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First nine-month imports up by over 25% from last year

16 Nov 2021

  • Nine month import expenditure almost $ 15 b
  • Export earnings grows 20% Y-o-Y
The total cumulative import expenditure of Sri Lanka has soared to $ 14.9 billion from January to September this year compared to $ 11.7 billion reported during the same period last year according to the Central Bank of Sri Lanka (CBSL). Issuing the external sector performance report for the month of September, CBSL noted that expenditure on merchandise imports in September 2021 amounted to $ 1,526 million, around the same level recorded in September 2020. An increase in import expenditure was observed in consumer goods, while a decline was recorded in intermediate goods and investment goods. Expenditure on the importation of consumer goods in September 2021 increased by 16.6% over September 2020, led by higher expenditure on non-food consumer goods. Expenditure on food and beverages imports declined by 12.4% in September 2021 year-on-year (YoY), mainly due to the decline in sugar imports. In addition, declines were observed in seafood (mainly dried and fresh fish), spices (mainly chillies and coriander seeds), fruits, and beverages. An increase in import expenditure was observed in dairy products (mainly milk powder), vegetables (mainly lentils and potatoes), and oils and fats. Meanwhile, expenditure on the importation of non-food consumer goods increased by 42.2% (YoY), mainly owing to the importation of vaccines, categorised under medical and pharmaceuticals. Several other categories of non-food consumer goods, including telecommunication devices, clothing and accessories, rubber products (mainly tyres), and household and furniture items (mainly textile articles) also increased. Earnings from exports in September 2021 grew by 3.1% over September 2020 to reach $ 1,031 million. An increase in earnings was observed in industrial and mineral exports, while a decline was recorded in agricultural exports. Cumulative export earnings, which increased by 20.0% during January-September 2021, amounted to $ 8,934 million, compared to $ 7,445 million recorded in the corresponding period in 2020. Meanwhile, the mismatch between the goods flow and the financial flow in relation to merchandise exports was observed during the month of September 2021 as well. Workers’ remittances declined in September 2021, compared to a year earlier. Workers’ remittances amounted to $ 353 million during September 2021, in comparison to $ 703 million in September 2020. On a cumulative basis, workers’ remittances during January-September 2021 amounted to $ 4,577 million, which is a decline of 9.3%, over the same period in the previous year.

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