The trade deficit narrowed in April as the export expenditure declined due to the drop in the import of vehicles and rice compared to the decline in export earnings from exports during April 2016.
The main reasons for the drop in the import of rice was the bumper harvest and the import taxes on rice while the governments’ decision curtail the import of vehicles was the reason for the drop in the import of vehicles, says a release from the Central Bank.
Earnings from tourism increased strengthened the current account of the Balance of Payments(BOP) while worker remittances was marginally lower.
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