Daily Mirror (Sri Lanka)

November exports jump; trade gap narrows 43%


Sri Lanka’s November export earnings rose 24.7 percent Year-on-Year (YoY) to US $ 1 billion, supported by improved performanc­e of all major export categories, Central Bank data showed. The trade deficit narrowed 43.5 percent YoY to US $ 615.7 million.

The cumulative export earnings in the first eleven months of 2013 improved 5.6 percent YoY to US $ 9.4 billion while import expenditur­e stood at US $ 17.2 billion, down 2.5 percent YoY. Accordingl­y the cumulative trade deficit for the period narrowed 10.7 percent YoY to US $ 7.8 billion.

The earnings from agricultur­al exports rose 28.3 percent YoY to US $ 244 million. Tea export earnings for the month rose 14.4 percent YOY to US $ 144.1 million.

Export earnings of industrial products roe 22.6 percent to US $ 775.8 million. Earnings from apparel exports rose 35 percent YoY to US $ 491.4 million. According to the Central Bank, this was the highest monthly value of exports of apparel ever recorded.

“Export of garments to both the EU and USA, the major export destinatio­ns of gar- ments, grew by 16.7 per cent and 58.7 per cent, respective­ly in November 2013, reflecting the recovery in those economies as well as seasonal demand,” the Central Bank said.

Meanwhile, import expenditur­e in November fell 14.1 percent YoY to US $ 1.64 billion with less YoY expenditur­e on import of intermedia­te and investment goods.

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