Sri Lanka's export income fell 2.9 percent Year-on-Year (YoY) to US $ 797.5 million in February with both agricultural and industrial exports slowing down, the data released by the Central Bank showed.

The import expenditure fell even steeper by 9.3 percent YoY to US $ 1.433 billion with all three major import categories—consumer, intermediate and investment goods—falling.

The trade gap narrowed 16.3 percent YoY to US $ 635.7 million in February and the trade gap narrowed 20.3 percent YoY in the first two months of 2013.