Sri Lanka’s exports dip by over 11% in Oct on fall in apparel, tea and industrial goods

December 13 (LBO) – Sri Lanka’s exports dipped by over 11 percent in October, the country’s Central Bank said Wednesday, on the back of a fall in exports of tea, textiles and apparel and industrial goods.

Exports stood at 537.3 million dollars in October, an 11.5 percent drop on a high base of 607 million dollars for the same month last year.

The low performance follows strong growth of 25.6 per cent in August and 8.4 per cent in September this year.

Cumulative exports in the first ten months of this year grew by 6.5 per cent from 5.2 billion dollars in 2005 to US dollars 5.55 billion dollars in 2006.

The Bank said it expected a turnaround in exports in November.

Sri Lanka’s import bill in October was up a moderate 3.5 percent to 894 million dollars, as petroleum prices continue to fall and due to low imports of fertiliser, textiles and clothing.

Imports of investment goods were up 18.2 percent, mainly due to higher imports of machinery and equipment and building materials, while growth in consumer goods was led by sugar and consumer durables.

Imports during the first ten months of the year grew by 15.8 per cent to US dollars 8.51 billion dollars.