Earnings from tea exports during the reference period have fallen by 6.9% year on year, thus resulting in a reduced income of US$ 1.14 billion.
Income from textiles and garments exports have declined by 5.5% and only brought in a sum of US$ 3.26 billion.
“Slowing down of economic activity globally, and particularly in advanced economies which constitute key markets for Sri Lanka’s exports, has resulted in contracting demand for exports”, the Central Bank said in a statement issued.
Meanwhile, the country’s import bill during the first 10 months of this year has declined by 4%.
In dollar terms Sri Lanka has spent an import bill of US$ 15.75 billion during the reference period.
Importation of consumer goods has seen the biggest drop of 15.9% year on year.
“Vehicle imports, which declined by 65.5 per cent, year-on-year, made the largest contribution towards the decline in expenditure on consumer goods imports”, added the Central Bank.
Sri Lanka’s trade deficit during the first 10 months of this year has narrowed by just 1% year on year to stand at US$ 7.59 billion.