Steaming Ahead

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

The economy notched a trade surplus in August, driven by a strong performance in the textile and apparel sectors, the Central Bank said Tuesday. rn

rnThe bank said the surplus of US$ 110 mn in August came thanks to US$ 568 in export revenues and US$ 458 mn in import costs.rn

rnHowever, export earnings for the first eight months dipped 9 percent to US$ 3,009 mn, while import costs slipped 6 percent to US$ 3,876 mn, which pushed the trade deficit up by 7 percent to US$ 866 mn during the period, the bank said.rn

rnExports
rnrnEarnings from the key textile and apparel sector surged 47 percent to US$ 339 mn, the highest recorded for a single month since December 2000.rn

rnldblquote The increase was a result of 51 percent growth in volumes, as export prices remained at lower level than in August 2001.
dblquotern

rnHowever, the average price of textiles and garments has been on the rise since May, the bank said adding that higher demand from key export markets of USA, UK, Canada and German