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.