February 16, Colombo (LNW): Sri Lanka’s foreign exchange earnings from tourism experienced a significant boost in January, reaching $362.1 million, marking a robust 34.5 per cent increase compared to the same month in the previous year.
According to the Central Bank, the island’s tourism sector showed strong signs of recovery, with January 2024 earnings up from $269.3 million in January 2023.
This positive trend has continued through the first few weeks of 2024, with total tourism revenue for the year already reflecting a remarkable $3.17 billion.
This represents a 53.2 per cent increase compared to the $2.07 billion recorded in 2023.
The upward momentum in foreign exchange earnings underscores the revival of the tourism sector, which is a critical pillar of Sri Lanka’s economy.
Tourist arrivals also saw a significant jump in the early part of this year. As of February 13, 2024, Sri Lanka welcomed 367,804 international visitors, an increase of 19.9 per cent compared to the same period last year.
The surge in arrivals mirrors the growth seen in 2024, with the country hosting 2.05 million foreign visitors last year, up 38.1 per cent from 2023.
However, the country missed its ambitious target of 2.3 million tourist arrivals and the $5 billion revenue mark set for 2024.
Sri Lanka is currently experiencing its peak tourism season, which typically runs until early March. Historically, tourism has accounted for nearly 5 per cent of the national economy, with 2018 marking its peak performance.
The sector, however, faced significant setbacks due to the tragic Easter Sunday bombings in 2019, followed by the global impact of the Covid-19 pandemic and the economic crisis that followed.
The revenue figures are based on data from the Sri Lanka Tourism Development Authority, which regularly conducts surveys to estimate earnings from the sector.
As tourism earnings continue to recover, they are also contributing to the wider economic recovery, helping to stimulate spending within the country.
