Sri Lanka exports down 16-pct, imports 20-pct in November
ECONOMYNEXT – Sri Lanka’s exports were down 16.3 percent to 819 million dollars in November 2021 from a year earlier and imports were down 20.5 percent, 1,384 million dollars, taking the trade deficit down to 565 million dollars from 762 million, the central bank said.
Worker remittances were up 18.7 percent to 612 million US dollars.
Sri Lanka’s credit has been picking up over the last quarter from contractions in the second quarter driving activity and imports up.
Imports in November were slightly up from 1,363 million dollars in October. Exports in October were 848 million dollars.
Sri Lanka’s central bank has been printing record volumes of money, which analysts had warned would put pressure on the currency when credit picks up, as there are no dollars to back the new money when it turns into credit and imports.
In November consumer goods imports fell 31 percent from a year earlier to 255 million dollars amid controls including cars.
Intermediate goods were down 17.6 percent to 818.3 million dollars with refined petroleum down 51 percent to 98 million US dollars.
Textile and apparel articles, which are an export input, were down 15 percent to 216 million dollars, and ware around the same level as 218 million dollars in October.
Total imports down were down 20 percent to 14.52 billion dollars.
Apparel exports were down 32 percent to 326 million dollars to 484 million dollars. Gems diamonds and jewelry exports were up 120 percent to 59 million dollars.
Rubber products were up 9.5 percent to 66.4 million dollars.
Total industrial products were down 19.6 percent to 632 million dollars.
Agricultural exports were down 2.3 percent to 183 million dollars with tea down 5.2 percent to 96.2 million dollars. (Colombo/Jan15/2021)