1/4  BIS central bankers' speeches  Export sector and balance of payments The export of goods and services sector is expected to slump massively, as external demand plunges amid severe economic contraction in our main exports markets. The significant drop in export earnings will amplify the current account deficit, projected at about 12% of GDP in 2020.
This year, the overall balance of payments is forecast to record a deficit. The tourism sector is a major supplier of foreign exchange. The foreign exchange loss from this industry alone has been estimated at around Rs12 billion for April and May 2020. Last year, tourism receipts amounted to Rs63 billion.