From January to July, export income grew by 5.6%, while import expenditure rose by 9.1%, according to the central bank. For July, export earnings increased from $367 million last year to $604 million this year. The highest import expenditure was on fuel, totaling $2,548.1 million, followed by textiles and textile accessories at $1,607 million, and medicines and medicinal products at $322.9 million. Textiles and garments were the leading source of export income, generating $2,852.7 million during the period, with tea exports contributing $811.7 million.
Sri Lanka reported a 4.7% growth in gross domestic product (GDP) for the second quarter of 2024, marking the fourth consecutive quarter of positive growth after six quarters of contraction since 2022, according to State Minister of Finance Shehan Semasinghe. In a recent post, Semasinghe attributed the recovery to the effectiveness of ongoing economic reforms and projected a growth rate of 4% to 4.5% by the end of the year, surpassing the International Monetary Fund’s initial target of 2%. Semasinghe highlighted that this trend indicates progress in stabilizing the economy and fostering sustainable development.
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