tourist arrivals sri lanka 2023

Sri Lanka Tourist Arrivals

The number of foreign tourist arrivals in sri lanka jumped by 66.7% year-on-year to 209.2 thousand in march 2024, following a 102.8% surge in the previous month. by region, europe accounted for the largest share of tourist visits (58.6%), followed by asia and the pacific region (34.6%) and the americas (5.9%t). among key markets, india was the largest source of foreign tourists at 15.2%, followed by the russian federation (13.4%), the uk (10.3%), germany (.8.8%), china (6.2%), and france (5.2%). considering the first three months of the year, foreign tourist arrivals soared 89.4% to 635.8 thousand compared to the same period of the previous year. by 2024, the government forecasts tourist arrivals will completely rebound, surpassing 2019 levels with a projected growth of 2%. in 2023, foreign tourist visits surged by 106.6% to 1.5 million compared to the previous year. source: ceylon tourist board, tourist arrivals in sri lanka increased to 218350 in february from 208253 in january of 2024. tourist arrivals in sri lanka averaged 54385.06 from 1977 until 2024, reaching an all time high of 253169.00 in december of 2018 and a record low of 0.00 in april of 2020. this page provides - sri lanka tourist arrivals - actual values, historical data, forecast, chart, statistics, economic calendar and news. sri lanka tourist arrivals - data, historical chart, forecasts and calendar of releases - was last updated on april of 2024.,   markets,   gdp,   labour,   prices,   money,   trade,   government,   business,   consumer,   housing,   taxes,   climate.

Monday Apr 29, 2024

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Tourist arrivals so far in 2023 cross 800,000 mark

Tuesday, 8 August 2023 01:12 -     - {{hitsCtrl.values.hits}}

Minister Fernando expressed his satisfaction with the current trajectory and reiterated the government’s commitment to supporting the tourism industry’s growth. “This eclectic mix of nationalities underscores the global popularity of Sri Lanka’s offerings and its ability to cater to a wide range of travel preferences,” he added. With the winter season on the horizon, industry analysts are optimistic about the prospects of continued growth in the tourism sector. The steady rise in tourist arrivals augurs well for a busy and prosperous winter, boosting local businesses, creating employment opportunities, and bolstering the overall economic landscape. “As the destination embraces its role as a sought-after travel destination, stakeholders remain focused on ensuring a seamless and memorable experience for visitors, while simultaneously reaping the benefits of a flourishing tourism sector,” Fernando said.  Industry analysts opined the combined efforts of the Government, tourism authorities, and local communities are set to pave the way for a vibrant future in Sri Lanka’s tourism landscape. Minister Fernando also expressed confidence in achieving the set arrivals target of 2 million by the end of December.

Tampering triggers fresh tourism tenders

International tourism, number of arrivals - Sri Lanka

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Mon, 29 Apr 2024 Today's Paper

Tourist arrivals in first seven months of 2023 outpace 2022 full-year numbers

31 July 2023 08:24 am - 8     - {{hitsCtrl.values.hits}}

• Sri Lanka welcomes an impressive 748,377 tourists from January 1st to July 27th, 2023, exceeding the 2022 total of 719,978
• July sees over 120,000 tourist arrivals, surpassing 100,000 arrivals for the sixth time in the first seven months of the year
• India remains the top source market, contributing 17% of total arrivals with 20,770 tourists
• China emerges as one of the top three markets, making up 7% of total arrivals in July with 8,446 tourists 

Provisional data from the Sri Lanka Tourism Development Authority (SLTDA) reveals that tourist arrivals in the first seven months of 2023 have already exceeded the total tourist arrivals recorded for the entire year of 2022.

Within the 1 January to 27 July period, Sri Lanka welcomed 4 percent more tourists than the whole 12 months in the previous year.

The tourist arrivals from 1st January to 27th July 2023 reached an impressive 748,377 surpassing the total tourist arrivals of 719,978 recorded from 1st January to 31st December 2022.

Further, Sri Lanka welcomed over 120,000 tourist for the first 27 days of July, surpassing the 100,000 arrival milestone for the sixth time in the first seven months of the year. SLTDA data showed that from 1 to 27 July, a total of 123,508 international visitors entered the country. The daily arrival average for July 1-27 period was 4,574, whereas the weekly arrival average was about 30,877.

