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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka’s August exports decline by 13.1%, first eight months trade deficit US$ 6.26 bln

Sri Lanka’s August exports decline by 13.1%, first eight months trade deficit US$ 6.26 bln

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Sri Lanka’s export earnings during August 2012 have declined by 13.1% driven by drops in exports of both industrial goods and agricultural goods.

Accordingly, export earnings during August 2012 have dropped to US$ 828.9 million from US$ 954.2 million, earned a year ago.

Meanwhile, imports to the country, during the same month has declined by 4.7% to incur a bill of US$ 1.750 billion, compared to US$ 1.837 billion spent during the same period of last year.

The country’s trade deficit, during the month of August has gone up by 4.3% year on year, to record a figure of US$ 921.1 million.

Meanwhile, Sri Lanka’s exports, up to August during this year has declined by 5.7%, to record an earning of US$ 6.59 billion, compared to US$ 6.99 billion recorded, year on year.

Imports during the first eight months, has declined by just 0.2%, to incur a bill of US$ 12.85 billion, compared to US$ 12.88 billion, recorded during the corresponding period of 2011.

The trade deficit during the period has widened by 6.3% to record a sum of US$ 6.266.
http://www.news360.lk/economy/news-economy-sri-lanka%E2%80%99s-25-10-2012-august-exports-decline-by-13-1-first-eight-months-trade-deficit-us-6-3-bln-678954

2Sri Lanka’s August exports decline by 13.1%, first eight months trade deficit US$ 6.26 bln Empty Sri Lanka exports fall 13.1-pct in Aug Thu Oct 25, 2012 1:58 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Oct 25, 2012 (LBO) - Sri Lanka's exports fell 13.1 percent to 828.9 million US dollars in August 2012 from a year earlier led by tea, while imports fell 4.7 percent to 1,750 million US dollars, official data showed.

Tea exports fell 32.7 percent to 95.7 million US dollars and apparel exports fell 3.9 percent to 358.8 million US dollars. Sri Lanka's central bank said the fall in apparel exports was partly due to lower cotton prices.

Imports of textiles fell 15.1 percent to 167.9 million US dollars in August with petroleum imports at 496.6 million US dollars just 0.8 percent up from a year earlier.

Consumer goods including motor cars fell 22.9 percent to 224.7 million US dollars.

Investment goods imports rose 25.3 percent to 257.6 million US dollars but building material imports rose just 1.2 percent to 101.4 million US dollars.

The trade gap expanded 4.3 percent to 921 million US dollars in August.

In the eight months to August exports fell 5.7 percent to 6.59 billion US dollars and imports were flat at 12.8 billion US dollars, easing just 0.2 percent.

The trade gap expanded 6.3 percent to 6.2 billion US dollars.

Shrinking external trade, in the form of falling exports and imports, point to a slowing economy.

A trade gap is caused by a people in a country receiving foreign earnings above merchandise exports, such as remittances and tourism.

Net inflows from the capital accounts such as foreign borrowings and foreign direct investments also expand the trade gap when the recipients buy imported goods.

The central bank said worker remittances rose 15.6 percent to 3.9 billion US dollars, up to August, investments into stocks were 451 million US dollars and commercial banks borrowed 927 million abroad.

Up to June foreign direct investments were 451 million US dollars. The state had also borrowed 4.2 billion US dollars.
http://lbo.lk/fullstory.php?nid=1658762069

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