Earnings from merchandise exports declined in October 2022, on a year-on-year basis, for the first time since March 2022, mainly due to lower earnings from garments exports, the Central Bank of Sri Lanka (CBSL) reported.
The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording an increase, compared to September 2022.
The CBSL stated that the merchandise trade deficit recorded a notable contraction in October 2022, compared to the previous year.
The workers’ remittances steadied and earnings from tourism improved in October 2022.
Earnings from tourism crossed over USD 1 bn during January-October 2022, while workers’ remittances reached about USD 3 bn during January-October 2022.
The CBSL revealed Workers’ remittances steadied in October 2022 at US dollars 355 million, recording growth for the second consecutive month, on a year-on-year basis.
Total departures for foreign employment were recorded at 28,473 during the month of October 2022.
Total departures of foreign employment comprised unskilled (11,399), skilled (7,887), and domestic aid (6,165) categories.
Total departures for foreign employment during January-October 2022 were recorded at 251,151 which exceeded the annual departures in the pre-pandemic period.
Furthermore, tourist arrivals increased notably in October 2022 to 42,026, from 29,802 arrivals recorded in September 2022.
India, Russia, the United Kingdom, Germany, and Australia remained the main source countries for tourist arrivals in October 2022.
Earnings from tourism in the month of October 2022 are estimated at US dollars 76 million, in comparison to US dollars 54 million in the previous month and US dollars 59 million in the corresponding month in the previous year.
Also, Foreign investment in the government securities market and the Colombo Stock Exchange (CSE) recorded a marginal net inflow during October 2022.
The CBSL stated that the weighted average spot exchange rate in the interbank market remained around Rs. 363 per US dollar during the month. (NewsWire)