Business
Deficit in the trade account widens to US dollars 4,200 million in 2024
Import expenditure increased to US dollars 13,718 million
Export unit value declined by 5.6 per cent y-o-y
The deficit in the trade account widened to US dollars 4,200 mn during the nine months ending September 2024 from US dollars 3,341 mn in the corresponding period of 2023, the Weekly Economic Indicators report of the Central Bank of Sri Lanka states.
“Earnings from exports increased by 6.0 per cent (year-on-year) to US dollars 9,518 mn during the nine months ending September 2024 as a result of increased earnings mainly from exports of petroleum products (111.0%), textiles and garments (2.6%), food, beverages and tobacco (19.2%), rubber products (10.7%), tea (7.0%), and coconut related products (20.0%), among others,” it states.
Further notes from the report are reproduced below.
Import expenditure increased by 11.3 per cent (year-on-year) to US dollars 13,718 mn during the nine months ending September 2024, mainly due to higher imports of textiles and textile articles (18.2%), machinery and equipment (22.9%), chemical products (25.7%), and building material (25.3%), among others.
The export unit value index declined by 5.6 per cent, (year-on-year), in September 2024 mainly due to lower prices recorded in exports of industrial goods. The import unit value index in September 2024 declined by 4.4 per cent, (year-on-year), due to lower prices recorded in intermediate goods. Accordingly, the terms of trade deteriorated by 1.2 per cent, (year-on-year) to 85.2 index points in September 2024.
The average price of tea in the Colombo auction increased to US dollars 4.09 per kg in September 2024 from US dollars 3.63 per kg in September 2023.
On year-on-year basis, Colombo Consumer Price Index (CCPI) based headline inflation remained in the negative territory for the second consecutive month, recording a deflation of 0.8 per cent in October 2024 compared to 0.5 per cent in September 2024.
Food category recorded an inflation of 1.0 per cent, while the Non-Food category recorded a deflation of 1.6 per cent. Further, the CCPI based core inflation moderated to 3.0 per cent in October 2024 from 3.3 per cent in September 2024.
In September 2024, Purchasing Managers’ Index for Construction, as reflected by the Total Activity Index, indicated a contraction in construction activities, on a month-on-month basis.
At the start of the period from 26th October to 01st November, 2024, oil prices fell on signs of de-escalation of geopolitical tensions in the Middle East. However, prices picked up again towards the end of the week on concerns about retaliatory attacks. Overall, Brent and WTI prices rose by US dollars 0.36 and US dollars 1.96 per barrel, respectively, over the period.
Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 01st November 2024 decreased by 12 bps to 9.05 per cent compared to the previous week.
The Average Weighted Call Money Rate (AWCMR) recorded as 8.55 per cent on 01st November 2024 compared to 8.57 per cent at the end of the last week.
The reserve money decreased compared to the previous week mainly due to a decrease in the currency in circulation and deposits held by the commercial banks with the Central Bank.
The total outstanding market liquidity was a surplus of Rs. 80.050 bn by 01st November 2024, compared to a surplus of Rs. 86.268 bn by the end of the last week.
The gross official reserves were provisionally estimated at US dollars 5,994 mn as at end September 2024. This includes proceeds from the People’s Bank of China (PBOC) swap arrangement, which is subject to conditionalities on usability.
Business
DIMO Academy and HomeServe Germany to elevate Sri Lankan vocational education
DIMO Academy, the vocational training arm of DIMO, recently announced a groundbreaking partnership with HomeServe Germany, a leading HVAC company offering installation, home repair, maintenance, and insurance services. This joint endeavor aims to strengthen vocational education in Sri Lanka by providing assured job placements in the thriving German building service industry for local youth with globally recognized qualifications.
Under this collaboration DIMO Academy will offer a world-class qualification based on strict German vocational standards, leading to a German Diploma in Plant Engineering accredited by the German Chamber of Industry and Commerce (AHK). Graduates will also receive German language training to ensure they can start their careers in Germany successfully. Upon the completion of this program, certified graduates will be recruited by HomeServe Germany, guaranteeing their future as skilled experts in the German building service industry.
The partnership meets the growing global demand for skilled building service technicians, especially in HVAC, driven by energy efficiency, sustainable construction, and urbanization, with Germany facing a shortage due to its high standards and focus on renewable technologies.
DIMO has also invested in an ultra-modern training facility in Peliyagoda, set to open in February 2025. This facility will be furnished with extensive technological resources, making sure students are trained to the highest international standards while also enhancing the local building services industry.
Dilrukshi Kurukulasuriya, Executive Director and Chief Human Resources Officer of DIMO and Head of the Group’s Education Arm said, “DIMO Academy’s Diplomas in Automobile Mechatronics and Plant Engineering, certified as category-A qualifications, in Germany make graduates eligible to work as technicians around the globe. DIMO Academy introduced the Diploma in Plant Engineering program to open diverse global career opportunities for young people in the building services industry. DIMO Academy offers a structured industrial training, with updated syllabus through a unique self-learning methodology and German-qualified trainers, in its world-class training facilities. It also upholds high standards through rigorous selection process, continuous assessments, and external audits by German and Sri Lankan bodies.
