Export earnings in November 2021 hit record USD 1.211 billion

Earnings from exports in November 2021 have recorded the highest monthly export value in history, notching up a total of USD 1.211 billion, says the Central Bank of Sri Lanka (CBSL).

According to the press release issued by CBSL’s Economic Research Department, this brings the cumulative export figures for the January to November period, to USD 11.345 billion, which is a 24.9% improvement.

It also marks the sixth consecutive month of above USD 1.0 billion of exports.

Meanwhile, import expenditure also increased at a higher rate in November 2021.

Reflecting the favourable impact of increased exports, the merchandise trade deficit narrowed to US dollars 553 million in November 2021 compared to US dollars 600 million in November 2020.

Tourist arrivals continued to gather momentum with a notable increase over the previous month, showing strong signs of revival.

A further moderation of workers’ remittances was observed in November 2021.

The weighted average spot exchange rate in the interbank market continued to hover around Rs. 202 per US dollar during the month.

(Courtesy: Ada Derana)