Sri Lanka exports slow in July on fall in apparel

Oct 05, 2010 (LBO) – Sri Lanka’s exports slowed in July 2010 for the first time in four months, dragged down by a fall in apparel shipments, its biggest industrial export, the Central Bank said. Earnings from exports were up just 0.6 percent to 656 million US dollars in July 2010 from a year ago and much lower than in June 2010, it said in a statement.

“Earnings from agricultural exports performed well, while earnings from industrial exports declined marginally.”

Apparel exports fell 11 percent to 268 million dollars in July 2010 from year ago.

Expenditure on imports increased by 25.3 percent to 1,177 million US dollars in July 2010 from a year ago, driven partly by a sharp increase in vehicle imports following cuts in import duty.

The July 2010 trade gap rose 81.5 percent to 521 million US dollars from a year ago.

The cumulative earnings from exports rose 11.4 percent in the first seven months of 2010 to 4,280 million dollars.

Expenditure on imports in the January-July 2010 period increased 39.2 percent to 7,645 million dollars, resulting in the trade deficit doubling to 3,364 million dollars during this period.

The Central Bank said earnings from industri