The external sector performance moderated with an expansion of the trade deficit in March 2016. Earnings from exports declined while imports reduced marginally during the month compared to the previous year. However, during the first quarter of 2016, the trade deficit contracted compared to the corresponding period of 2015 due to the reduction in imports which outweighed the reduction in exports. Tourist earnings and workers’ remittances increased, strengthening the current account of the Balance of Payments (BOP) while inflows to the financial account continued to moderate.
Published Date:
Friday, July 1, 2016