In terms of source markets, India remained the top tourist traffic generator for Sri Lanka during the period.

The neighbouring giant contributed 17 percent of the total tourist arrivals bringing in 20,770 tourists. The second largest contributor was the United Kingdom which accounted for 12 percent of the total tourist arrivals. The UK brought in 15, 126 visitors to Sri Lanka. In third place was China. Following the post-pandemic reopening of its borders for travel, China has emerged as one of the top three markets for Sri Lanka’s tourism industry. In the month of July, China accounted for 7 percent of the total tourist arrivals, with a notable influx of 8,446 tourists.

While Germany holds the fourth position, the Russian Federation, which was Sri Lanka’s biggest tourist traffic generator since the island nation opened its borders, is observed to be slipping from its previous ranks. In July, Russia accounted for 5 percent of the total tourist traffic.

Other notable markets included France, Maldives, Netherlands, Canada, and Australia.

Sri Lanka has a target of attracting at least 137, 594 tourists for July. Within the first 27 days of the month, 89 percent of the target has been realised.

  Comments - 8

thisgarajah Monday, 31 July 2023 09:13 AM

how much they spend matters -if not the outflow of foreign exchange to meet the needs of the tourist will exceed the inflow -we need to target only the high spenders let the others come on their own

Reply 0       0 0       0 -->

European tourist Monday, 31 July 2023 09:51 AM

You perfectly reflect the problem of lack of European tourists in Sri Lanka: ripping off tourist by expensive visa, entrance fees, transport, hotels etc. You treat us as ATM machines.

Reply : 0       0 -->

Sokrates Monday, 31 July 2023 11:15 AM

Sri Lanka doesn't have the infrastructure for high-end tourists at all. Also, most of the people who work in the tourism industry don't know how to treat these types of tourists. As long as there are too many crooks among 3-wheel drivers, boat drivers, tourist guides, guesthouse and restaurant owners, Sri Lanka is not ready for high spend tourists.

Tourist Monday, 31 July 2023 10:25 AM

SL is one of the cheapest country in the world to visit - $35 per day. So, If you cannot spend at least $35 per day, please go somewhere else; do not expect us to give you free food and lodging.

Sokrates Monday, 31 July 2023 11:06 AM

Thailand is cheaper, has a better infrastructure, the food is better, there are also European sausage and cheese products and, above all, the people are friendlier and hardly cheat in contrast to Sri Lankans.

Aussie Monday, 31 July 2023 11:12 AM

$35? In your dreams. You are definitely not a tourist and even swindle in your comment.

Lord Kent Monday, 31 July 2023 11:38 AM

What a ridiculous statement. Last year there was a 6 month travel ban to Sri Lanka from all Western countries because of the chaos here. Of course there will be more tourists this year.

Niroshan Ekanayake Monday, 31 July 2023 01:09 PM

Most welcome the Indians and the Chinese to the country as tourists but the value of the destination are killing. Low rates, economy level consumers, downgrading the high demand destination are declining the tourism is the country even though high tourist arrivals happening right now.. High end tourist such as UK, Germany, Russian, Australians and Denmark etc can fix our burning issues. Where is the plan for that??

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October tourist arrival numbers released: 159% increase

Over 100,000 tourist arrivals were recorded in October 2023, the Sri Lanka Tourism Development Authority (SLTDA) said. 

Providing monthly statistics, the SLTDA said 109,199 tourist arrivals were reported from 01- 31 October 2023. 

The SLTDA said the numbers reported for October are a 159% increase compared to the same period last year. Except for May, all months have reported tourist arrivals of over 100,000 this year.

The top five source markets for October were India with 28,222 tourist arrivals, Russia with 10,629 tourists, the United Kingdom with 8,454 tourists, Germany with 7,548 tourists and China with 6,211 tourists. 

Tourist arrivals were also reported from Australia, the Maldives, France, the United States, and Spain during this period. 

The SLTDA said as of 31 October 2023, Sri Lanka has recorded a total of  1,125, 455 tourist arrivals so far this year. 

