Sri Lanka external trade crunched in October 2014: Trade deficit widen significantly: Central bank

Dec 13, 2014 (LBO) – Sri Lanka’s exports declined by 13.7 percent, to 899 million US dollars in October 2014 from a year earlier with largest contribution from textiles and garments followed by transport equipment and rubber products, all of which are categorized under industrial exports, official data showed. Apparel exports were down 8.7 percent to 398.4 million US dollars in October 2014 with the decline in garment exports to the EU and to the USA by 10.1 percent and 8.4 percent, the Central Bank said.

Exports of machinery and mechanical items had declined 11.4 percent to 29.1 million US dollars and rubber products also dropped 17.7 percent to 77.8 million US dollars.

Agricultural exports were down 10.3 percent to 231.1 million US dollars with tea shrinked 8.5 percent to 134.3 million US dollars. Spices export also were down 40.3 percent to 24.5 million US dollars.

The regulator says export earnings from spices declined continuously due to the lower production in comparison to the previous year while tea exports also declined due to the decline in both export prices and volumes.

Imports grew 25.6 percent to 1,750 million US dollars mainly due to the increase in imports of fuel followed by imports of personal vehicles such as motor cycles and motor cars for personal use.

Despite the d