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Last Updated : 2024-04-24 06:20:00
11 April 2017 11:18 am - 14 - {{hitsCtrl.values.hits}}
New Year sales have dropped by 40 per cent when compared with last year because of the reduced purchasing power of the people, says Hemaka Fernando, the spokesman for the Association of Importers of Essential Commodities (AIEC).
He said the drop could be seen in the sales of both clothing and food items and pointed out that there was a dwindling in the sale of potatoes and big onions. Mr. Fernando said this could be verified by checking Custom reports.
He said Sri Lanka, which had an agro-based economy, was hit by the adverse weather conditions for the second consecutive year and this too affected the people’s purchasing power.
Commenting on the impact of the rupee depreciation, he said though the World Market prices of sugar had come down, the local wholesale and retail prices could not be reduced because of the drop in the rupee value against the US dollar.
He said the world market price of sugar which was US$600 per tonne, had dropped to US$480 per tonne.
“But the local prices cannot be reduced decause of the depreciation of the rupee. India has opened up its export market. Many years ago when the world price was US$ 600 per tonne, we sold sugar at Rs.99 a kilo locally. Today, the price has come down but selling sugar locally at the same price,” he said. (Kelum Bandara)
DHA Tuesday, 11 April 2017 12:42 PM
One cannot think of new year with the raising cost of living.....sadly it has to be treated as just another day hatsoff MS
palle Tuesday, 11 April 2017 01:51 PM
Many thanks to the Yahapalanaya and the best finance minister in Asia.
sarana Tuesday, 11 April 2017 01:51 PM
people are walking away from buddhism. via DM Android App
Yehiya Tuesday, 11 April 2017 02:19 PM
Is too early to comments. People start the purchasing very late hours of festival. Cosmetic is little down but clothing
john frazer Tuesday, 11 April 2017 03:28 PM
NO WONDER SALES DROP BY 40% WHO CAN AFFORD THERE IS POVERTY IN THE WHOLE COUNTRY
Nick Tuesday, 11 April 2017 03:35 PM
this is not true we do not have a clear senses system for comparisons as shop owners always tell no business and hide their real income to avoid high tax via DM Android App
sara Tuesday, 11 April 2017 04:59 PM
Is it because our MPs salary increment has not come into effect yet.
Ravi Karunanayaka Tuesday, 11 April 2017 06:33 PM
I understand the difficulties facing so I will propose from next year onwards Sinhala aurudu festivals to be cancelled. Kohomada mage mole?
Hadam Tuesday, 11 April 2017 06:40 PM
Give them pay rises then you'll see wether its lack of money or Buddhism.
wicky Tuesday, 11 April 2017 07:02 PM
This may be true because the cost of living is high via DM Android App
Alpha Tuesday, 11 April 2017 07:57 PM
You must be an assistant of the best finance Minister of Asia
r86 Tuesday, 11 April 2017 08:48 PM
wait and see just 10 days for goverment...we have to go six years more..MS via DM Android App
karu Tuesday, 11 April 2017 10:12 PM
Things will return to normal once Volkswagen plant comes up. Patience is the key. .
Yehiya Wednesday, 12 April 2017 08:40 AM
If import is drop mean good news to country. Tobacco, liqueur
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