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The cumulative trade deficit in the first two months of 2011 declined by 1.2 per cent compared to the corresponding period of 2010, due to higher export earnings, the Central Bank stated.
Releasing figures on external sector performance for February 2011, the Economic Research Department of the Central Bank reported that the year-on-year earnings from exports grew by 51.9 per cent and expenditure on imports rose by 25.2 per cent.
However, the trade deficit for the month of February 2011 expanded by 9.1 per cent, year-on-year to USD 376 million while the deficit for 2011 declined from USD 1.11 billion to 1.097 billion.
Increased trade from exports of textiles and garments, petroleum and rubber products bolstered the earnings from exports in February 2011 by 36.8 per cent compared to the previous year to USD 860 million.
At the same time, expenditure on imports increased by 27.0 per cent to USD 1.236 billion in February 2011, mainly due to increases in imports of motor vehicles, petroleum, textiles and garments, and machinery and equipment, the Central Bank reported.
Garment exports to EU and USA had risen significantly contributing 54.8 per cent and 35.1 per cent respectively, to the export earnings from the industrial sector.
Earnings from agricultural exports grew in February 2011 mainly due to the higher prices that prevailed in the international market, the Bank reported.
http://www.lakbimanews.lk/index.php?option=com_content&view=article&id=1282:trade-deficit-declines-in-first-two-months-of-2011-cb-&catid=44:feb&Itemid=14
Releasing figures on external sector performance for February 2011, the Economic Research Department of the Central Bank reported that the year-on-year earnings from exports grew by 51.9 per cent and expenditure on imports rose by 25.2 per cent.
However, the trade deficit for the month of February 2011 expanded by 9.1 per cent, year-on-year to USD 376 million while the deficit for 2011 declined from USD 1.11 billion to 1.097 billion.
Increased trade from exports of textiles and garments, petroleum and rubber products bolstered the earnings from exports in February 2011 by 36.8 per cent compared to the previous year to USD 860 million.
At the same time, expenditure on imports increased by 27.0 per cent to USD 1.236 billion in February 2011, mainly due to increases in imports of motor vehicles, petroleum, textiles and garments, and machinery and equipment, the Central Bank reported.
Garment exports to EU and USA had risen significantly contributing 54.8 per cent and 35.1 per cent respectively, to the export earnings from the industrial sector.
Earnings from agricultural exports grew in February 2011 mainly due to the higher prices that prevailed in the international market, the Bank reported.
http://www.lakbimanews.lk/index.php?option=com_content&view=article&id=1282:trade-deficit-declines-in-first-two-months-of-2011-cb-&catid=44:feb&Itemid=14
