Sri Lanka, Feb. 2 -- Sri Lanka's cumulative deficit in the trade account has widened to USD 6 billion in 2024 compared to USD 4.9 billion in 2023.

Releasing the external sector report for December 2024, the Central Bank of Sri Lanka (CBSL) noted that although Sri Lanka recorded the second highest annual export earnings in history, the expansion in import expenditure outpaced the expansion of export earnings, leading to the higher trade deficit.

Sri Lanka's earnings from merchandise exports increased by 7.2% year-on-year to USD 12.8 billion in 2024. The figure marks the second highest annual export earnings in history.

Meanwhile, expenditure on merchandise imports in 2024 amounted to USD 18.9 billion, reflecting a year-on-year increase ...