Sri Lanka recorded foreign exchange earnings from exports, remittances, and gross services totaling $2,016 million in May 2024, significantly surpassing imports of $1,404 million by $611 million, according to official data.
In May, Sri Lanka's exports reached $1,011 million, while remittances amounted to $460.1 million.
Gross services inflows, including tourism, also stood at $460.1 million. After accounting for outward services such as tourism, sea, and air transport expenses totaling $229.8 million, the net services account surplus was $230.3 million.
The combined inflows from exports, remittances, and net services amounted to $1,786 million, exceeding merchandise imports by $318.4 million. This positive balance is crucial for the country's economy, though it is tempered by the potential increase in imports driven by spending on food, fuel, and other goods from remittances and tourism revenue.
In addition, foreign borrowings by the government, earmarked for infrastructure projects like road and airport construction, contribute to imports of materials such as cement and steel, impacting the overall trade balance.
