Business
Export earnings exceed USD 1 billion for second consecutive month
External Sector Performance – June 2023
• Export earnings remained above US dollars 1.0 billion for the second consecutive month in June 2023, while import expenditure declined compared to the previous month.
• Workers’ remittances and earnings from tourism continued to improve notably in June 2023, compared to the corresponding period of the previous year.
• Foreign investment in the government securities market recorded a notable net inflow during June 2023.
• The receipt of around US dollars 250 million from the World Bank for the budgetary support, elevated the gross official reserve level (GOR) to around US dollars 3.7 billion by end June, compared to US dollars 3.5 billion as at end May 2023.
• The Sri Lanka rupee recorded some degree of volatility against the US dollar in June 2023, reflecting the determination of the exchange rate by market forces.
Merchandise Trade Balance
The balance in the merchandise trade account in June 2023 recorded a deficit of US dollars 364 million, compared to the surplus of US dollars 22 million recorded in June 2022. Meanwhile, the cumulative deficit in the trade account during January-June 2023 narrowed to US dollars 2,289 million from US dollars 3,506 million recorded over the same period in 2022. The major contributory factors for this change in the trade balance are shown in Figure 1.
Performance of Merchandise Exports
Overall Exports: Earnings from merchandise exports declined by 19.5 per cent in June 2023, over the corresponding month in 2022, to US dollars 1,005 million. This decline mainly reflected the high base in June 2022, and all major subcategories of merchandise exports recorded a decline in June 2023 compared to year earlier. Cumulative export earnings during January to June 2023 also declined by 10 per cent over the same period in the last year, amounting to US dollars 5,871 million.
Industrial Exports: Earnings from the exports of industrial goods declined in June 2023, compared to June 2022, due to a broad-based decline in earnings from most of the industrial products led mainly by garments. Exports of garments to most of the major markets (the USA, the EU and the UK) continued to record declines, resulting from subdued demand conditions in major markets. Further, a sizable decline was recorded in the exports of rubber products (mainly, tires and gloves); petroleum products (due to lower average export prices); food, beverages and tobacco (mainly, vegetable, fruit and nuts preparations; and milling industry products); printing industry products; and animal fodder
Agricultural Exports: Earnings from the exports of agricultural goods declined in June 2023, compared to a year ago, driven by lower export volumes of sea food (primarily, fresh and frozen fish), and coconut related products (primarily, desiccated coconut, coconut oil and fibres). Earnings from tea exports declined led by lower volumes despite higher export prices. Further, the export subcategories of spices (mainly, pepper and cinnamon), vegetables, natural rubber, and unmanufactured tobacco recorded a decline in June 2023, compared to the previous year. However, earnings from minor agricultural product exports (mainly, arecanuts) improved to some extent.

Monthly trade balance
Mineral Exports: Earnings from mineral exports declined in June 2023, compared to June 2022, mainly due to the decline in exports of earths and stone; and ores, slag, and ash.
Performance of Merchandise Imports
Overall Imports: Expenditure on merchandise imports increased by 11.6 per cent to US dollars 1,369 million in June 2023, compared to US dollars 1,226 million in June 2022. The increase in import expenditure was observed across all main categories of imports, which was supported by the significantly low base in June 2022. Meanwhile, cumulative import expenditure during January to June 2023 declined by 18.6 per cent over the corresponding period in 2022. However, the relaxation of import restrictions, commenced during June and July 2023, could gradually generate higher import expenditure in the period ahead.
(CBSL)
Business
Financial literacy central to country’s development – CBSL Governor
By Hiran H. Senewiratne
Sri Lanka’s financial literacy rate is approximately 58 percent. Such literacy is absolutely necessary for the inclusion of people in the country’s financial system which in turn is central to overall economic development, Central Bank Governor Dr. Nandalal Weerasinghe said.
‘One needs to have knowledge and skills of a financial nature to figure in financial inclusiveness. While 86 percent of Sri Lanka’s population has access to the country’s financial system, 82 percent of the public has at least a savings account in the country’s banking system, Dr Weerasinghe said.
The Governor made these comments recently at the inauguration of Financial Literacy Month 2026 at the Central Bank’s Centre for Banking Studies, Rajagiriya.
Dr. Weerasinghe added: ‘Suitable, affordable and quality financial instruments are needed to enhance financial literacy in the country.
‘Financial information has to be accurate, risk-free and accountable, thus creating confidentiality in the financial system, which would enable the sector to reach greater heights’.
Meanwhile CBSL sources said: ‘The Literacy Month opened with the two-day ‘FinLit Expo Colombo’. The expo gives the public the opportunity to engage with institutions, better understand financial services, gain practical insights into managing their finances and learn how to protect themselves from financial fraud and scams.
