Sri Lankan merchandise exports up 3.7-pct in August

ECONOMYNEXT – Sri Lanka’s merchandise export earnings exceeded a billion US dollars for the third straight month in August 2018, rising 3.7 percent to 1,037 million dollars from a year ago, the central bank said.

Growth was mainly driven by higher performance in industrial exports while agricultural and mineral exports declined, it said in a statement.

Spending on merchandise imports increased by 1.6 percent to 1,887 million dollars in August 2018 over the same period, mainly due to the high expenditure on fuel and vehicle imports.

The deficit in the trade account narrowed marginally to 850 million dollars in August from a year ago with export earnings rising at a faster pace than the growth in import expenditure.

Nevertheless, on a cumulative basis, the trade deficit expanded during the first eight months of 2018 to 7.2 billion dollars from 6.2 billion dollars in the same 2017 period.

(COLOMBO, October 29, 2018)

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