Sri Lanka exports surge 35-pct in October

Dec 04, 2013 (LBO) – Sri Lanka’s exports surged 35 percent in October 2013 from a year earlier to 1.04 billion US dollars driven by a recovery in US and European demand with apparel exports growing 46 percent to 436 million US dollars. Industrial exports rose 34 percent to 771 million US dollars.

“Exports of garments to both the EU and USA, which are Sri Lanka’s major export destinations, recorded remarkable growth rates of 53.2 per cent and 43.4 per cent, …reflecting the recovery in those economies as well as seasonal demand,” the Central Bank said.

The Central Bank said exports earnings were the highest for a single month.

Rubber products also rose 50.1 percent to 94.5 million US dollars.

Imports fell 2.8 percent to 1,535 million US dollars with intermediate goods imports falling 7.8 percent to 896 million US dollars.

Textiles imports also fell 16 percent to 186 million US dollars.

Investment goods were down 6.8 percent to 350 million US dollars.

Consumer goods were up 25.6 percent to 286 million US dollars, which could point to a recovery in the domestic economy.

The trade deficit declined 38.9 percent to 494 million US dollars amid the surge in exports. When the export proceeds are spe