Important updates on Sri Lanka's foreign currency, imports, and exports.
The Sri Lankan rupee has appreciated against several currencies like the US dollar, Japanese yen, pound sterling, Euro, and Indian rupee. The country’s gross official reserves are estimated to be around US dollars 2,694 mn. There has been a decline in earnings from exports mainly from textiles, garments, petroleum products, coconut, rubber products, and food beverages. Import expenditure has also decreased, mainly due to lower imports of fuel, machinery and equipment, textiles and textile articles, and building material. This has resulted in a significant reduction in the trade deficit. Additionally, there has been a decline in the terms of trade and an increase in the average price of tea.