The Sri Lankan Central Bank (CBSL) says the country’s trade deficit in May 2023 widened, compared to a year ago, for the first time since February 2022 while the cumulative trade deficit remained modest so far during 2023.
In its report on the External Sector Performance for May 2023, the Central Bank said the deficit in the merchandise trade account amounted to USD 447 million in May 2023, compared to USD 403 million recorded in May 2022, recording a year-on-year expansion for the first time since February 2022.
The CBSL explained that the decline in earnings from industrial exports mainly contributed to the decline in export earnings amidst improved agricultural exports.