‘The CBSL is leading the program in collaboration with stakeholder institutions. It forms part of the Financial Literacy Roadmap for Sri Lanka, which is implemented under the National Financial Inclusion Strategy (NFIS), the national framework for widening access to and use of formal financial services.
‘The Colombo event will be followed by six regional ‘FinLit Expos’ aimed at direct engagement with local communities. Partner institutions will also run awareness activities. Together, the events are intended to provide financial education to communities and encourage people to apply financial knowledge in everyday life.
‘A public awareness campaign on television, radio, newspapers and social media will extend the program’s reach. The program also includes digital financial literacy activities and the promotion of QR codes and other online payment methods.
‘The public and stakeholder institutions are encouraged to take part in the month’s activities under the theme, “Towards a Financially Literate Sri Lanka”.
Business
HUTCH strikes five awards as the only telco honoured at SLIM DIGIS 2.6
HUTCH Sri Lanka strengthened its position as a leader in digital engagement by securing five accolades at SLIM Digis 2.6, emerging as one of the most recognized brands at this year’s digital excellence awards. The achievement was further highlighted by HUTCH being the only telecom operator to be recognized at the event.
Organized by the Sri Lanka Institute of Marketing (SLIM), SLIM Digis is Sri Lanka’s premier platform celebrating excellence, innovation, and outstanding achievements in the digital marketing industry. The recognition highlights HUTCH’s growing strength in digital-first, agile, and creative marketing, and its ability to respond to everyday moments, engage audiences, and deliver impactful digital campaigns.
The Gold Award for Best Use of Agile and Moment Marketing, a Silver for Best Use of Digital in a Marketing Campaign, and a Bronze for Best Performance Marketing were all awarded for “Keeping Sri Lanka Connected Through Ditwah,” HUTCH’s response to the cyclone that struck Sri Lanka in November 2025, recognised for the speed and relevance with which HUTCH kept customers better connected and informed.
HUTCH Roaming also earned two further Bronze awards for Best Use of Digital in a Marketing Campaign and Best Use of Creative Content. Bringing together AI-led storytelling, the campaign was designed around distinct customer clusters, each characterized by unique travel behaviours, needs, and perceptions, delivering relevant content for different audiences within a single overarching campaign.
“These wins are a strong reflection of how HUTCH approaches marketing today, staying close to the moments that matter to our customers and responding with speed, relevance, and creativity. Being the only telco recognised at SLIM DIGIS 2.6, and across five categories, is proof that agility and thoughtful storytelling can go hand in hand. This recognition reflects the collective efforts with our strategic partners, whose collaboration, expertise, and shared commitment brought great campaigns to life,” said Hamdhy Hassen, Chief Marketing Officer, HUTCH Sri Lanka.
Business
Fairway Colombo named Official Accommodation Partner of Manhunt International 2026
Sri Lanka’s Smart Luxury Business Hotel to Host Delegates and Contestants from Over 40 Countries as the Island Nation Hosts Its First-Ever Global Pageant of This Scale
Fairway Colombo, a subsidiary of Fairway Holdings (Pvt) Ltd, has been appointed as the Official Accommodation Partner for Manhunt International 2026, one of the world’s most prestigious male pageants, scheduled to take place in Sri Lanka.
The event marks a historic milestone for Sri Lanka, as the country prepares to host a global pageant of this scale for the very first time. More than 40 contestants representing countries from across the world will arrive in Colombo, bringing together diverse cultures, international media attention, and a global audience — further strengthening Sri Lanka’s position as a premier destination for tourism, culture, and hospitality.
As the official accommodation partner, Fairway Colombo will welcome and host international delegates and contestants throughout their stay in Colombo, delivering the exceptional hospitality experience and personalized service that the hotel is recognized for.
A Landmark Partnership for Sri Lankan Tourism
“We are truly honored to be selected as the Official Accommodation Partner for Manhunt International 2026. This partnership is a proud moment not only for Fairway Colombo but also for Sri Lanka as a whole. Hosting an event of this global stature provides us with an opportunity to showcase our commitment to smart luxury, innovation, and authentic Sri Lankan hospitality to an international audience. We look forward to creating a memorable and seamless experience for all delegates and guests,” said Avinga Wanigasekara, General Manager of Fairway Colombo.
Strategically located in the heart of Colombo’s historic Fort district, Fairway Colombo is recognized as a Smart Luxury Business Hotel, combining modern comfort, advanced technology, and exceptional service. As part of Fairway Holdings (Pvt) Ltd, the property represents the group’s vision of delivering innovative, world-class experiences across the hospitality and leisure sectors.
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