February earnings at $ 345.7 m, highest monthly earnings since 2020
Tourism revenue for the initial two months has reached $687.5 million, aligned with the surge in visitor numbers.
In February, tourism revenue hit $345.7 million, marking a 118.2% increase compared to the same period last year, as per the latest data released by the Central Bank yesterday. This February’s earnings are also 1.14% higher compared to January 2024, marking the highest revenue since 2020.
The industry has shown optimism in response to these promising early figures, emphasizing the importance of maintaining momentum to reach the year-end targets.
Sri Lanka Tourism aims for 2.3 million visitors and income surpassing $4 billion in 2024.
During the first two months, the country welcomed a total of 426,603 tourists, setting a positive tone for the year.
Sri Lanka welcomed over 200,000 tourists for three consecutive months, achieving a hat trick. February’s arrivals surpassed the previous high of 210,352 recorded in December, marking a new benchmark since the pandemic began in March 2020.
Despite facing challenges such as multiple COVID-19 waves in 2020 and 2021, followed by a crisis-ridden 2022 with negative global publicity due to political instability and economic challenges, Sri Lanka’s tourism industry demonstrated resilience and rebounded strongly in 2023.
Tourism continues to be a significant source of net foreign currency earnings for the country, with minimal foreign currency outflows due to inputs.
According to Central Bank data, tourism contributed to about 14% of total foreign currency earnings between 2014 and 2019. However, Sri Lanka experienced a loss of around $15 billion in tourism sector earnings over the past four years due to various challenges.
Source: DailyFT
