Business
Deficit in merchandize trade account narrows in May 2024 on Y-O-Y basis
The deficit in the merchandise trade account narrowed to US dollars 393 million in May 2024 from US dollars 447 million recorded in May 2023, supported by a relatively larger contraction in import expenditure than that of export earnings. Similarly, the trade deficit in May 2024 narrowed compared to US dollars 558 million recorded in April 2024. Meanwhile, the cumulative deficit in the trade account during January to May 2024 widened to US dollars 2,170 million from US dollars 1,926 million recorded over the same period in 2023.
Performance of Merchandise Exports
Earnings from merchandise exports recorded a marginal decline of 0.8 per cent to US dollars 1,011 million in May 2024 compared to US dollars 1,019 million in May 2023. A decline in earnings was observed in agricultural exports, while industrial exports and mineral exports increased in May 2024.
The increase in industrial goods exports in May 2024 was mainly contributed by petroleum products due to the increase in volumes of bunkering and aviation fuel exports. Earnings from exports of agricultural goods declined in May 2024 mainly driven by lower exports of minor agricultural products (led by areca nuts) and seafood, while export earnings from spices and tea also declined to some extent. Earnings from mineral exports also increased in May 2024. Meanwhile, earnings from exports improved in May 2024, led by higher textiles and garment exports, compared to April 2024.
Performance of Merchandise Imports
Expenditure on merchandise imports declined by 4.2 per cent to US dollars 1,405 million in May 2024 compared to US dollars 1,466 million in May 2023. The expenditure of consumer and intermediate goods contributed to this decline in import expenditure, while an increase was recorded in the import of investment goods.
The decline in expenditure on consumer goods imports in May 2024 compared to a year ago was due to the broad-based decline in expenditure on food and beverages (led by lower sugar and dairy products imports), although there was an increase in non-food consumer goods imports. Meanwhile, expenditure on intermediate goods imports declined primarily due to lower fuel imports compared to May 2023. However, expenditure on wheat, textiles and textile articles and plastics and thereof increased to some extent in May 2024. Expenditure on investment goods recorded a broad-based increase, driven primarily by higher imports of machinery and equipment. Meanwhile, expenditure on imports in May 2024 declined compared to April 2024 primarily due to the decline in fuel expenditure.(CBSL)
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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