Daily Mirror (Sri Lanka)
Import expenditure on intermediate goods fell 17.3 percent YoY to US $ 917.7 million, mainly helped by a subdued oil bill. The expenditure on fuel exports fell 24.1 percent YoY to US $ 441 million while expenditure on textile and textile articles fell 10.4 percent YoY to US $ 182.8 million.
“Despite the strong growth in export of textiles and garments, there has been a steady decline in the importation of textile and textile related articles, reflecting improved backward linkages and higher value addition in the garment industry,” the Central Bank noted.
Import expenditure on investment goods fell 42.5 percent YoY to US $ 414.1 million with machinery and equipment and building material imports falling substantially.
However, expenditure on transport equipment rose 98.1 percent YOY to US $ 110.6 million led by a one off increase in the importation of ships and boats. Import expenditure on consumer goods also increased 10.9 percent YoY to US $ 261.2 million. “Vehicle imports contributed significantly to the increase in consumer goods imports, recording a year-on-year increase of 148 per cent in November 2013,” the Central Bank said.