Sri Lanka's trade deficit decreased to USD 316 million in June 2019 from USD 795 million in the same month of the previous year. Exports rose 5.8 percent to USD 1,084 million, boosted by shipments of industrial products (9.3 percent), namely textiles and garments (11.4 percent); rubber products (2.3 percent) and transport equipment (690.4 percent). In contrast, agricultural exports slumped (-6.8 percent), dragged down by lower sales of tea (-12.7 percent) while mineral shipments dropped 9.9 percent. Meantime, imports dropped 23.1 percent to USD 1,400 million, amid declines in purchases of intermediate goods (-11.1 percent), due to lower expenditure in fuel (-17 percent); consumer (-39.4 percent) and investment goods (-32.6 percent Balance of Trade in Sri Lanka averaged -523.82 USD Million from 2003 until 2019, reaching an all time high of -50.10 USD Million in May of 2003 and a record low of -1100.70 USD Million in November of 2011.
Balance of Trade in Sri Lanka is expected to be -670.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Sri Lanka to stand at -910.00 in 12 months time. In the long-term, the Sri Lanka Balance of Trade is projected to trend around -820.00 USD Million in 2020, according to our econometric models.