Business
Bittersweet indices on Sri Lanka’s export and import unit values
Sri Lanka’s export unit value index increased in July 2022 significantly, but its import unit value index eclipsed the gains made by the former, according to Weekly Economic Indicators of the Central Bank of Sri Lanka (CBSL).The export unit value index increased by 14.6 per cent, (year-on-year), in July 2022 due to higher prices registered in all major categories, namely industrial, mineral and agricultural exports, CBSL said.
However, the import unit value index in July 2022 increased by 18.1 per cent, (year-on-year), due to higher prices recorded in intermediate and investment goods. Accordingly, the terms of trade deteriorated by 3.0 per cent, (year-on-year), to 91.2 index points in July 2022, CBSL said.Meanwhile, the average price of tea in the Colombo auction increased substantially to US dollars 4.08 per kg in July 2022 from US dollars 2.96 per kg in July 2021.
Further according to the report:
Net credit to the government and outstanding credit to public corporations from the banking system increased by Rs. 129.5 billion and Rs. 24.9 billion respectively, in July 2022.However, outstanding credit extended to the private sector declined by Rs. 41.0 bn in July 2022.
Index of Industrial Production (IIP) in July 2022 decreased by 22.0 per cent to 85.6 compared to July 2021. Among the major sub divisions of the manufacturing industries, “Coke and refined petroleum products” (98.5 per cent) and “Other non-metallic mineral products” (37.7 per cent) have mainly caused to this overall decrease.
During the year up to 09th September 2022, the Sri Lankan rupee depreciated against the US dollar by 44.6 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 40.7 per cent, the Euro by 37.7 per cent, the pound sterling by 35.4 per cent and the Japanese yen by 30.9 per cent during this period.Weekly AWPR for the week ending 09th September 2022 increased by 51 bps to 26.27 per cent compared to the previous week.
By 09th September 2022, the All Share Price Index (ASPI) increased by 4.16 per cent to 9,704.21 points and the S&P SL 20 Index increased by 4.04 per cent to 3,131.29 points, compared to the index values of last week.Outstanding central government debt increased to Rs. 21,696.6 bn by end March 2022 from Rs. 17,589.4 bn as at end 2021.
During the period under review (03.09.2022 to 09.09.2022), crude oil prices were largely on a declining trend. At the beginning of the period, prices increased due to OPEC+‘s decision on output cuts. However, prices decreased later on prospects of further tightening of monetary policy globally and fears of recession and the COVID-19 lockdowns in China causing a weakening of fuel demand. Overall, during the period under review, Brent and WTI prices decreased by US dollars 5.46 per barrel and US dollars 4.92 per barrel, respectively.
The gross official reserves were provisionally estimated at US dollars 1,716 mn as at end August 2022.Broad money (M2b) expanded by 16.0 per cent, on a year-on-year basis, in July 2022.
Earnings from exports increased by 12.9 per cent (year-on-year) to US dollars 7,678 mn during the seven months ending July 2022 as a result of increased earnings mainly from exports of textiles and garments (20.0%), petroleum products (51.9%), gems, diamonds and jewellery (50.2%), machinery and mechanical appliances (12.1%) and food, beverages and tobacco (9.3%). Import expenditure decreased slightly by 3.5 per cent (year-on-year) to US dollars 11,315 mn during seven months ending July 2022, mainly due to lower imports of machinery and equipment (-17.0%), base metals (-44.0%), telecommunication devices (-80.6%) and medical and pharmaceuticals (-30.6%). Accordingly, the deficit in the trade account narrowed to US dollars 3,637 mn during the seven months ending July 2022 from US dollars 4,922 mn in the corresponding period of 2021.
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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