Sri Lanka Trade Deficit Widens Further in February

Sri Lanka trade deficit increased to USD 319 million from USD 39 million in the corresponding month of the previous year.

Exports increased 7.9% from a year earlier to USD 1.06 billion, mainly driven by higher food, beverages & tobacco exports (+25.1%), petroleum products (+105.8%) and agricultural products (+10.3%).

On the other hand, machinery and mechanical appliances exports declined (-19.3%).

Meanwhile, imports also increased by 35% to USD 1.38 billion, driven by higher food & beverages imports (+10.3%), clothing and accessories (+44.3%), telecommunication devices (+299.2%), textiles (+48.3%), chemical products (+51.4%) and machinery & equipment (+58.6%).

In contrast, wheat & maze imports declined sharply (-94.5%).