Full report : https://www.sltda.gov.lk/storage/common_media/WeeklyArrivals-October-1-31st-4th-week.pdf (NewsWire)

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Sri Lanka to hike tourist arrival target to 2.0mn for 2023

Monday April 3, 2023 10:24 am

ECONOMYNEXT – Sri Lanka will raise its tourist arrival target to 2.0 million in 2023 from an earlier 1.5 million on the back of better trends seen in the first quarter, Sri Lanka Tourism Development Authority (SLTDA) Chairman Priantha Fernando said.

“Based on the arrivals last year we set a target of 1.5 million tourists about six months ago. But with this we will be revising it to 2 million,” Fernando said Friday.

“The target for March 2023 was only 90,000, but we have exceeded that.

“For the month of March 01-28, we have welcomed 112,991 tourists, and this is the first time since 2019 that we have welcomed more than 100,000 tourists for the third consecutive month.”

In March the average daily arrivals were around 4,000.

Sri Lanka has welcomed 323,185 tourists by March 28, which may go up to 335,000 by the end of the first quarter. In that year Sri Lanka welcomed 1.9 million tourists, down from 1.3 million in 2018.

Sri Lanka’s central bank which usually trigger forex shortages with inflationary open market operations to target 5 percent inflation while collecting forex reserves, went overboard in 2020-2022 and triggered the worst currency crisis in its history, resulting in fuel shortages and social unrest.

Tourist arrivals which had picked up to 105,000 in March 2022, then plunged.

Forex shortages and also made it difficult to import aviation fuel and ticket prices also rose in US dollar terms. With the external sector stabilizing, air ticket premiums – which rose in US dollar terms – have started to ease and gradually flights are increasing.

Sri Lanka is expecting more tourists from India and is promoting the island in chosen generating markets.

China, which closed during Covid has re-opened.

From April onwards, state-run Sri Lankan Airline will be starting nine flights to China per week, while Chinese airlines will operate three flights per week, resulting in a boost in Chinese tourists to the country, Fernando said.

Also read: Sri Lanka to target nine markets in focused tourism campaigns

“And also in April, the Promotion Bureau will start promotions in China, which will open the market even more,” Fernando added.

“We have started discussing with the Foreign Ministry to start a direct flight from Israel, and we believe that with the increasing demand, we can get more new flight operators to the country.”

Currently, 20 percent of the tourists are from Russia, followed by India, the UK, and Germany. Markets like Germany is still affected by negative perceptions, according to officials. (Colombo/Apr03/2023)

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1 Sri Lanka budget deficit down in 2023, tax revenue up 54-pct

2 sri lanka’s car market set to coast downhill, 3 sri lanka to heat up coffee culture amid tourist revival, 4 government in the process of transitioning sri lanka economy: state minister, 5 sri lanka businesses must embrace competition: president, some beggars at traffic lights earning rs20,000 a day claim police.

Monday April 29, 2024 12:33 pm

ECONOMYNEXT – Some beggars at traffic lights in Sri Lanka’s capital are earning 20,000 rupees a day in tax free income, police said urging the public not to give them money.

“The Police can only detain these beggars and produce them in courts, then they pay a fine and are back on the street within a week,” DIG in charge of the Traffic Division, Indika Hapugoda said.

“We have tried rehabilitating them, and offering them jobs that pay 2,000-3,000 rupees a day, but they ask us ‘why would we want to do that when we earn 15,000 to 20,000 rupees a day from begging?'”

Beggars are a frequent sight in Colombo, police said. Some have wounds, others have apparently slumberous infants and toddlers in their arms.

This is in most instances a business venture, he said. “Some carry infants who have been drugged, and some are drug addicts themselves.”

“If the public stops giving them money we can at see a reduction in beggars.”

AAC is asking “Motorists to refrain from offering charity to beggars near traffic lights, specially in Colombo City limits and suburbs,” AAC Project Manager Prasanna De Soysa said.

Hapugoda was speaking at a press briefing on addressing the ‘Beggar Menace at Traffic Lights in Colombo City Limits’ jointly organized by the the Automobile Association of Ceylon.

The high earners are acting out a role to gain the sympathy of the public, DIG Hapugoda said. “They come in vehicles and change their clothes.

