ECONOMNYNEXT – Sri Lanka’s imports fell 0.5 percent from a year earlier as interest rates were raised and investment goods and telecom equipment imports, outpaced an increase in oil costs, official data showed.

Sri Lanka’s fuel imports went up by 96 million dollars in April 2022 to 510 million US dollars, while investment goods imports fell 87 million US dollars or 24 percent to 266.3 million Us dollars.

Building material imports fell 22 percent to 75.6 million US dollars in April and non food consumer goods imports fell 43 percent to 87.9 million dollars.

Sri Lanka’s exports also fell 18.5 percent to 969.8 million US dollars.

The trade deficit narrowed to 729 million US dollars from 889 million US dollars a year earlier.

Sri Lanka is hit with the worst currency crisis triggered by the island’s soft-pegged central bank.

The rupee has collapsed from 200 to 370 levels in a float botched by the surrender rule. (Colombo/June12/2022)