Sri Lanka apparel exports up 3.1-pct in April

ECONOMYNEXT – Sri Lanka’s apparel exports in April 2016 rose 3.1 percent from a year earlier to $340.5 million, with shipments in the first four months up 7.7 percent to $1,709 million, the Central Bank said.

Exports to the European Union rose 3.7 percent and to the US by 3.1 percent.

Petroleum product exports were down 19.8 percent to $18.2 million.

Sri Lanka’s agricultural exports fell 12.4 percent to $159.2 million in April, with tea falling 8.7 percent to $93.2 million.

Prices of agriculture and energy commodities were sharply down amid an inherent rise in the US dollar.

Sri Lanka’s rupee collapsed in 2015 amid money printing, pushing up rupee prices of exports and imports.

Total exports were down 0.9 percent to $706.6 million in April, and imports fell 2.0 percent to $1,460 million. The trade gap narrowed 2.0 percent to $1,460 million.

Sri Lanka has a trade gap because people spend dollars accumulated through sources other than merchandise exports, including remittances, tourism receipts and net foreign borrowings.

The rupee falls when the central bank prints money, pushing total outflows above the inflows through excessive credit. (Colombo/Aug02/2016)
 

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