“When they don’t get money their are some who damage the vehicle by scratching it with a sharp object,” police said. “Some knock themselves on the vehicle and claim they were injured by motorists and claim damages.”

“We arrested 94 recently, and produced them in courts. But they cannot be held for long. They pay a fine and are released on bail. Then they return to the streets.”

It has also been found that many have land an properties, Hapugoda said. (Colombo/Apr29/2024)

Japan Foreign Minister Yoko Kamikawa to visit Sri Lanka

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The Japanese Foreign Minister meet President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena.

The Japanese Foreign Minister and her delegation will have official discussions with the Foreign Minister Ali Sabry.

She will be accompanied by senior officials of the Ministry of Foreign Affairs of Japan. (Colombo/Apr29/2024)

Sri Lanka rupee opens at 296.20/40 to US dollar

Monday April 29, 2024 9:56 am

ECONOMYNEXT – Sri Lanka’s rupee opened at 296.20/40 to the US dollar on Monday after closing at 296.00/30 on Friday, dealers said.

Bond yields were down, dealers said.

A bond maturing on 15.12.2026 was quoted down at 11.10/20 percent from 11.15/20 percent.

A bond maturing on 15.03.2028 was quoted down at 11.80/90 percent from 11.90/12.00 percent.

The Colombo Stock Exchange opened up; The All Share Price Index was up 0.33 percent at 12,241, while the S&P SL20 was up 0.50 percent at 3,652. (Colombo/Apr29/2024)

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Tourist Arrivals in Sri Lanka, November 2023

Sri Lanka, a pearl of the Indian Ocean, has witnessed a remarkable surge in tourist arrivals in November 2023. This surge significantly contrasts the numbers recorded in the same month of the previous year. Let’s explore the statistics and the factors contributing to this remarkable increase.

November 2023 Statistics

In November 2023, Sri Lanka experienced an unprecedented influx of tourists, with a staggering 151,496 arrivals. This is a substantial leap from the 59,759 arrivals recorded in November 2022. The percentage change, a remarkable 153.5%, showcases the exponential tourism growth.

Total Tourist Arrivals in 2023

The cumulative tourist arrivals for 2023 have surpassed expectations, reaching 1,276,951; in stark contrast, 2022 welcomed 719,978 tourists. This substantial increase bodes well for the country’s economy and tourism sector.

Factors Contributing to the Surge

Several factors may have contributed to this surge, including improved infrastructure, marketing initiatives, and global travel trends. Understanding these factors is crucial in sustaining and enhancing the tourism momentum.

Impact on the Tourism Industry

The surge in tourist arrivals has undoubtedly left a positive mark on Sri Lanka’s tourism industry. Local businesses, from hotels to small vendors, have experienced increased revenue, positively impacting the economy.

Challenges Faced by the Tourism Sector

While the surge brings numerous benefits, infrastructure strain and environmental concerns must be addressed. Striking a balance between growth and sustainability is essential for long-term success.

Government Initiatives

The Sri Lankan government has likely played a pivotal role in managing and capitalizing on this influx. Understanding the measures taken can provide insights into effective tourism management.

Future Outlook

As we look to the future, it’s essential to speculate on the sustainability of this growth. Predicting trends and potential challenges will aid in preparing for the continued success of Sri Lanka’s tourism industry.

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Significant Increase In Tourist Arrivals In Sri Lanka 2023.

• March 10, 2023
• By Travel Connection

As the world slowly recovers from the COVID-19 pandemic, tourism is gradually resuming in many countries. Sri Lanka is one such country that has been working hard to attract tourists back to its shores. In January and February 2023, Sri Lanka saw a significant increase in tourist arrivals compared to the same period last year.

Tourist Arrivals in January and February 2023.

According to the Sri Lanka Tourism Development Authority (SLTDA), a total of 102,545 tourists visited Sri Lanka in January 2023. This is a 24.5% increase compared to January 2022, which saw only 82,327 tourist arrivals. Out of the total arrivals in January 2023, the majority of tourists (66.1%) were from Europe, followed by Asia and the Pacific (25.3%) and America (6.4%). The remaining 1.9% of tourists were from the Middle East and Africa.

