Sep 06, 2020

Sri Lanka's Export revenue down!

Sri Lanka's export revenue has been drastically hit by the Covid-19 epidemic.

In 2019, the island nation's export revenue stood at $ 11,000 million. However, in the last eight months, it has dipped to $ 960 million, according to Finance Ministry Secretary S.R. Attygalle.

Regardless, for the first time in recent history, the country's import expenditure and export revenue has become quite the same.

The Ministry secretary further said the country's import expenditure during the last eight months was down to $ 1,050 million after the government imposed import restrictions in the wake of the epidemic.

Although Sri Lanka's total export revenue in 2019 stood at $ 11,000 million, the import expenditure too, stood at $ 21,000 million. Attygalle points out the gap between the country's import expenditure and export revenue in 2019 was close to 100%.

In the midst of this crisis, balancing spending this year would help keep the country's interest rates and exchange rates stable, he said.