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Sri Lanka October exports fall
Dec 23, 2011 (LBO) - Sri Lanka's export earnings in October 2011 fell 4.9 percent to 882 million US dollars from a year ago mainly owing to a fall in earnings from tea shipments, the island's main agricultural export.
Imports in October shot up 41 percent to 1.75 billion dollars over the same period largely owing to inflows of investment goods and higher petroleum prices, the central bank said in a statement.
The trade gap in October 2011 widened 180 percent 869 million dollars.
However, during the first ten months of 2011, the cumulative earnings from exports increased by 23.4 percent to 8.7 billion US dollars compared with the same period of 2010.
Imports were up 51 percent to 16.4 billion dollars in the 10 months to October 2011 from the previous year, with the trade gap doubling to 7.7 billion dollars during the period.
The central bank said that the fall in exports in October 2011 reflected the high base of exports in October 2010 and contraction in exports of tea, rubber and minor agricultural crops this year.
Industrial exports grew 12.8 percent in October 2011 compared to the corresponding month of 2010, the central bank said.
Earnings from agricultural exports, which accounted for 23 percent of total exports, declined by 10.3 percent, mainly due to decline in tea export earnings by 12.1 percent, year-on-year, in October 2011.
"Despite the higher export prices, exports volume of rubber declined by 40.8 percent in October 2011 as a result of high demand for rubber by domestic industries to produce value added exports," the statement said.
Earnings from minor agricultural exports also declined due to the lower exports of pepper, cocoa, fruits and vegetables.
"The growth in industrial exports was led by textile and garments, rubber based products, petroleum products, diamond and jewellery and food, beverages and tobacco."
Textiles and garments exports grew by 12 percent, year-on-year, in October 2011. The rubber based products exports increased by 34.8 percent in October 2011 compared with the corresponding month of 2010.
The central bank said spending on imports was driven by high growth in investment and intermediate goods in October 2011 compared with the same month of 2010.
The intermediate goods imports increased year-on-year by 42.7 percent led by petroleum imports which was mainly due to the higher average import price of crude oil of 107.2 US dollars per barrel in October 2011 compared to 81 US dollars per barrel for the corresponding month of 2010.
Fertiliser imports grew in terms of both prices and volumes, by 28.9 percent and 72.6 percent, year-on-year, respectively, and the sharp increase of volume was mainly due to expansion of fertiliser subsidy to cover all crops, the statement said.
"Imports of investment goods increased by a substantial 58.7 percent in October 2011, led by higher expenditure on imports of machinery and equipment, transport equipment and building materials."
Expenditure on non-food imports increased by 12.7 percent despite the decline in personal motor vehicle imports by 16.3 per cent, year-on-year, in October 2011.
The central bank said a big part of the trade deficit for the first 10 months of 2011 was on account of imports of infrastructure related projects of the government that have been funded mainly by foreign loans.
From http://lbo.lk/fullstory.php?nid=1016012794
Dec 23, 2011 (LBO) - Sri Lanka's export earnings in October 2011 fell 4.9 percent to 882 million US dollars from a year ago mainly owing to a fall in earnings from tea shipments, the island's main agricultural export.
Imports in October shot up 41 percent to 1.75 billion dollars over the same period largely owing to inflows of investment goods and higher petroleum prices, the central bank said in a statement.
The trade gap in October 2011 widened 180 percent 869 million dollars.
However, during the first ten months of 2011, the cumulative earnings from exports increased by 23.4 percent to 8.7 billion US dollars compared with the same period of 2010.
Imports were up 51 percent to 16.4 billion dollars in the 10 months to October 2011 from the previous year, with the trade gap doubling to 7.7 billion dollars during the period.
The central bank said that the fall in exports in October 2011 reflected the high base of exports in October 2010 and contraction in exports of tea, rubber and minor agricultural crops this year.
Industrial exports grew 12.8 percent in October 2011 compared to the corresponding month of 2010, the central bank said.
Earnings from agricultural exports, which accounted for 23 percent of total exports, declined by 10.3 percent, mainly due to decline in tea export earnings by 12.1 percent, year-on-year, in October 2011.
"Despite the higher export prices, exports volume of rubber declined by 40.8 percent in October 2011 as a result of high demand for rubber by domestic industries to produce value added exports," the statement said.
Earnings from minor agricultural exports also declined due to the lower exports of pepper, cocoa, fruits and vegetables.
"The growth in industrial exports was led by textile and garments, rubber based products, petroleum products, diamond and jewellery and food, beverages and tobacco."
Textiles and garments exports grew by 12 percent, year-on-year, in October 2011. The rubber based products exports increased by 34.8 percent in October 2011 compared with the corresponding month of 2010.
The central bank said spending on imports was driven by high growth in investment and intermediate goods in October 2011 compared with the same month of 2010.
The intermediate goods imports increased year-on-year by 42.7 percent led by petroleum imports which was mainly due to the higher average import price of crude oil of 107.2 US dollars per barrel in October 2011 compared to 81 US dollars per barrel for the corresponding month of 2010.
Fertiliser imports grew in terms of both prices and volumes, by 28.9 percent and 72.6 percent, year-on-year, respectively, and the sharp increase of volume was mainly due to expansion of fertiliser subsidy to cover all crops, the statement said.
"Imports of investment goods increased by a substantial 58.7 percent in October 2011, led by higher expenditure on imports of machinery and equipment, transport equipment and building materials."
Expenditure on non-food imports increased by 12.7 percent despite the decline in personal motor vehicle imports by 16.3 per cent, year-on-year, in October 2011.
The central bank said a big part of the trade deficit for the first 10 months of 2011 was on account of imports of infrastructure related projects of the government that have been funded mainly by foreign loans.
From http://lbo.lk/fullstory.php?nid=1016012794