Moving on to February 2023, Sri Lanka saw a further increase in tourist arrivals compared to January 2023. According to the SLTDA, a total of 107,639 tourists visited Sri Lanka in February 2023. This is an 11.5% increase compared to February 2022, which saw only 96,507 tourist arrivals. Similar to January 2023, the majority of tourists in February 2023 were from Europe (67.7%), followed by Asia and the Pacific (24.6%), and America (5.4%). The remaining 2% of tourists were from the Middle East and Africa.

The increase in tourist arrivals in Sri Lanka in 2023 can be attributed to several factors. One of the key factors is the successful management of the COVID-19 pandemic in the country. Sri Lanka has implemented strict health and safety protocols to protect both tourists and locals, which has helped to build confidence among travelers.

Why is Sri Lanka Worth Visiting?

Foremost, Sri Lanka's natural beauty, rich cultural heritage, and diverse wildlife continue to attract tourists from around the world. The country has something to offer every type of traveler, from beautiful beaches and scenic mountains to ancient temples and wildlife safaris. The popularity of these attractions has been in the hearts of many travelers over the years, as more and more people seek out unique and authentic travel experiences.

1. Natural Beauty: Sri Lanka is known for its breathtaking natural scenery, from stunning beaches and pristine national parks to rolling hills and ancient forests. Visitors can enjoy hiking, wildlife safaris, bird watching, surfing, and more while exploring the island's diverse landscapes.

2. Rich Cultural Heritage: Sri Lanka has a long and fascinating history, and visitors can explore ancient temples, monuments, and ruins that showcase the country's cultural heritage. From the iconic Sigiriya Rock Fortress to the ancient city of Anuradhapura, there is no shortage of historical and cultural sites to discover.

3. Unique Wildlife: Sri Lanka is home to an incredible array of wildlife , including leopards, elephants, crocodiles, and various species of primates. Visitors can take wildlife safaris or visit national parks like Yala, Wilpattu, and Udawalawe to see these incredible creatures up close.

4. Warm Hospitality: Sri Lankans are known for their warm hospitality and friendly nature, and visitors are often welcomed with open arms. The local cuisine is also a highlight, featuring a mix of Indian, Malay, and indigenous flavors.

5. Sustainable Tourism: Sri Lanka is committed to promoting sustainable tourism, which means visitors can enjoy their trip while minimizing their impact on the environment and supporting local communities. Overall, Sri Lanka offers a unique and authentic travel experience that is not to be missed. With its natural beauty, rich cultural heritage, unique wildlife, warm hospitality, and commitment to sustainable tourism, Sri Lanka is definitely worth visiting in 2023. Plan your holiday trip to Sri Lanka in 2023 and Get to Know about  Sri Lanka Tour Packages  and make it a life-worth trip.

In conclusion, Sri Lanka has seen a significant increase in tourist arrivals in 2023 so far, along with the country's natural beauty and rich cultural heritage, which continues to attract tourists from around the world. We can expect to see a further increase in tourist arrivals in the coming months. Sri Lanka is truly a gem of a destination, and it is exciting to see it thriving once again.

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Tourist arrivals reach halfway mark of 2023 in just 4.5 months

The country attracted 1,487,303 arrivals last year and up to April 15, Sri Lankan has registered 718,315 arrivals averaging over 200,000 arrivals each month. From April 1 to 15 Sri Lanka attracted 82,531 visitors. India was the top market for Sri Lanka with 14,207 (17% share) while the United Kingdom with 9,095 (11%) and Russian Federation 8,508 (10%) were at second and third places. The only concern was the lackluster performance of the Chinese market which was lying at the seventh slot with 3,742 arrivals and accounting to only 5% total arrivals.

Tourism earnings in the first three months of 2024 also doubled by over 103% to reach USD 1,025.9 billion as against the three corresponding months of last year where earnings stood at USD 503.9 million.

Sri Lanka hopes to continue discussion with bondholders

Hunas holdings and bcc corporation japan ink deal, revolutionise hospitality industry, you may also like, sherisha technologies with supreme global sl in race to acquire srilankan, eu-financed agrifi loans usd 3 mn to local finance company, developing asia to grow at 5% – adb president asakawa, pan asia bank posts pat of rs. 363 mn, up by 12% in 1q..., stabilized lankan economy on growth path – minister semasinghe, maharaja foods appoint two non-executive independent directors, leave a comment cancel reply.

