Economy

Sri Lanka tourism earnings top $ 1.25 b in first four months

Published

2 years ago

May 13, 2024

Sri Lanka’s tourism industry has showcased an impressive resurgence, amassing over $1.25 billion in revenue during the initial four months of 2024, marking a remarkable 92% surge compared to the corresponding period last year.

This robust performance not only signifies a robust recovery but also underscores the industry’s potential for growth and resilience in the face of challenges.

The acceleration in revenue generation during the first four months is particularly notable, considering that reaching such a milestone took the country seven months in the previous year.

April earnings totaled $225.7 million, reflecting a year-on-year increase of 52.3%.

Although April earnings experienced a 33% month-on-month decline, indicative of the industry’s seasonal fluctuations, it remains the highest monthly earnings recorded since 2020.

Despite grappling with challenges stemming from the Easter Sunday attacks in 2019, Sri Lanka’s tourism industry has not only weathered many storms but emerged stronger. This resilience has instilled fresh confidence in the sector’s ability to bounce back and thrive.

Buoyed by ongoing promotional efforts and a renewed focus on safety and visitor satisfaction, Sri Lanka is poised to reclaim its position as a top tourist destination globally. The surge in arrivals, totaling an impressive 784,651 in the first four months of 2024, underscores this optimistic outlook, representing a significant increase from the previous year.

Looking ahead, Sri Lanka Tourism aims to attract 2.3 million visitors and generate over $4 billion in income for 2024. As tourism remains a crucial source of foreign exchange earnings for the country, efforts are underway to attract high-end tourists, with plans to increase the average spending per visitor to $4,000.

The Sri Lanka Tourism Development Authority (SLTDA) is targeting 2.5 million visitors to spend over $500 per day, with a focus on attracting high-spending travelers, who currently constitute a significant portion of tourists visiting the country.

Economy

Vehicle imports generate Rs. 512.5 billion in tax revenue

Published

1 day ago

September 8, 2026

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Sri Lanka imported 316,000 vehicles during the first six months of 2026, generating Rs. 512.547 billion in tax revenue, according to officials from Sri Lanka Customs.

The figures were revealed during a review of the operations and revenue performance of Sri Lanka Customs by the Parliamentary Committee on Ways and Means.

Of the total tax revenue generated through vehicle imports, motor vehicles imports accounted for the largest share, contributing Rs. 386.726 billion.

Petrol-powered cars with engine capacities below 1,000cc emerged as the highest revenue-generating category, contributing Rs. 137.4 billion in Customs revenue. This represented 9.96% of total Customs revenue.

Meanwhile, Sri Lanka Customs recorded total revenue of Rs. 1.379 trillion by June 30, 2026, against an expected revenue of Rs. 1.061 trillion for the period, representing 130% of the targeted revenue.

Officials informed the committee that customs revenue had exceeded monthly targets throughout the year and had recorded higher revenue compared with the corresponding months of 2025.

Economy

Rs. 5.8bn World Bank-backed project to rehabilitate 296 irrigation tanks

Published

3 days ago

September 6, 2026

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Sri Lanka has begun rehabilitating 296 minor irrigation tanks under a World Bank-funded programme aimed at strengthening irrigation infrastructure and improving climate resilience.

More than Rs. 5.8 billion has been allocated for the work under the Integrated Rurban Development and Climate Resilience Project (IRDCRP), which is planned to continue until 2029.

Of the 296 tanks, 290 are located across 18 districts and were damaged by Cyclone Ditwah. About Rs. 5.58 billion has been allocated for their rehabilitation under the project’s Contingent Emergency Response Component.

The largest number of affected tanks is in Badulla, where 97 are being rehabilitated, followed by Ratnapura with 29, Mannar with 24 and Kurunegala with 19. Fifteen tanks each are being rehabilitated in Kandy and Vavuniya.

A further six minor irrigation tanks in Polonnaruwa, Hambantota and Jaffna are also being rehabilitated at a cost of about Rs. 256.2 million.

Economy

Sri Lanka exports to India grow 7.2% to USD 669mn in first seven months

Published

5 days ago

September 4, 2026

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Sri Lanka’s merchandise exports to India increased by 7.22% year-on-year during the first seven months of 2026, reaching US$669.36 million, according to data from the Export Development Board (EDB).

Exports to India during the January-July period rose from US$624.31 million recorded during the corresponding period of 2025.

In July alone, exports to India increased by 9.12% year-on-year to US$129.51 million, compared with US$118.69 million in July 2025.

The EDB said the cumulative growth in exports to India was mainly supported by increased shipments of boilers, piston engines, pumps and vacuum pumps, petroleum oils, animal feed and base metal products.

The growth also came amid a broader expansion in Sri Lanka’s exports to the South Asian region.

Exports to South Asian markets increased by 11.98% year-on-year to US$916.55 million during the January-July 2026 period.