lanka to first trade surplus in two decades

this the crisis is passing Sri Lanka is plagued with currency shortages pushing the island nation to imports. only basic productsContributing to the increase in exports in certain sectors such as textiles, it led the country to its first trade surplus in two decades.

In a report released this Sunday, the Central Bank of Sri Lanka reported that the balance of trade in goods last June. “Gave a surplus of $21 million”compared to a $652 million deficit in the same period last year.

This is the first redundancy “because August 2002“When a trade surplus of $110 million was recorded,” the central bank underlined, clarifying that this apparent success was due to a mix. positive data for more exports (with an increase of 23.9%) and the crisis (with a decrease of 26.1% in imports).

The first surplus in twenty years ” impact of historically high monthly export earnings and the continued decline in import costs,” he said.

Sri Lankan faces worst economic crisis It has since gained independence from the British Empire in 1948, in part due to heavy debt, misguided government policies, and the impact of the Easter attacks and pandemic on tourism.

severe economic crisis in Sri Lanka, dried up foreign exchange reservesleft the nation without sufficient liquidity to acquire energy resourcesfuel or gas that turns into a strict daily electric ration card.

It also drastically reduced other non-essential purchases such as machinery, vehicles, telecommunications equipment, metals or sugar.

Sri Lanka, on the other hand, increased exports in industries such as textiles or jewellery, diamonds and jewellery.

As Sri Lanka this week resumed negotiations with the International Monetary Fund (IMF) to obtain a loan to obtain essential goods and fuel, the World Bank (WB) reported: does not plan to offer new financing until the country has an “adequate macroeconomic policy framework”.

Source: Informacion

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