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Tourist arrivals in Sri Lanka in 2023 exceed 860,000

(Photo by Mosharraf Hossain on Unsplash)

Over 860,000 tourists arrivals in Sri Lanka have been reported thus far in 2023, as per the statistics by the Sri Lanka Tourism Development Authority (SLTDA).

Accordingly, a total of 866,744 tourists arrivals were reported since January this year, of which 98,831 were reported within the first 20 days of August, the SLTDA stated.

While a majority of the tourists have been identified as Indian nationals, a high number of British and Chinese nationals were also recorded entering Sri Lanka.

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1 Responses to Tourist arrivals in Sri Lanka in 2023 exceed 860,000

This is a good indication. Why tourists are always photographed with elephants? May be this because Elephants attract tourists. If that is so, our elephants worth millions of rupees! The irony is every week two or three wild elephants getting killed. Sri Lanka doesn’t have substantial plans to stop this.

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Sri Lanka tourist arrivals go beyond 300,000 in Q1, 2023

Russia leads as the top source market, with 22,038 tourists or 21 pc of total arrivals from March 1-26, followed by 15,695 visitors from India (Photo: Varsha Singh/ India Outbound)

Sri Lanka has reported that for the third consecutive month since the beginning of the current year, the monthly tourist arrivals have exceeded 100,000, putting the country on a firm start to the year when it expects to receive over 1.55 million international tourists.

According to news reports, in the first 26 days of March a total of 105,714 tourists arrived in the country, taking the total figure since January 1 to 315,898. Already, the growth in the first quarter of the year is 10.7 pc, compared to the same period in 2022, though it is 55 pc lower than the first quarter of 2018, when Sri Lanka had received the highest number of international tourists.

Russia leads as the top source market, with 22,038 tourists or 21 pc of total arrivals from March 1-26, followed by 15,695 visitors from India, giving it about 15 pc share and the United Kingdom was the third biggest source market, with 8,555, or 8 pc, says the data released by the Sri Lanka Tourism Development Authority yesterday noted.

“Sri Lanka’s tourism industry has made a strong comeback in 2023 after a series of major setbacks from 2019. The respect and tribute of it should go to all stakeholders of the industry for all their dynamic and steadfast commitment to overcoming the challenges. I salute their dedication and efforts,” Sri Lanka’s Tourism Minister Harin Fernando told local newspapers.

Fernando was quoted as saying that the National Tourism Policy blueprint would also be implemented soon to set out consistent policies and standards to boost Sri Lanka’s tourism industry to its next stage of growth in 2024.

“We are excited about 2023, as plans are underway to make Sri Lanka a year-round destination,” the Minister is reported to have said.

Tourism accounts for close to 5 pc of Sri Lanka’s economy. The country has set a target of receiving 1.55 million visitors, with international tourism receipts exceeding USD 2.88 billion in 2023.

To ensure the growth to continue strongly, Sri Lanka Tourism says it will focus on nine key markets, notably India, Russia, China, the UK, France, Germany, the Middle East, and Nordic countries. The MICE tourism segment is earmarked as a key segment Sri Lanka looks to explore this year to push the numbers and earnings. Sri Lanka is also hoping to receive a large number of visitors from China as the country recently reopened its borders after three years.

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By Nikhil DedhaNew Delhi [India], April 29 (ANI): Despite Geo-political tensions India's tourism industry braces for a surge of more than 10 percent in inbound tourism this year. Industry experts cite escalating conflicts in the Middle East and shift of foreign tourists from China after the pandemic as key factors propelling India into the spotlight as a preferred destination for travellers worldwide.

Recent tourism data indicates an annual growth of 305.4 percent in foreign tourist arrivals (FTAs) in 2023. In 2023, 9.23 million foreign tourists visited India. Although the FTAs arrival number is still less than the pre-pandemic number of 10.93 million in 2019, experts believe in 2024 we might cross the FTAs arrival number of pre-pandemic days.

"In the last 12 months the inbound tourism has grown, and the hotels have had probably the best year ever in the last 12 months. I think this trend is going to continue at double-digit growth for the next two to three years" said Dipak Diva, MD, Travel Corporation of India at an event 'Tres 2024' on tourism industry by Tres India.

