Sri Lankans have spent over $ 670 million on overseas travel in the first 11 months of 2024, an increase of 378% from the corresponding period in 2023, while the service sector continues to record net inflows, Central Bank data showed.
According to the External Sector Performance report for November, total services sector outflows were estimated at $ 2.9 billion in the first 11 moanths of 2024, compared to $ 1.83 billion in the corresponding period in 2023.
Overseas travel and air transport services were major contributors to the recorded outflows from the services sector between January and November 2024, as dollar spending for overseas travel increased by 378.9% year-on-year (y-o-y) to $ 674.7 million during the period.
Moreover, Central Bank data showed that sea freight outflows have increased by 64.9% y-o-y to $ 359.8 million as of the end of November 2024, while air freight outflows have increased by 102.9% to $ 145.3 million. Also, sea freight inflows increased by 74.2% y-o-y to $ 683.8 million by the end of November.
Meanwhile, total inflows to the services sector, excluding earnings from tourism, were estimated at $ 3.37 billion as of the end of November 2024 compared to $ 3 billion during the same period last year.
“Sea transport services and computer and IT/BPO related services were the main contributors to the inflows,” the Central Bank said.
Therefore, when considering the overall external sector inflows and outflows, Sri Lanka has recorded a net inflow of $ 2,912.5 million between January and November compared to $ 1,908 million for the same period in 2023.
Furthermore, the Central Bank said that 283,618 Sri Lankans had departed to foreign employment by the end of November, which is a 3.3% increase from last year’s figures.
