LBO Home IndoChina | About Us | To Advertise | Contact Us rss LBO Mobil
Wed, 22 May 2013 16:54:22
Sri Lanka exports fall 13.1-pct in Aug
25 Oct, 2012 09:41:46
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.

Update II

Bookmark and Share
Your Comment
Your Name/Handle
Your Email (Your email will not be dispalyed)
Location
Country
Your Email
Receivers Email
Your Comment
 
READER COMMENT(S)
3. Sweat shop mentality Oct 26
You cannot export what you dont make! There's only so much underwear SL can export. We cannot be the mass producing cheap pollutant carrying slave island to western consumer without long term social and envirenmental issues. How about improving the small crafts and services sectors to provide high value products and services. A few Millennium IT's would be nice to harness the talent. Unfortunately there are more tailors than Tonys
2. rambolanka Oct 26
True Nimal, Even though there are many opportunities to use cheap digital marketing no-one is interested in talking. Virtually all western exporters use digital to target potential buyers, it appears a lack of awareness or desire is holding everything back.

4,500 clothes shops in the UK, 11,000 restaurants in Australia, jewellery stores worldwide and all with names, job titles and e-mail addresses yet they're not interested. It's such a shame when a little foresight can make a big difference.

1. Nimal Oct 25
Sri Lanka Export Development Board, it appears, has no concrete plans to arrest declining exports, a trend that is continuing. Exporters are losing faith in EDB for having no programs that appeal to them and for this reason, unlike a couple of years ago, it has become a deserted place.

An efficient, strategically oriented top management with a good vision and truly committed to achieve export growth can change the course of EDB towards its goals. Govt. should therefore, before its too late, seriously look into putting such efficient people to EDB top management before it completely sinks into its grave.