‘Miracle’ collapses
The latest announcement from the Central Bank reveals that foreign trade is completely breaking down despite Mahinda Rajapaksa faction talks about an economic development on its propaganda stages.
The announcement reveals information of trade in the month of October. The trade deficit in October last year was US$352 million while it has drastically gone up to US$852 million in October this year.
Also, the export income during October last year was US$1041.3 million. However, it has come down to US$898.5 million in October this year. Meanwhile, the export expenditure in October last year was US$1393.7 million while it has increased to US$1750.2 million in October this year.
The cost of imports for consumer items has increased from US$286.2 million in 2013 to US$411.5 million this year.