Inflows to services sector remain robust

Monday, 3 June 2024 02:25 - - {{hitsCtrl.values.hits}}

Services sector inflows (excluding tourism) in April had amounted to $ 330 million thereby increasing the figure in the first four months of this year to $ 1.15 billion.

Comparative data a year ago was $ 280 million and $ 1.05 billion respectively.

The Central Bank said Computer & IT/BPO related services were the major contributors to the increase in inflows to the rest of the services sector in April 2024. However, there was a moderation in sea transport services compared to April 2023.

Earnings from tourism in April 2024 were estimated at $ 226 million, in comparison to $ 338 million in March 2024 and $ 148 million in April 2023.

Workers’ remittances amounted to $544 million in April 2024, in comparison to $ 454 million in April 2023 and $ 572 million in March 2024.

The major outflows from the services sector in April 2024 were recorded

mainly in relation to air transport, sea transport, travel abroad and technical, trade-related, and other business services. Total services sector outflows were estimated at $188 million in April 2024, in comparison to $ 139 million in April 2023.

Foreign investments in the government securities market recorded a net outflow of $ 24 million in April 2024, resulting in a cumulative net outflow of $113 million during January-April 2024.

Mixed bag in April for external trade

CBSL buys $ 1.6 b of net forex; gross reserves now at $ 5.5 b

Rupee appreciation against $ tops 7%

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