Sri Lanka's trade deficit narrows for first time since Dec 2009

Sri Lanka's trade deficit narrows for first time since Dec 2009 Colombo: Sri Lanka's trade deficit has come down by 0.3 percent in the first nine months of 2012, the first time since December, 2009, its Central Bank said Monday.

The corrective economic measures taken to narrow the trade gap had yielded results, the bank said in a statement.

"Motor vehicle imports being subject to the imposition of higher taxes since March contributed the most to the decline in expenditure on consumer goods imports," the statement said".

The registration of such vehicles had dropped by over 38 percent in August year on year.

Tourism also helped in reduced trade deficit, as arrivals grew by 16 percent year on year.

Inward remittances from Sri Lankan expatriates at 511 million dollars January to December represented an over 27 percent increase

Sri Lanka?s 2013 budget is to be presented in Parliament on November 8 by President Mahinda Rajapaksa who is also the Finance Minister.

He is expected to announce proposals to bridge a budget deficit of SLR 1. 2 billion, officials said.

PTI