Sri Lanka exports fall in July after 28-month growth

ECONOMYNEXT- Sri Lanka’s exports fell 7 percent in July 2019 to 999 million US dollars from a year earlier, ending a 28-month growth run, central bank data showed.

The export growth fell due to lower earnings from sale of bunker fuel, despite an increase in volumes, the central bank said.

Petroleum earnings fell 37.5 percent to 43 million US dollars in July from a year earlier.

Sri Lanka’s leading export, apparel, grew 2.1 percent to 475.6 million US dollars.

In agriculture exports, earnings from tea fell 11.1 percent to 111.3 million US dollars amid lower prices and volumes.

Spice exports fell 22.8 percent to 26.5 million US dollars with a decline in cinnamon and pepper sales.

Imports meanwhile fell 2.2 percent to 1.7 billion US dollars in July, amid a collapse in credit.

Consumer good imports fell 8.6 percent to 356 million US dollars, of which food imports fell 2.8 percent to 109.3 million US dollars and vehicle imports fell 30.4 percent to 95.4 million US dollars.

Medical and pharmaceutical imports grew 23.3 percent to 50.4 million US dollars.

Intermediate good imports marginally fell 0.6 percent to 969.6 million US dollars due to lower purchases of base metals.

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Fuel, Sri Lanka’s largest import, grew 13.8 percent to 314.7 million US dollars.

In investment goods, machinery and equipment imports fell 10.6 percent to 193.5 million US dollars and building material imports grew 24.4 percent to 148.8 million US dollars. (Colombo/Sep26/2019)

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