The external sector performance was driven by a double digit growth in exports (year-on-year) in September 2017, surpassing the USD 1 billion mark of monthly exports for the third consecutive month. However, the trade deficit expanded with higher imports of fuel and rice during the month.
The USD 1.8 million national apparel initiative which aims to establish 150 mini garment factories island wide at village level is expected to come to fruition by June 2018 by adding approximately 3,000 skilled people into the garment industry workforce, a senior official said last week.
The Asian Development Bank (ADB) highlighted that a record sum of 8.9 billion US dollar financial assistance has so far been granted to Sri Lanka to improve its infrastructure during the past 50 years.
Sri Lanka’s income tax collection increased 9.1 percent during the eight-month period from January to August 2017 compared to the same period last year due to a late boost in revenue collected through the Economic Service Charge (ESC), according to the Treasury.
Imports to Sri Lanka under Free Trade Agreements (FTAs) quadrupled over the first eight months of 2017, backed by increased importation of gems and jewellery from India, according to Treasury data, pointing towards record levels of imports through FTAs this year.