Sri Lanka’s import bill dropped by USD 179 million in May 2025 to USD 1.507 billion, despite a notable rise in personal vehicle imports, and there has been a continued surge in workers’ remittances, according to the latest data released by the Central Bank of Sri Lanka (CBSL).
The value of personal vehicle imports stood at USD 118 million in May, a marginal dip from USD 134 million in April. However, the broader import decline was driven by weakening services inflows and tighter control on other categories of goods, amid concerns over the sustainability of Sri Lanka’s external sector.
The import contraction comes as remittance inflows continued their upward trajectory. Workers abroad sent home USD 635.7 million in June—up 22% year-on-year—bringing total remittances for the first half of 2025 to USD 3.7 billion. This represents an 18.9% increase from the same period last year, reinforcing remittances as the single largest source of foreign exchange for the country. In 2024, Sri Lanka received a total of USD 6.57 billion in remittances,
largely underpinned by a steady outflow of migrant workers, with 312,836 Sri Lankans officially departing for overseas employment during the year.
While gross inflows from exports, remittances, and services amounted to USD 2.14 billion in May—comfortably exceeding goods imports by USD 633 million—the performance of the services sector flagged warning signs. Services receipts fell to USD 464.6 million from USD 602 million in April. Tourism earnings dropped sharply to USD 164 million from USD 256 million, while IT and BPO service exports declined to USD 61.6 million from USD 85.4 million.
Investment goods imports, at USD 344.3 million in May, remained only marginally below April’s figure of USD 371 million.