Sri Lanka recorded a Balance of payment (BoP) surplus of US$ 1, 006 in the first seven months of 2011, amidst officials reserves hitting over US$ 8.099 billion the by end July 2011 from US dollars 6,610 million by end 2010. Central Bank figure said.- Export increased by 30.3 percent to US dollars 6,014 million.
- Tourism sector growth nearly 50% ended 461 Million
- Remittances amounted to US dollars 2,922 million
- foreign inflows to the government (including the 10-year Sovereign Bond proceeds of US dollars 1 billion) during the first seven months amounting to US dollars 2,754 million
- foreign direct investments (FDI) in the first half of 2011 amounting to US dollars 413 million
Drawback of Balance of Payment
- 48.3 per cent to US dollars 11,091 million major reasons for Import Expenditures increased
- 1. Increased Goods in world wise
- 2. Construction Martial Price hike and also Increase needs
- 3. Infrastructure development
- 4. Crude Price hike more than 36 %
The cumulative earnings from exports during the seven months rose 30.3 percent to US$ 6, 104 million. On the other hand expenditure on imports increased 48.3 percent to US$ 11, 091 billion.
"The increase in imports expenditure was spurred by the increase in imports of intermediate goods and investment goods, such as machinery and equipment and building materials, which set a satisfactory foundation for future growth" Central Bank said.
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