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Colombo · ColomboECONOMYNEXT – Sri Lanka’s overheated second-hand car market is set to cool rapidly industry analysts said, with advertised brand new prices for vans being sharply below asking prices for used vehicles after import controls were partially relaxed for tourism. Toyota Lanka took out advertisements on Sunday to sell the new HiAce passenger van, which is permitted for use in the tourism sector, where the government would allow 750 vans to be imported…See the Story
Sri Lanka’s car market set to coast downhill
Central Bank · ColomboECONOMYNEXT – Sri Lanka’s central bank is projecting 3.0 percent economic growth and a recovery in private credit to 8.5 percent in 2024 from a 0.6 percent contraction in 2023, in an outlook for the next year. Exports are projected at 12.9 billion US dollars from 11.9 billion dollars. Imports are expected to recover to 20 billion dollars in 2024 from 16.8 billion in 2023. Sri Lanka earns foreign exchange from remittances and also tourism to pa…See the Story
Sri Lanka expects 8.5-pct credit growth, $20bn imports in 2024
Colombo · ColomboECONOMYNEXT – Sri Lanka’s average coconut prices fell to 63,231 per 1,000 nuts at an auction on April 2024 from 64,094.03 a week earlier, data from the Coconut Development Authority shows. The highest price was 72,200 rupees for 1,000 nuts down from 72,100 rupees a week ago, while the lowest remained at 60,000. A total of 811,217 coconuts were offered at the auction and only 360,531 nuts were sold as prices fell for the third week in a row. Coc…See the Story
Sri Lanka coconut prices tumble for third week at auction
Tourism · ColomboECONOMYNEXT – Sri Lanka’s is seeing a growing demand for coffee amid a revival in tourism and efforts are underway to lift skills and improve quality down the value chain as part of efforts to broaden the island’s coffee culture, industry officials said. Lanka Coffee Association, made up of companies involved in the industry, with Australia-funded Market Development Facility is holding the Sri Lanka Coffee Festival in Galle in June. Coffee Consu…See the Story
Sri Lanka to heat up coffee culture amid tourist revival
Colombo · ColomboECONOMYNEXT – Sri Lanka’s total quantity of tea exported for March increased 18.22 percent compared to the same period last year, industry data showed. Total quantity of tea exported including re-exports with imported tea amounted to 21.25 million kilos. The FOB price per kilo for the month was 1,795.87 rupees. Total export earnings recorded an increase of 1.87 billion rupees, a 5.17 percent increase in 2024 as against the same month last year.…See the Story
Sri Lanka’s Ceylon tea exports increase in March
Economy · ColomboECONOMYNEXT – If Sri Lanka desired a competitive economy, it must embrace competition, Sri Lanka’s President has said, adding that he has faith in the country’s businesses. “We must understand how to influence market forces, perhaps even manipulate or direct them,” President Ranil Wickremesinghe said. “I can only envision a market economy where market forces will determine the course. Within that framework, we can establish policy guidelines, o…See the Story
Sri Lanka businesses must embrace competition: President
Taxes · Sri LankaSri Lanka tax collections higher than revised 2023 target, deficit lower ECONOMYNEXT – Sri Lanka’s tax collections in 2023 have totalled 2,750 billion rupees, up 55 from 2022 and higher than a revised out-turn presented at a November, official data show. Sri Lanka originally targeted 3,130 billion rupees of tax collections in 2023 or 10.3-pct of gross domestic product despite an economic contraction but with an inflated economy at hikes in rates…See the Story
Sri Lanka budget deficit down in 2023, tax revenue up 54-pct
Economy · ColomboECONOMYNEXT – Sri Lanka’s economy has stabilized, and growth is now emerging, due to macroeconomic reforms, State Minister of Finance Shehan Semasinghe said. “After a contraction of 7.8% in 2022, the GDP returned to growth in the 3rd and 4th quarters of 2023, with Q4 GDP growth reaching 4.5%,” Semasinghe said on X. “Recognizing the progress in macroeconomic reforms, the measures to stabilize the economy have thus far been successful. The govern…See the Story