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Sri Lanka exports up in April, trade gap widens

Jul 07, 2017 14:23 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – Sri Lanka’s earnings from exports rose 11.9% to 795 million US dollars in April 2017 mainly driven by a low base effect the year before, the central bank said.

Expenditure on imports increased by 9.8% to 1,604 million US dollars in April 2017 fro the year before, a statement said.

The trade deficit expanded to 809 million US dollars in April 2017 from 751 million US dollars in April 2016.

The cumulative trade deficit increased substantially during the first four months of 2017 to 3,314 million US dollars from 2,606 million US dollars during the same period in 2016.

The central bank said the high growth of exports was mainly driven by the low base effect with export earnings having been 710 million US dollars in April 2016, the lowest monthly export value since April 2013.

Earnings from industrial exports, which represent about 75 per cent of total exports, grew by 8.6 per cent (year-on-year) to 595 million US dollars in April 2017 mainly due to higher exports of transport equipment, petroleum products and textiles and garments.

Earnings from transport equipment increased by nearly fivefold to 27 million US dollars during the month, as a result of the export of a general cargo vessel worth 23 million US dollars.

Textile and garment exports grew only three per cent to 351 million US dollars in April 2017 from the year before, although in comparison to the previous month, these earnings reduced reflecting seasonal patterns, the central bank said.

Exports earnings during the first four months of 2017 grew by 3.5 per cent to at 3,569 US dollars million.

Expenditure on imports increased by 9.8 per cent (year-on-year) to 1,604 million US dollars in April 2017.

Expenditure on import of intermediate goods increased by 13.7 per cent (year-on-year) to 886 million US dollars in April2017, largely due to higher expenditure on fuel and base  metal imports.

Expenditure on fuel increased by 62.1 per cent (year-on-year) during the month, reflecting higher import volumes of oil and coal for power generation and higher import prices in the global market.

On a cumulative basis, imports increased by 13.7 per cent to 6,883 million US dollars during the first four months of 2017, largely due to increased imports of fuel, gold and rice.
(COLOMBO, July 07, 2017)

(COLOMBO, July 07, 2017)
 


 

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