INSUBCONTINENT EXCLUSIVE:
while the cumulative trade deficit remained modest so far during 2023.In its report on the External Sector Performance for May 2023, the
Central Bank said the deficit in the merchandise trade account amounted to USD 447 million in May 2023, compared to USD 403 million recorded
in May 2022, recording a year-on-year expansion for the first time since February 2022.The cumulative deficit in the trade account from
January to May 2023 was USD 1,926 million, a sizeable decline from USD 3,528 million recorded over the same period in 2022.The earnings from
merchandise exports meanwhile declined by 2.7% in May 2023 on a year-on-year basis, to USD 1,019 million, while increasing notably compared
to April 2023.The CBSL explained that the decline in earnings from industrial exports mainly contributed to the decline in export earnings
marginally to USD 1,466 million in May 2023, compared to US dollars 1,451 million in May 2022, recording the first year-on-year increase
since February 2022.The increase in expenditure on consumer goods contributed to the increase in import expenditure amidst the decline in
expenditure on intermediate and investment goods imports.The ongoing recovery in economic activities mainly contributed to the increase in
import expenditure while the gradual relaxation of import restrictions could generate higher import expenditure in the period ahead.The CBSL
says the cumulative import expenditure from January 2023 to May 2023 declined by 22.8% over the corresponding period in 2022.Meanwhile, the
in April 2023.Based on the provisional data, total departures for foreign employment from January to May 2023 and departures in May 2023
amounted to 122,350 and 26,458, respectively.Departure levels in the first five months of 2023 were broadly similar to that in 2022
The annual departures for 2022 were around 311,056.