This alliance showcases the DIMO Academy’s commitment to strengthen partnerships with the global industry to foster employment opportunities and the exchange of technical knowledge for local youth while fuelling their dreams and aspirations. We are indeed privileged to partner with HomeServe Germany, a leading company in the global building services industry”, she added.
Thomas Rebel, CEO of HomeServe Germany f stated, “In Germany, there is a great need for technicians in the building services industry. Being a top provider of building services, we need highly qualified technicians to support our customers. Our HVAC businesses in Germany already have an apprenticeship rate of more than 15% today. Nevertheless, the demand for skilled workers is high and cannot be met solely through education in Germany. The only school outside of Germany to offer a category “A” recognized training program in building services following German vocational criteria is DIMO Academy. With more than 650 graduates working all over the world and 35 years of experience in German vocational training in Sri Lanka, DIMO Academy credentials are entirely accepted in Germany in compliance with German standards.”
Business
Lanka Hospitals launches affordable cardiac care Initiative for public sector workforce and Agrahara members
Lanka Hospitals has announced a groundbreaking initiative to provide affordable cardiac care to government servants, retired government servants and Agrahara insurance members. This program aims to alleviate the financial burden of heart surgeries and angiograms amidst challenging economic times, making high-quality cardiac care accessible to those who serve and have served the nation.
Under this special offer, the cost of a Heart Surgery, typically LKR 1,400,000, is now reduced to LKR 1,100,000, providing a saving of LKR 300,000. Angiograms are available at just LKR 50,000, and for patients undergoing heart surgery at Lanka Hospitals, the hospital charges for the angiogram will be completely waived, reducing the cost to only LKR 20,000. Additional benefits are extended exclusively to Agrahara members under this program.
Deepthi Lokuarachchi, Group Chief Executive Officer of Lanka Hospitals Group, emphasized the significance of the initiative: “Our latest offer on heart surgeries and angiograms underscores our commitment to easing the financial strain on public sector employees and retirees.
We are dedicated to ensuring that essential medical services, like advanced cardiac care, are both affordable and accessible without compromising on quality. Through this initiative, we continue to honor the invaluable contributions of Sri Lanka’s government workforce by combining compassionate care with state-of-the-art medical expertise.”
This initiative comes against the backdrop of an agreement with the National Insurance Trust Fund (NITF), which administers the Agrahara Insurance Scheme, further enhancing healthcare benefits for eligible patients.
It also reflects Lanka Hospital’s continued dedication to improving patient outcomes and supporting the health and well-being of Sri Lanka’s public sector workforce.
For more information about this special offer and the exclusive benefits for Agrahara members, contact Lanka Hospitals’ hotline at 0117 145 145.
Business
Sampath Bank introduces new heights of exclusivity in credit card landscape with Visa Infinite Metal credit card
Sampath Bank and Visa have unveiled the nation’s very first Visa Infinite Metal Credit Card, setting a new standard and marking a significant milestone in Sri Lankan banking. Launched at the iconic Cinnamon Life, Colombo’s City of Dreams, this elite card represents a step into unparalleled elegance, offering an array of exclusive privileges designed to meet the desires of discerning cardholders who seek a premium lifestyle experience and access to an elite world of benefits.
More than just a financial instrument, the Visa Infinite Metal Credit Card offers a gateway to a lifestyle that combines elevated service, distinct status, and sophisticated benefits for cardholders in Sri Lanka. Created specifically for those who value the extraordinary, the card delivers an array of global privileges from complimentary priority lounge access at airports to exclusive benefits across luxury retail, dining, and hospitality worldwide. Furthermore, cardholders enjoy the convenience of Visa’s 24/7 Concierge Service via WhatsApp, access to an exclusive travel concierge for seamless travel experiences, a competitive foreign currency markup, and the personalised support of a dedicated relationship officer for all their needs.
Tharaka Ranwala, Senior Deputy General Manager – Marketing, Customer Care, and Card Centre at Sampath Bank said, “With the Visa Infinite Metal Credit Card, we are introducing a new standard of exclusivity in Sri Lanka’s Credit Card landscape. This card is not just about providing superior financial services, it’s about redefining the customer experience by offering benefits that enhance their lifestyle, positioning Sampath Bank at the forefront of luxury banking.”
-
Business5 days ago
Launching of Curtin University Colombo, a landmark in Australia-SL educational ties
-
Latest News7 days ago
Supreme Court Justice Murdu Fernando takes oath as Sri Lanka’s 48th Chief Justice
-
Editorial6 days ago
The hunt continues
-
News6 days ago
Chief Magistrate chides CID for arresting messenger rather than culprit
-
Features6 days ago
Time of hope and a promise to keep
-
News4 days ago
Sabry: Defeat of LTTE terrorism liberated all Sri Lankans
-
Business6 days ago
In SL’s efforts to scale-up solar energy, grid connectivity seen as challenge
-
Opinion6 days ago
Stemming tide of misinformation