Srilanka is getting Less & less revenue while the expenditure keeps on Expanding !
Good Show Modaya Chinthanya for getting caught in a vicious cycle
Sri Lanka exports fell 28.2 percent in April to 437.6 million US dollars from a year ago, imports fell 53.2 percent to 604.3 million dollars, shrinking the trade deficit 75.9 percent to 166.7 million dollars, the Central Bank said
Consumer goods imports fell 48.2 percent to 116.0 million dollars with less money spent on sugar, wheat grain and milk products, the Central Bank said, though sugar prices were up.
Imports of motor vehicles fell 80.1 percent and electrical appliances 63.7 percent. Expenditure on intermediate goods also declined by 58.2 per cent to 349 million US dollars, led by lower petroleum and fertilizer imports.
Import prices of crude oil averaged at 54 US dollars per barrel in April 2009. Imports of textiles and diamonds also declined, by 26.3 percent and 35.7 percent respectively, reflecting the lackluster global demand.
Expenditure on investment goods fell 44.1 percent to 127 million dollars in April 2009.
Imports are a key source of government revenue. Sri Lanka has raised duties on some commodities to raise cash as revenues weakened.
Edited By - chennaiguuy - 23 Jun 2009 03:23:07 GMT |