Business
Deficit in trade account during January- April widened to $ 2.94 billion
The cumulative deficit in the trade account during January – April widened to $ 2.94 billion from $ 2.69 billion recorded over the same period in 2020.
Central Bank said both exports and imports were significantly higher in April, compared to the lockdown period in April 2020, although both were lower compared to March. Cumulatively, exports were up 29.6% to $ 3.8 billion in the first four months of 2021, whilst imports were up 20% to $ 6.7 billion of which non-fuel imports were up 17.6% to $ 5.35 billion.Central Bank said the major contributory factors for this outcome were sharp rise in value of fuel imports, machinery and equipment, textiles and textile articles, chemical products and plastics and articles thereof. Recording the highest ever value for a month of April, earnings from merchandise exports in April increased by 189.8% to $ 818 million, from a significantly low value of $ 282 million recorded in April 2020 amidst the island wide lockdown measures due to the first wave of the COVID-19 pandemic.Earnings from exports in April, however, were 25.2% lower than the export earnings of $ 1,094 million recorded in March, reflecting the impact of the beginning of the third wave of the pandemic and the festive holiday-related developments in April.Earnings from all subsectors of industrial goods exports improved substantially by 302.5% to $ 647 million in April, YOY. On a month-on-month basis, earnings from industrial exports declined by 22.0%, except for the subsector of petroleum products; leather, travel goods and footwear (mainly footwear); animal fodder (mainly dog/cat food); and printing industry products (mainly currency notes). Earnings from textiles and garments; rubber products; machinery and mechanical appliances; and gems, diamonds and jewellery mainly recorded declines compared to March. Meanwhile, earnings from the export of petroleum products improved in April over the preceding month due to higher exports of naphtha, while earnings from bunker and aviation fuel declined with the significant reduction in volumes of aviation fuel and bunkering fuel supplied to aircraft and ship arrivals, despite the increase in the average prices of these export products.Export earnings from all subsectors related to agricultural goods increased by 37.7% to $ 165.6 million in April, compared to a year ago, though contracted by 35.6% compared to March. Despite higher export prices, export earnings from tea declined substantially compared to the previous month due to lower export volumes. In addition, export earnings from spices (mainly cinnamon, pepper and cloves), coconut (both kernel and non-kernel products), seafood and minor agricultural products declined notably in April over March. Earnings from all subsectors under mineral exports were also higher in April (by 332.9%) than export earnings in April 2020, but lower (by 10.3%) than export earnings in March. The decline in April over March reflected lower earnings from subsectors of earths and stone (mainly quartz), and ores, slag and ash (mainly titanium ores).The export volume index and the unit value index increased by 182.0% and 2.8%, respectively, on a YOY basis, in April. This indicates that the increase in export earnings was due to the combined impact of higher export volumes and prices.Expenditure on merchandise imports in April increased by 52.1% to $ 1.7 billion from low import expenditure of $ 1.12 billion in April 2020, when the effects of the first wave of the pandemic and low global petroleum prices were present. The YOY increase in the import expenditure was driven by the increase in imports of intermediate and investment goods. However, import expenditure in April was considerably lower (by 11.4%) compared to March ($ 1.92 billion), although import values in both March and April were higher than pre-pandemic levels.With declines recorded in both food and beverages and non-food consumer good categories, expenditure on the importation of consumer goods in April declined by 7.9%, compared to April 2020 and by 26.6% compared to March.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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