*December 2024 Imports Soar 29% to USD 1.9Bn, Sending Trade Deficit To USD 823Mn* Sri Lanka’s trade deficit widened to USD 822.7Mn in December 2024, up from USD 486.8Mn in December 2023, driven by a sharp rise in import expenditure predominantly on seasonality. On a cumulative basis, the trade deficit for the full 2024 expanded to USD 6,069.4Mn, compared to USD 4,900.4Mn in 2023. Merchandise exports recorded earnings of USD 1,101.8Mn in December 2024, reflecting a 10.0%YoY growth from USD 1,001.8Mn. This increase was supported by strong performances in both industrial and agricultural exports. Agricultural exports benefited from higher tea prices and improved demand for spices and coconut-related products, while petroleum product exports also contributed to overall growth. Meanwhile, import expenditure surged 29.3% YoY to USD 1,924.5Mn in December, marking the highest monthly outflow for imports in 2024. Increased spending on medical and pharmaceutical products, home appliances, and clothing and accessories reflected heightened year-end demand and improved consumer purchasing power. For the full year, cumulative imports rose by 12.1% YoY to USD 18.84Bn, while cumulative exports increased by 7.2% USD 12.77Bn over the same period.