Export revenues for September were 568.2 million US dollars. Industrial exports fell 12.4 percent to 409.0 million US dollars. Exports from garments to the US had fallen 19.5 percent in September but had increased 8.6 percent to the European Union.

Food and beverages had fallen 27.6 percent due to a fall in fish exports. Though helped by good prices, tea exports were down slightly by 1.0 percent in September due to volume falls from disruption caused by rain and labour unrest.

Rubber exports had fallen 43.1 percent in September with weak prices.

Imports in September had fallen 36.1 percent to 788.5 million dollars with oil prices down over last year. The oil bill fell 51.4 percent to 140.5 million US dollars. Investment goods were also down 37.4 percent.

The trade deficit was down 62.2 percent in September.

In the nine months to September exports fell 16.8 percent to 5,119.5 million US dollars, imports fell 35.3 percent to 6,967.2 million US dollars and the trade deficit contracted 60 percent to 1,847.8 million US dollars.

Worker remittances were up 13.5 percent to 286.7 million US dollars in September and up 10.3 percent to 1,847.8 million US dollars in the first nine months.

Remittances and net inflows of capital help expand the trade deficit while central bank's contractionary sterilization activities which lock up foreign reserves and reduce rupee reserves in banks, contracts the trade deficit.

The Central Bank said it had bought 2.8 billion rupees from forex markets up to November.

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