Earnings from merchandise exports decreased by 11.3% to USD 978 in January 2023, as opposed to those recorded in January 2022.

The deficit in the merchandise trade account narrowed to USD 410 million in January 2023 from USD 857 million taped in January 2022, the Central Bank of Sri Lanka (CBSL) reported.However, the product trade deficit in January 2023 broadened, compared to the deficit of USD 358 million tape-recorded in December 2022.

The major contributory elements for the Year On Year (Y-o-Y) modification in the trade deficit in January 2023 were the gems, diamonds and jewellery sector, tea, plastics and articles thereof, cereals and milling market associated items, building product, base metals, fabrics and fabric short articles and equipment and equipment.While gems, diamonds and jewellery and tea scetors contributed towards an increase in exports, all other sectors discussed contributed to the decrease in imports.Attached below is the pertinent news release issued by CBSL.

External Sector Performance - January 2023 by Adaderana Online on Scribd