Tourism industry earnings surpass US$ 1bn mark

1 December 2022 08:12 am - 11 - {{hitsCtrl.values.hits}}

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Sri Lanka crossed the billion dollar milestone in earnings from tourism in October when the country earned US$ 75.6 million from the trade, which is providing a glimmer of hope for the country’s economy beset by acute shortages of foreign currency since the middle of last year.

With October revenues, Sri Lanka recorded US$ 1,022 million in cumulative earnings in the ten months, compared to US$ 158.2 million reported in the corresponding period in 2021.

Tourism in Sri Lanka was looking to become a more than US$ 5.0 billion foreign exchange earning industry before the Easter bombings and the pandemic which nearly decimated the industry for two years.
At its peak in 2018 Sri Lanka earned US$ 4.8 billion from tourism before the momentum slowed the following year due to the Easter attacks and then the COVID-19 pandemic.

Contrary to many interpretations to the effect of cutting taxes and printing money, loss of tourism caused by the pandemic was one of the leading reasons for the present day economic crisis which was exacerbated by the sharp rise in the global commodities prices and the prolonged disruptions to supplies and supply chains both globally and locally.

Global tourism industry is now witnessing a sharp increase due to the pent-up demand created by the Covid pandemic.

Sri Lanka also stands to benefit as November saw total arrivals reaching nearly 52,000 mark for the first time since April. The November arrivals brought the cumulative arrivals in the first eleven months to 620,120.

Sri Lanka saw an average monthly arrivals of over 100,000 tourists in the three months through March before the mass protests erupted against intensifying economic hardships.

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Comments - 11

Nilmini Welivita Thursday, 01 December 2022 08:24 AM

Mr. Harin "Sleazy" Fernando must be scratching his head thinking of ways to pocket some loot.

Jude Thursday, 01 December 2022 08:45 AM

Well, politicians GONNA waste half of those earnings!!! Sadly that's reality!! The 225 bankrupt the country!! Huh!!

Dee Thursday, 01 December 2022 08:53 AM

We need a general election soon to change this government. We are not bothered about tourism or anything. We just want to capture power.

BuffaloaCitizen Thursday, 01 December 2022 09:12 AM

Now is where the shit starts. All the crooks like Mahinda will want to come back to power (though they are indirectly still in power) and start robbing again.

D P P Prasad Thursday, 01 December 2022 09:35 AM

As a country Srilanka has numerous tourism potentials. Thus in order to boost the industry the tourism ministry should work with the both wildlife and forest departments. The present status of the national parks,marine sanctuaries as well as the other biodiversity hotspots should be upgraded. Subsequently the tourism industry will reach its maximum capacity providing more and more benefits to the country

Adwani Thursday, 01 December 2022 09:57 AM

Now the next step is for the Government to improve the Tourist Police to give proper protection. The Tourists Police must not consume Kassippu and mingle with Thugs to rob the Tourists and fill their pockets.

Man Thursday, 01 December 2022 11:19 AM

But, jungles are cleared by henchmen disregarding the value of those, for wild life which is the main attraction for tourists.

Marcian Christopher Thursday, 01 December 2022 01:58 PM

With the current increase in dollar revenue to the country will there be a relief to the poor citizens of the country by way of cutting down the skyrocketing increases madeagainst electricity, water transportation fares and other direct taxes imposed by the corrupt, rogues in the Parliament or increase the numbers of Ministers and their perks. Food for thought.

Cheers Thursday, 01 December 2022 02:57 PM

Watch our for all 3rd grade aragala kukko, tamils, Muslims and also ngos and peratugamiyo they want to destroy the country like they destroyed with aragalaya

Kathir Thursday, 01 December 2022 11:07 PM

Feed first Sri Lankan Army and Police with those tourist income otherwise Mahinda and Ranil can not save their backside Mahinda groupe will rob again

Tony Pereira Thursday, 01 December 2022 11:10 PM

How is the amount of 1 Billion computed/calculated??

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Tourism industry earnings surpass US$ 1bn mark

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