Sri Lanka’s external sector of the economy is continuing to record a...

Sri Lanka’s external sector of the economy is continuing to record a growth; Central Bank

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The Central Bank has said that Sri Lanka’s external sector of the economy is continuing to record a growth.
This is due to an increase in the receipts to the financial account of the balance of payments. The Central Bank’s communication department states that the export trade has also increased rapidly this month. However, the Central Bank points out that the trade deficit has widened as a result of the increase in import expenditure.
Last year, the country’s foreign exchange sector’s balance of payments recorded a surplus of 2068 million US Dollars. At the end of the year, the country’s gross official reserves were eight billion US Dollars. The Central Bank said the impact of the bad weather has also contributed to the increase in import expenditure. Industrial exports based on textiles and garments showed great progress last year.
Textiles exports to Europe last December increased by 27.2 per cent year-on-year in the same period last year. Garments exports to the United States and other non-traditional markets also rose. The total export income in 2017 was 11.4 billion US Dollars.