Moreover, the recent orders of Indian airlines to acquire over 1000 aircraft will further boost India's tourism sector by providing enhanced accessibility and connectivity for foreign tourists. In last one-year Air India, Indigo and Akasha have together ordered 1120 aircraft from Boeing and Airbus. Also, the number of airports in India has doubled to 149 in the last ten years, this will boost new tourism destinations in India.

"I believe that from January 2026, Air India is going to be one of the pillars of growth of inbound tourism to India after it signed a deal to acquire 470 aircraft from Airbus and Boeing" said Diva.

New and untapped tourist destinations are attracting foreign tourist; latest data shows that foreign tourist arrivals in Varanasi have jumped manifold. With the construction of Ram temple, Ayodhya too is attracting foreign tourists.

As the world looks towards Asia for travel opportunities, India stands poised to capitalize on this momentum, leveraging its unique attractions and hospitality to welcome travellers from across the globe.

Deva further added "the other major impact that I think is China, which used to be about 120 million inbound tourist destination, does not have that kind of demand anymore. So that has also resulted in India getting the opportunity to get more tourists".

He also highlighted the unparalleled appeal of India as a tourist destination, attributing the nation's diverse offerings, from rich cultural heritage to pristine beaches and tantalizing cuisine, as driving forces behind its increasing popularity among global travellers.

The government had declared the year 2023 as the Visit India year 2023 in a bid to position India as a 360-degree holistic destination in the major international source marketsMinistry of Tourism in collaboration with the overseas Indian Missions participated in major international travel exhibitions like FITUR to promote the industry. And also participated as a partner country for the JATA Tourism Expo, which was held at Tokyo, in October 2023.

By 2028, India's tourism and hospitality industry is projected to generate revenue of over $59 Bn. Additionally, Foreign Tourist Arrivals (FTAs) are anticipated to reach 30.5 million by 2028. The foreign exchange earnings in 2023 were USD 28.07 billion.

ANI 29th April 2024, 16:37 GMT+10

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Sri Lanka’s luxury DMC Serendipity targets Super Niche Segment in Indian Tourism Market

Serendipity, Sri Lanka’s luxury Destination Management Company (DMC) specializing in hosting best-in-class tailored experiences throughout the island destination, has announced its strategic focus on targeting the super niche segment of the Indian tourism market. With a focus on the growing Indian outbound travel market, Serendipity aims to tap into the growing demand for high-end, personalized travel experiences among Indian travellers.

India has consistently ranked among the top five leading primary markets for Sri Lanka’s inbound tourism, making it an attractive prospect for tourism-related businesses. In 2023 alone, India contributed to over 300,000 tourist arrivals, marking a noteworthy uptick in the overall growth of the tourism sector. Recent statistics further underscore this trend, with approximately 30,000 Indian travellers visiting Sri Lanka in March alone. Notably, the first quarter of 2024 witnessed an influx of around 96,000 Indian tourists to Sri Lanka, indicative of a steady rise in Indian outbound travel.

The proximity of Sri Lanka to India, coupled with short flight durations and hassle-free visa services, positions the island nation as an appealing destination for Indian travellers seeking short-haul luxury vacations. Serendipity recognizes this unique advantage and is poised to capitalize on it by offering curated experiences tailored to meet the diverse preferences of luxury-seeking Indian travellers.

Commenting on the strategy, Shaleen Shanthikumar, Director, Serendipity Experience said, “India represents a lucrative market for luxury travel experiences, and we are excited to announce our targeted approach towards catering to the super niche segment of Indian travellers. By focusing on delivering unmatched luxury, exclusivity, and tailored services, we aim to redefine the travel experiences of Indian tourists visiting Sri Lanka.”

Serendipity is poised to elevate travel experiences beyond conventional offerings, with an emphasis on crafting long-lasting memorable journeys. With the recent trends indicating steady growth in tourist arrival from India to Sri Lanka, Serendipity has an optimistic outlook on the potential for revenue growth and market expansion.

