Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Trade Deficit Increased in Sri Lanka in 2015Monday, February 29, 2016 > 11:11:15
Despite the decline in imports, the fiscal deficit of Sri Lanka reached USD 8.4 billion in 2015, 1.7 percent higher than the previous year, reported the Bank Central. According to the head of economic research of that entity, K. M. M. Siriwardana, the export revenues reached USD 10.5 billion in 2015, 5.6 percent lower than the previous period.
The main cause for this, was the decline in tea and seafood exports, he said.
Imports also fell to USD 18.9 billion, 2.5 percent less if compared to 2014, due to the sharp drop in oil prices in the international market.
According to the Central Bank of Sri Lanka, the gross official reserve by the end of December 2015 was USD 7.29 billion, which shows a decrease, when compared to the USD 8.21 billion registered by the end of 2014.