Business
Export unit value index increased by 4.9%, its import counterpart surged by 15.4%
Terms of trade deteriorated by 9.0 per cent
The export unit value index increased by 4.9 per cent, (year-on-year), in August 2022 due to higher prices registered in agricultural and industrial categories of exports. Meanwhile, the import unit value index in August 2022 increased by 15.4 per cent, (year-on-year), due to higher prices recorded in intermediate and investment goods. Accordingly, the terms of trade deteriorated by 9.0 per cent, (year-on-year), to 82.5 index points in August 2022,” Weekly Economic Indicators of the Central Bank stated.
It further stated: The average price of tea (in the Colombo auction) increased to US dollars 4.25 per kg in August 2022 from US dollars 2.95 per kg in August 2021.The import price of crude oil increased substantially by 53.2 per cent in August 2022 year-on-year.
OPEC+ agreed to cut production targets by 2 mn barrels per day which were the producers’ largest reduction since 2020. Overall, during the period under review, Brent and WTI prices increased by US dollars 6.86 per barrel and US dollars 6.73 per barrel, respectively. Weekly AWPR for the week ending 07th October 2022 increased by 75 bps to 26.70 per cent compared to the previous week.
The reserve money decreased compared to the previous week mainly due to decrease in the currency in circulation. The total outstanding market liquidity was a deficit of Rs. 517.427 bn by the end of this week, compared to a deficit of Rs. 568.46 bn by the end of last week.
By 07th October 2022, the All Share Price Index (ASPI) decreased by 8.88 per cent to 9,049.52 points and the S&P SL 20 Index decreased by 12.43 per cent to 2,771.83 points, compared to the index values of last week.
During the year up to 07th October 2022, the Sri Lankan rupee depreciated against the US dollar by 44.8 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 38.9 per cent, the Euro by 36.2 per cent, the pound sterling by 33.3 per cent and the Japanese yen by 30.4 per cent during this period.The gross official reserves were provisionally estimated at US dollars 1,777 mn as at end September 2022.
Earnings from exports increased by 12.6 per cent (year-on-year) to US dollars 8,902 mn during the eight months ending August 2022 as a result of increased earnings mainly from exports of textiles and garments (19.2%), petroleum products (39.0%), gems, diamonds and jewellery (55.7%), machinery and mechanical appliances (14.2%) and animal fodder (40.9%).
Import expenditure decreased by 4.6 per cent (year-on-year) to US dollars 12,801 mn during eight months ending August 2022, mainly due to lower imports of machinery and equipment (-19.8%), telecommunication devices (-82.4%), base metals (-45.9%) and medical and pharmaceuticals (-34.7%). Accordingly, the deficit in the trade account narrowed to US dollars 3,899 mn during the eight months ending August 2022 from US dollars 5,507 mn in the corresponding period of 2021.
Business
SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure
Corporate accolades underscore the alignment between its operational excellence and national development
In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.
Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.
Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.
“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.
Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.
However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.
Business
Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement
Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.
The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.
In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.
Business
American Premium Water strikes Gold at Dragons of Sri Lanka 2026
American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.
Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.
For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.
Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.
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