Sri Lanka’s imports rise to $21.6bn in 2021

COLOMBO: Sri Lanka’s imports have soared to $21.6 billion in 2021, amid what is popularly characterized as ‘foreign exchange shortages,’ the highest since the money printing year of 2018, according to provisional data in the public domain, Economy Next reported.

Central Bank Governor Nivard Cabraal in a twitter message said 2021 imports are estimated at 21.6 billion US dollars, up from 16. 1 billion US dollars in 2020 and 19.9 billion US dollars in 2019.

In 2020, imports fell sharply as lockdowns slashed domestic consumption and private credit collapsed.

The 2021 imports are the highest since 2018 when the central bank also printed money and created forex shortages, driving the rupee down from 151 to 182 to the US dollar.