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Sri Lanka July exports up 14-pct to $1bn, trade gap widens

Sep 28, 2017 15:20 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – Sri Lankan exports grew almost 14% to 1,016 million US dollars in July 2017 from a year ago, the second time this year they exceeded a billion dollars, the central bank said.

But the trade deficit widened in July 2017 compared to the same month of 2016 due to higher import expenditure with tourist earnings declining marginally while workers’ remittances increased.

The July 2017 trade deficit widened to $575 million from a year ago, the central bank said.

“The growth in exports was mainly driven by industrial exports followed by agricultural exports,” a statement said.

Earnings from industrial exports grew by 11.6 per cent to 757 million US dollars in July 2017, led by increased exports of textiles and garments.

“Indicating a reversal of negative growth experienced in the previous two months, export earnings from textiles and garments increased by 9.6 per cent (year-on-year) to US dollars 467 million compared to July 2016, registering the highest monthly value recorded so far during the year,” the statement said.

Earnings from agricultural exports increased "substantially", by 21.8 per cent (year-on-year) to 253 million US dollars in July 2017 mainly due to higher earnings from tea.

Tea exports increased significantly, by 32.7 per cent (year-on-year) to 143 million US dollars due to the combined effect of higher tea prices and volumes, the central bank said.

Tea exports increased significantly, by 32.7 per cent (year-on-year) to 143 million US dollars due to the combined effect of higher tea prices and volumes, the central bank said.

Spending on imports rose 11 percent to US$1.6 billion mainly owing to intermediate goods and fuel imports.
(COLOMBO, Sept 28, 2017)
 


 

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