lower import of sugar and motor vehicles, while wheat was not imported. The cumulative expenditure on imports recorded an increase of 8.1 per cent, year-on-year, by end November 2007, and amounted to US dollars 10,142 million.
The trade deficit for November 2007 was US dollars 419 million, which is higher than that recorded for November 2006. The cumulative deficit in the trade balance for the period January-November 2007 recorded a marginal increase of 1.8 per cent in comparison to the corresponding period last year, and was US dollars 3,265 million.
Meanwhile, private remittances during the period January-November 2007, however, amounted to US dollars 2,285 million, which is an increase of 15.1 per cent, year-on-year, thus helping to contain the deficit in the current account.
By end-November 2007, the overall balance of payments registered a surplus of US dollars 616 million, and the gross official reserves totaled US dollars 3,149 million (3.4 months of imports).
Central Bank of Sri Lanka
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