Connect with us

Business

Earnings from exports increase, import expenditure declines

Published

on

Earnings from exports increased by 6.0 per cent (year-on-year) to US dollars 12,026 mn during the eleven months ending November 2022 as a result of increased earnings mainly from exports of textiles and garments (11.6%), gems, diamonds and jewellery (58.8%), machinery and mechanical appliances(15.9%), petroleum products (13.9%) and minor agricultural products (23.1%).

This was stated in the latest Weekly Economic Indicators report of the Central Bank of Sri Lanka.

“Import expenditure declined by 8.3 per cent (year-on-year) to US dollars 16,865 mn during this period, mainly due to lower imports of machinery and equipment (-26.5%), base metals (-54.4%), telecommunication devices (-81.9%) and medical and pharmaceuticals (-36.9%). Accordingly, the deficit in the trade account narrowed to US dollars 4,839 mn during January-November 2022 from US dollars 7,054 mn in the corresponding period of 2021,” it stated.

It further noted:

The export unit value index increased slightly by 0.4 per cent, (year-on-year), in November 2022 due to higher prices registered in industrial and agricultural categories of exports. The import unit value index in November 2022 increased by 5.9 per cent, (year-on-year), mainly due to higher prices recorded in intermediate goods. Accordingly, the terms of trade deteriorated by 5.3 per cent, (year-on-year), to 88.9 index points in November 2022.

The Unemployment rate increased to 5.0 per cent in Q3 2022 from 4.6 per cent in Q2 2022. The Labour Force Participation Rate decreased to 49.0 per cent in Q3 2022 from 50.1 per cent recorded in Q2 2022.

IIP in November 2022 decreased by 23.9 per cent to 81.2 compared to November 2021. Among the major sub divisions of the manufacturing industries, “Coke and refined petroleum products” (94.9%) and “Chemicals and chemical products” (35.0%) have mainly contributed to this overall decrease.

During the period under review (07.01.2023 to 13.01.2023) crude oil prices increased mainly attributing to expectations for less aggressive US rate hikes along with the optimism over plausible demand recovery with the opening of China’s borders and improved global economic outlook. Overall, during the period under review, Brent and WTI prices increased by US dollars 4.71 per barrel and US dollars 4.13 per barrel, respectively.

Weekly AWPR for the week ending 13th January 2023 declined by 14 bps to 27.93 per cent compared to the previous week. Broad money (M2b) expanded by 15.3 per cent, on a year-on-year basis, in November 2022. Net Credit to the Government from the banking system increased by Rs. 114.2 bn in November 2022. Outstanding credit to public corporations declined by Rs. 17.4 bn in November 2022. Outstanding credit extended to the private sector declined by Rs. 30.9 bn in November 2022.

The reserve money decreased compared to the previous week mainly due to decrease in the deposits held by the commercial banks with the Central Bank.The total outstanding market liquidity was a deficit of Rs. 332.962 bn by the end of this week, compared to a deficit of Rs. 321.191 bn by the end of last week.

By 13th January 2023, the All Share Price Index (ASPI) decreased by 1.92 per cent to 8,262.58 points and the S&P SL 20 Index decreased by 3.25 per cent to 2,528.08 points, compared to the index values of last week.

During the ten months ending October 2022, government revenue and grants increased to Rs. 1,588.3 bn compared to Rs. 1,156.5 bn recorded in the corresponding period of 2021.

During the period from January to October 2022, total expenditure and net lending increased to Rs. 3,235.0 bn compared to Rs. 2,731.7 bn recorded in the corresponding period of 2021.

During the ten months ending October 2022, overall budget deficit increased to Rs. 1,646.7 bn compared to Rs. 1,575.2 bn recorded in the corresponding period of 2021.

During the ten months ending October 2022, domestic financing decreased to Rs. 1,619.4 bn compared to Rs. 1,717.4 bn in the corresponding period of 2021. Foreign financing recorded a net borrowing of Rs. 27.3 bn during the period from January to October 2022, compared to the net repayment of Rs. 142.2 bn recorded in the corresponding period of 2021.

Outstanding central government debt increased to Rs. 25,210.7 bn by end October 2022 from Rs. 17,589.4 bn as at end 2021. By end October 2022, total outstanding domestic debt amounted to Rs. 13,596.9 bn while the rupee value of total outstanding foreign debt amounted to Rs. 11,613.8 bn.During the year up to 13th January 2023, the Sri Lankan rupee appreciated against the US dollar by 0.2 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Euro by 1.5 per cent, the pound sterling by 1.0 per cent, the Indian rupee by 1.8 per cent and the Japanese yen by 2.4 per cent during this period.The average price of tea in the Colombo auction increased to US dollars 3.84 per kg in November 2022 from US dollars 3.10 per kg in November 2021.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market

Published

on

T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL)

By Sanath Nanayakkare

Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.

Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.

He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.

“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.

Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.

Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.

Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.

Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.

Continue Reading

Business

SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline

Published

on

SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.

Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.

Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”

Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.

Continue Reading

Business

JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50

Published

on

Gamika de Silva, Group Chief Marketing Officer at JXG

JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.

As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.

JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.

Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.

Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”

JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.

As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.

Continue Reading

Trending