Serendipity is popular for its expertise in hosting memorable travel trails throughout Sri Lanka while offering luxury and personalization at every touchpoint. With a well-planned itinerary that explores secluded beaches to provide travellers with immersive cultural encounters, the Serendipity Experiences is a suite of bespoke adventures tailored to the unique preferences of each traveller.

With the Serendipity Collections, guests are spoiled with luxurious services and offerings in handpicked luxury villas designed by acclaimed architects and hosted by individuals dedicated to providing exceptional hospitality. Sail Lanka – Serendipity’s Luxury Cruise service offers an incomparable luxury cruising experience, showcasing extravagant luxury vessels, flawless service, and treasured coastal views.

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The Sri Lankan economy contracted last year while witnessing a gradual revival from the deepest economic downturn in its post-independence history. Decisive policy adjustments and structural reforms implemented by the Government and the Central Bank helped restore macroeconomic stability to a great extent, despite the short run hardships faced by economic stakeholders. These measures were [...]

While the country has been placed under lockdown, making newspaper distribution impossible, the Sunday Times team produced your favourite Sunday newspaper in digital format to bring you the latest news, feature stories and political commentaries. We are happy to announce that we are giving you free access to our digital paper. Click here to access the free epaper . If you like to be a subscriber to our regular epaper please click here .

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Sri Lanka’s economy revives in 2023-CB report

Central Bank Governor Dr. Nandalal Weerasinghe presenting the 2023 annual report to President Ranil Wickremesinghe who is also the finance minister in the presence of bank officials and the Treasury Secretary.

The Sri Lankan economy contracted last year while witnessing a gradual revival from the deepest economic downturn in its post-independence history.

Decisive policy adjustments and structural reforms implemented by the Government and the Central Bank helped restore macroeconomic stability to a great extent, despite the short run hardships faced by economic stakeholders. These measures were essential to prevent further deepening of the crisis and to navigate the economy along a sustainable path of recovery. With risks abound, the unwavering commitment of policymakers along with wider public acceptance remains imperative to continue with the economic reform agenda and efforts to regain debt sustainability, according to the Central Bank’s annual report for 2023 which was released on Thursday.

The report said: 

The economic adjustment programme has already yielded promising outcomes in 2023. Inflation was contained at single-digit levels by end 2023 from its highest level recorded in 2022, enabling the commencement of monetary policy normalisation. The economy recorded an expansion in the second half of 2023 bringing an end to the longest streak of economic contraction of six consecutive quarters.

The persistent twin deficit of the overall government budget and the external current account, which was the root cause of the economic downturn, showed signs of correction in 2023. While a surplus was recorded in the primary balance of the Government, the external current account also recorded a surplus in 2023. External buffers, which were almost exhausted during the crisis, were gradually rebuilt during the year. Improved foreign exchange inflows received from tourism and other services exports as well as workers’ remittances, amidst subdued import demand, supported the country in alleviating the severe foreign exchange crunch that prevailed at the time of the crisis.

The Central Bank’s net purchases from foreign exchange inflows along with receipts from the multilateral partners helped augment the country’s international reserves. In light of these developments, along with enhanced confidence in the market, the Sri Lanka rupee witnessed a strengthening in 2023 and early 2024.

Concerted efforts to restructure the Government’s external debt portfolio would provide the required space for the country to make a sustainable recovery, once the process is completed, the report said.

Meanwhile, domestic market interest rates declined substantially with the easing of monetary policy and reduction of risk premia attached to yields on government securities following the successful finalisation of the Domestic Debt Optimisation (DDO) operation.

The economic progression witnessed in the latter half of 2023 is expected to continue in the years ahead, supported by the continuation of the reform agenda under the International Monetary Fund’s Extended Fund Facility (IMF-EFF) arrangement.

The external sector is anticipated to retain its stability, supported by augmenting external buffers, normalisation of foreign inflows and completion of the restructuring of the foreign debt portfolio of the Government. Reinforced by the legislative amendments and greater consolidation, the financial sector is expected to remain resilient.

However, the formidable recovery of the Sri Lankan economy hinges on the continuity of the reforms implemented thus far, and as part of this process, the successful continuation of the IMF-EFF arrangement and completion of the debt restructuring process remain paramount.

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• ↑ Print Edition – The Sunday Times, Sri Lanka

Print Edition – The Sunday Times, Sri Lanka

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